Super Micro dips after bell; Nasdaq sends non-compliance note
20/09/2024 22:45
** Shares in Super Micro Computer Inc SMCI.O down 0.9% after
the bell on Fri following tech co's announcement it received a
non-compliance letter from Nasdaq for late filing of its annual
report to the Securities and Exchange Commission
** SMCI - an artificial intelligence server co - said
informed, in a Sept. 17 letter, it is not in compliance with
Nasdaq's rules as it had not filed 10-K, due by Aug. 29
** SMCI had already announced on Aug. 28 that it was
delaying filing, citing a need to assess "its internal controls
over financial reporting," sending shares down 19% that day,
which was one day after short-seller Hindenburg Research said it
shorted SMCI, alleging "accounting manipulation"
** Under Nasdaq rules SMCI says has 60 days from notice to
file 10-K or submit a plan to Nasdaq to regain compliance
** SMCI shares last traded at $453.13 after closing the
regular session up 4.6% at $457.25
** The stock took off in 2023, 2024 attracting investors
seeking ways to bet on surging demand for AI technology
** While still up 60.9% YTD, SMCI is trading well below its
$1,229 peak price for the year so far, reached in March
(Reporting By Sinéad Carew)
((sinead.carew@thomsonreuters.com; +13322191897;))