Shares of Super Micro Computer Inc. surged 36% to $29.30 by 18:32 ET (23:32 GMT) on Monday evening after the company appointed BDO USA as its new auditor. Additionally, Super Micro announced it had submitted a plan to request more time to meet listing requirements.
The server manufacturer expressed confidence in its ability to complete its annual and quarterly reports, though it did not provide a specific timeline.
“BDO is a highly respected global accounting firm, and this step is crucial in bringing our financial statements up to date, an effort we are pursuing with diligence and urgency,” said Charles Liang, President and CEO of Super Micro.
Super Micro’s shares plummeted in October following the resignation of Ernst & Young as its auditor, citing concerns over internal controls and board independence. The company was also reportedly under federal investigation related to a short seller’s report and had delayed the filing of its 2024 financial reports.
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