Shares of SuperMicro Computer, Inc. (NASDAQ:SMCI) are trading higher Tuesday on continued momentum after the company announced the appointment of an independent auditor and the filing of a compliance plan with the Nasdaq. Here's what you need to know.
What To Know: SuperMicro announced late Monday that its Audit Committee appointed BDO USA as its independent auditor, effective immediately. BDO is a member firm of BDO International, one of the world's top five accounting firms networks.
"This is an important next step to bring our financial statements current, an effort we are pursuing with both diligence and urgency," said Charles Liang, president and CEO of SuperMicro.
SuperMicro shares have faced significant selling pressure ever since the company's independent auditor resigned over governance and transparency concerns. The company announced last week that it was unable to file its financial report for the period ended Sept. 30 in a timely manner.
SuperMicro on Tuesday said it submitted a compliance plan to the Nasdaq, seeking an extension to meet continued listing requirements. SuperMicro stated it intends to file its annual report on Form 10-K for the fiscal year ended June 30 and its quarterly report on Form 10-Q for the period ended Sept. 30, within the discretionary period that can be extended by the Nasdaq.
What Else: SuperMicro is also showcasing its HPC-optimized multi-node systems at the SuperComputing 2024 conference this week. The company announced Tuesday that it will showcase key products including the liquid-cooled FlexTwin and SuperBlade architecture. The systems feature the latest processors, direct liquid cooling and enhanced storage technologies to optimize high-performance computing environments.
"Since the release of the industry-first Twin systems back in 2007, Supermicro has consistently been a pioneer in developing the densest, most efficient multi-node architectures for HPC workloads," Liang said.
"The combination of Supermicro's liquid cooling experience, extensive multi-node development expertise, rack-scale integration capacity, and the latest industry technologies enables us to provide our customers with HPC solutions of unprecedented performance and scale, helping to solve the world's most complex computational challenges."
SMCI Price Action: Super Micro Computer shares were up 24.1% at $26.72 at the time of writing, according to Benzinga Pro.
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