Super Micro Computer Inc (NASDAQ:SMCI) shares are trading higher on Thursday. The company announced it submitted a compliance plan to the Nasdaq.

What Happened: After the market close on Wednesday, Super Micro said it submitted a compliance plan to the Nasdaq after receiving a notification letter that it was not in compliance with the Nasdaq's timely filing rule. The plan was submitted on Monday with respect to supporting the company's request for an extension to regain compliance.

Super Micro said in the compliance plan that it believes it will be able to file both its annual report for the fiscal year ended June, 30 2024 and its quarterly report for the period ended Sept. 30, 2024 within the discretionary period that can be granted by the Nasdaq.

The update comes after the company's independent auditor resigned at the end of October over governance and transparency concerns.

Super Micro on Monday announced that it appointed BDO USA as its new independent auditor, effective immediately.

"BDO is a highly respected accounting firm with global capabilities. 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.

Super Micro has faced significant selling pressure since the company's auditor raised concerns. The stock traded all the way down to around $17.25 per share last week before bouncing back. Super Micro shares are now up more than 43% over the past five trading sessions.

SMCI Price Action: Super Micro shares were up 5.23% at $27.18 at the time of publication, according to Benzinga Pro.

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