Super Micro said on Monday that it hired BDO as its independent auditor.
The stock, which as cratered since peaking in March, rose 16% in extended trading, continuing its rally from earlier in the day.said on Monday that it had hired BDO as its new auditor and submitted a plan to Nasdaq detailing its efforts to regain compliance with the exchange. The shares jumped 16% in extended trading.
Super Micro is late in filing its 2024 year-end report with the SEC, and said earlier this month that it was looking for a new accountant after its previous auditor, Ernst & Young, stepped down in October. Ernst & Young was new to the job, havingSuper Micro said that it told Nasdaq that it believes it will be able to file its annual report for the year ended June 30, and quarterly report for the period ended Sept. 30.
Shares of Super Micro soared more than 14-fold from the end of 2022 to their peak in March of this year. But the stock has been hammered on troubling news about its compliance with Nasdaq. Once valued at about $70 billion, the company's market cap was at $12.6 billion on Monday, following a 16% rally during regular trading.
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