[News] Super Micro Faces Nasdaq Compliance Issues but Avoids Immediate Delisting

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According to an updated report by Wccftech, Super Micro Computer has been formally notified of its non-compliance with Nasdaq listing requirements. The company disclosed in an SEC filing that it received a notice from Nasdaq’s Listing Qualifications Department on November 19, 2024, for failing to meet Listing Rule 5250(c)(1).

The filing detailed the issue:

“On November 19, 2024, the Company received a notification letter (the “Letter”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), as a result of the Company’s delay in filing its Quarterly Report on Form 10-Q for the period ended September 30, 2024 (the “Q1 2025 Form 10-Q”) and its continued delay in filing its Annual Report on Form 10-K for the period ending June 30, 2024 (the “2024 Form 10-K”). The 2024 Form 10-K was due on August 29, 2024 and the Q1 2025 Form 10-Q was due on November 12, 2024.”

The company further noted:

“The Letter has no immediate effect on the listing or trading of the Company’s common stock on the NASDAQ Global Select Market.”

The report further highlights that Super Micro Computer is still awaiting Nasdaq’s response to a compliance plan it submitted earlier last week.

In a statement to Wccftech, the company indicated that while Nasdaq has acknowledged receiving its compliance plan, no action has been taken yet as the plan remains under review.

Super Micro’s challenges were compounded by the resignation of Ernst & Young as its auditor in October, citing undisclosed reasons. In response, the company appointed BDO USA on November 18, 2024, and submitted a compliance plan to Nasdaq, seeking more time to meet listing requirements.

(Photo credit: Super Micro Computer)