Super Micro (SMCI) rose over 25% in premarket trading on Wednesday after the company met a deadline from the Nasdaq to submit delayed regulatory filings in order to avoid delisting.
After the close on Tuesday, Super Micro filed updated quarterly reports for its fiscal year ended June 30, 2024, as well as quarters ended Sept. 30, 2024 and Dec. 31, 2024.
Shares fell 11.8% during regular hours ahead of the release, but started to rally quickly soon after the filing.
Super Micro Computer makes server products using Nvidia’s (NVDA) AI chips for data centers.
The company delayed submitting its quarterly and annual filings to the US Securities and Exchange Commission after a report from short seller Hindenburg Research last August accused Super Micro of accounting manipulations.
The allegations sent Super Micro stock tumbling as the company faced an investigation from the Department of Justice, its accountant resigned, and its delayed SEC filings put the server maker at risk of being delisted by the Nasdaq.
The company missed its first Nasdaq deadline to submit its SEC filings and avoid delisting in late 2024 but was granted an extension through Feb. 25.
Super Micro has denied Hindenburg’s accusations of accounting violations. The company has hired a new accountant and said in December that an independent review of its business found no evidence of misconduct.
The fresh rally comes after Tuesday’s drop capped a five-day run of losses for Super Micro shares, down more than 18% over those sessions.
That decline had partially reversed gains from the stock’s weeks-long rally in February, in which shares fully recovered their losses from the fallout linked to the Hindenburg report. A top performer in the S&P 500 (^GSPC) last week, Super Micro stock rose more than 16% on Feb. 19 to just over $60, its highest closing price since Aug. 23, just a few days before Hindenburg released its report. The stock was boosted by Super Micro’s ambitious long-term financial targets.
Shares closed at $45.54 on Tuesday afternoon, far below Super Micro’s high above $120 last March before the company was added to the S&P 500.
Laura Bratton is a reporter for Yahoo Finance. Follow her on Bluesky @laurabratton.bsky.social. Email her at laura.bratton@yahooinc.com.
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