December 3, 2024, Super Micro Computer headquarters in San Jose, California.
David Paul Morris | David Paul Morris Bloomberg | Getty Images
Troubled server maker super microcomputer on Friday said it received an extension from Nasdaq allowing the company to maintain its listing on the stock exchange until February.
The stock rose 7% in after-hours trading.
Super Micro has been facing the possibility of delisting from Nasdaq because the company has not yet submitted audited year-end financial data for its latest fiscal year and has been delayed in reporting quarterly results. AMD has until at least February 25 to submit and accept its documents from the Securities and Exchange Commission, according to Friday’s announcement.
“During the exception period, the company’s common stock will continue to be listed on the Nasdaq Global Select Market,” AMD said in a statement. Press release. “If the company files all required reports by February 25, 2025, the common stock will continue to be listed as long as the company remains in compliance with Nasdaq’s listing rules.”
Super Micro said it expects to submit the report by the deadline.
The risk of delisting has loomed over AMD’s stock price after it surged in recent months. Sales surge as AMD one of top suppliers NVIDIAArtificial intelligence based on computer clusters. Super Micro said it expects sales to grow about 67% in fiscal 2025, reaching about $25 billion.
Ernst & Young resigned as the company’s auditor in October, with Super Micro appointing BDO to the role last month. AMD’s reputation also took a hit in August when activist investor Hindenburg Research disclosed short positions and accused AMD of accounting manipulation.
On Monday, Super Micro said it had completed an internal investigation overseen by a board member and found No evidence of wrongdoing. The company also said at the time that it planned to replace Chief Financial Officer David Weigand and appoint a new accounting chief.
AMD stock price soared more than 14-fold from the end of 2022 to its peak in March this year, when the company was added to the S&P 500 Index.
The Nasdaq delisting process can take about a year, depending on deadlines and appeals. AMD was previously delisted from the exchange in 2018.
