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Super Micro Computer (NASDAQ: SMCI), a prolific retailer of high-performance servers and liquid-cooled AI racks, has seen its shares rally in recent days on expectations that the Nasdaq exchange would accept the company's proposed plan to regain compliance with mandatory listing requirements, thereby precluding a messy delisting process.
Yet, SMCI's termination of two loan agreements now suggests that its financial statements will likely not be furnished anytime soon.
For the benefit of those who might not be aware, the Nasdaq exchange had declared on the 20th of November that Super Micro Computer was "not in compliance with Nasdaq listing rule 5250(C)(1)." Related Story Super Micro Computer (SMCI) Found “Not In Compliance With Nasdaq Listing Rules,” Won’t Get Delisted Just Yet [Updated]Back in August, SMCI had delayed the filing of its annual report for the fiscal year that ended on the 30th of June, 2024, in the aftermath of a hard-hitting report from Hindenburg Research, which detailed instances of alleged accounting fraud and corporate governance malfeasance.
The delay was presumably in a bid to undertake a comprehensive internal review. Under the prevailing statutory requirements, Super Micro Computer had to file its annual report by the 30th of August.