(Reuters) – Super Micro Computer (NASDAQ:) on Monday named BDO USA as its auditor and said it has submitted a plan to the Nasdaq seeking additional time to regain compliance with the listing rules, sending its shares 15% higher in extended trading.
In the compliance plan, the AI server maker said it will be able to complete its annual report for the year ended June 30 and its quarterly report ended Sept. 30, but did not give a target date.
“BDO is a highly respected accounting firm with global capabilities. This is an important next step to bring our financial statements current, an effort we are pursuing with both diligence and urgency,” CEO Charles Liang said.
Super Micro’s listing came under threat after it failed to file its annual 10-K report by the August deadline. The delay came a day after Hindenburg Research disclosed a short position and alleged “accounting manipulation”.
Super Micro had cited a need to assess “its internal controls over financial reporting” for the delay.
The Nasdaq regulations provided a grace period until mid-November to submit a remediation plan to regain compliance.
If approved, this could extend the deadline to February next year. However, analysts said the timeline appeared to be squeezed after EY resigned as Super Micro’s auditor in October.