Super Micro Computer Responds to Nasdaq Compliance Notification

Super Micro Computer, Inc. Faces Nasdaq Non-Compliance Challenge

Super Micro Computer, Inc. (NASDAQ:SMCI), a prominent Total IT Solutions Provider specializing in areas like AI, Cloud, and 5G/Edge, has recently made the headlines. The company announced that it received a notification from Nasdaq indicating a potential non-compliance with listing rules.

Understanding the Nasdaq Notification

The letter from Nasdaq is in regard to the company’s unmet obligation under listing rule 5250(c)(1), which mandates timely filing of reports with the U.S. Securities and Exchange Commission (SEC). The notification specifically points out a delay in submitting the Annual Report on Form 10-K for the fiscal period ending June 30, 2024.

This report was due to be filed by August 29, 2024. In response to the delay, the Company filed a Form 12b-25 on August 30, providing an extension request.

Implications for Super Micro Computer

Despite the notification, there is no immediate impact on trading activities or the company's common stock listing on the Nasdaq Global Select Market. Following Nasdaq protocols, Super Micro Computer has a 60-day window to either file the overdue Form 10-K or submit a comprehensive plan to rectify its compliance status.

If the plan is accepted by Nasdaq, the company could potentially receive an extension of up to 180 days from the original due date of the Form 10-K to meet the compliance requirements. In the event that Nasdaq rejects the proposed plan, Super Micro would retain the right to appeal the decision before a Nasdaq hearings panel, allowing them additional avenues to achieve compliance.

About Super Micro Computer, Inc.

Founded in San Jose, California, Supermicro (NASDAQ: SMCI) stands as a global leader dedicated to providing Application-Optimized Total IT Solutions. The company prides itself on introducing innovative solutions tailored for diverse sectors, including cloud computing, enterprise, and AI development.

Supermicro operates with a strong commitment to sustainability, offering products designed and manufactured in the U.S., Taiwan, and the Netherlands. Their focus on Green Computing aligns with their goal to reduce environmental impact while enhancing total cost of ownership (TCO) for clients.

Innovation and Commitment to Clients

The range of offerings from Supermicro spans servers, AI technology, storage systems, and IoT solutions, ensuring clients receive comprehensive support for their IT infrastructure needs. The company’s award-winning Server Building Block Solutions® allow for tailored system configurations, able to meet various workload demands by utilizing an adaptable family of components.

Ensuring Future Compliance

The notification from Nasdaq serves as a reminder of the regulatory obligations that companies must navigate. Super Micro Computer is poised to address the compliance challenge effectively and continues to focus on leveraging its innovation to enhance performance across all platforms.

Frequently Asked Questions

1. Why did Nasdaq send a non-compliance letter to Super Micro Computer?

Nasdaq issued the letter due to Super Micro’s delay in filing its Annual Report on Form 10-K as required under listing rule 5250(c)(1).

2. What steps can Super Micro Computer take to regain compliance?

The company can either file the overdue Form 10-K or provide a compliance plan to Nasdaq within 60 days of receiving the notice.

3. How does this incident affect Super Micro’s stock?

There is no immediate impact on the trading or listing of Super Micro's common stock due to this notification.

4. What is the significance of the Form 10-K?

The Form 10-K is a comprehensive annual report filed with the SEC that provides a detailed overview of a company's financial performance.

5. What are the long-term goals of Super Micro Computer?

Supermicro aims to provide cutting-edge, environmentally sustainable IT solutions, maintaining its leadership in innovation across sectors like AI, cloud, and 5G technology.

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