AMD Chief Executive Officer Liang Chi-wen speaks at the Computex conference in Taipei, Taiwan, Wednesday, June 5, 2024.
Annabelle Chronicle | Bloomberg | Getty Images
Troubled server maker super microcomputer The company said on Monday it had hired BDO as a new auditor and submitted a plan to Nasdaq detailing its efforts to regain compliance with exchange regulations. The stock rose 16% in after-hours trading.
“This is an important next step in bringing our financial statements up to date, and we are working diligently and urgently to achieve this goal,” Supermicro CEO Charles Liang said in a statement. statement.
Super Micro was late filing its 2024 year-end report with the SEC and said earlier this month it was looking for a new accountant after its previous auditor, Ernst & Young, resigned in October. EY is new to this job; Just replaced Deloitte & Touche will serve as Super Micro’s accounting firm in March 2023.
Super Micro said it told Nasdaq it believed it would be able to file its annual report for the year ended June 30 and quarterly report for the quarter ended September 30. Listed on NASDAQ. “Review Compliance Program.”
AMD’s stock price has soared more than 14 times since the end of 2022, reaching a peak in March this year. But the stock was hammered by disturbing news about its Nasdaq compliance. The company’s market capitalization, which at one point was about $70 billion, rose to $12.6 billion on Monday after rising 16% during regular trading.
AMD has been one of the main beneficiaries of the AI boom because of its relationship with artificial intelligence. NVIDIA. Sales more than doubled last fiscal year to $15 billion.
On Monday, AMD announced that it is selling products powered by Nvidia’s next-generation AI chip, Blackwell.
watch: Super Micro sold due to accounting irregularities
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