December 25, 2024

AMD Chief Executive Officer Liang Chi-wen speaks at the Computex conference in Taipei, Taiwan, Wednesday, June 5, 2024.

Annabelle Chronicle | Bloomberg | Getty Images

super microcomputer Shares fell on Tuesday after the embattled server maker said it appointed BDO as a new auditor and submitted a plan to Nasdaq detailing its efforts to regain compliance with the exchange. rose more than 30%.

The stock has risen more than 50% in the past two sessions on optimism that the company will remain listed on Nasdaq. Still, the company has lost about three-quarters of its value since its stock price peaked in March, a decline that wiped out about $54 billion in market value.

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.

AMD said in a statement late Monday that it told Nasdaq it believed it would be able to file its annual report for the year ended June 30 and its quarterly report for the quarter ended September 30. , waiting for the exchange’s “compliance plan review.”

Analysts at Mizuho, ​​who previously suspended their ratings on the stock, wrote in a note that Nasdaq still needs to approve the plan, which could take two to five weeks.

AMD CEO Tony Leung said in a statement on Monday statement The appointment of BDO marks “an important next step in bringing our financial statements up to date and we are working diligently and urgently to achieve this goal.”

From early 2022 to its peak in March of this year, AMD’s stock price soared more than 20-fold in two years. But the stock was hammered by disturbing news about its Nasdaq compliance.

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. The company competes with the following suppliers Dell and Hewlett Packard Enterprise Package Nvidia AI chips for use by other companies.

Super Micro was added to the S&P 500 Index in March, reflecting its rapid business growth and surging stock price at the time. Less than two weeks after the index change was announced, AMD reached a closing high of $118.81.

A few months later, the trouble began. In August, Supermicro said it would not file its annual report with the U.S. Securities and Exchange Commission on time. Prominent short seller Hindenburg Research later disclosed the company’s short position, saying in a report that it had found “new evidence of accounting manipulation.” wall street journal Later reported The Justice Department is in the early stages of investigating the company.

One month after announcing the delay in reporting, Chaowei said The company had received notice from Nasdaq and said the delay in filing its annual report meant it was not in compliance with the exchange’s listing rules. Super Micro said Nasdaq’s rules allow the company 60 days to file a report or submit a plan to return to compliance. Under that time frame, the deadline is Monday.

watch: Super Micro sold due to accounting irregularities

Lightning Wheel: AMD is still being sold due to accounting irregularities

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