Supermicro Not in Compliance With Nasdaq

Super Micro Computer, Inc. received a notification letter on November 16, 2017 from Nasdaq stating that the company is not in compliance with Nasdaq listing rule 5250(c)(1), which requires timely filing of reports with the U.S. SEC.

The letter was sent as a result of the company’s delay in filing its quarterly report on Form 10-Q for the period ended September 30, 2017 and its continued delay in filing its annual report on Form 10-K for the fiscal year ended June 30, 2017. The company previously submitted a plan of compliance to Nasdaq on November 10, 2017 with respect to its delay in filing the Form 10-K. Upon review of the plan and in connection with this additional delinquency, the letter requires that the company submit an update to the plan by November 30, 2017.

The letter has no immediate effect on the listing or trading of the company’s common stock on the Nasdaq Global Select Market. If the revised plan is submitted and accepted, the company could be granted up to 180 days from the due date of the Initial Delinquent Filing, or March 12, 2018, to regain compliance. If Nasdaq does not accept the company’s plan, then the company will have the opportunity to appeal that decision to a Nasdaq hearings panel.

As previously disclosed by the company, additional time is needed for the company to compile and analyze certain information and documentation and finalize its financial statements as of and for the year ended June 30, 2017, as well as complete a related audit committee investigation, in order to permit the company’s independent registered public accounting firm to complete its audit of the financial statements and the company’s internal controls over financial reporting as of June 30, 2017. The Form 10-Q cannot be completed and filed until the Form 10-K is completed and filed. The company is unable at this time to provide a date as to when the financial statements, the audit committee investigation and the following audit and review will be completed.

The company intends to file the Form 10-K upon completion of the audit committee’s investigation, preparation of the financial statements and the completion of the 2017 audit. It intends to file the Form 10-Q, thereafter and upon the completion of the audit committee’s investigation, preparation of the financial statements and completion of the review as of and for the three months ended September 30, 2017.

Read also:
Supermicro Filed Compliance Plan With Nasdaq
For extension of time to regain compliance
2017.11.16 | Press Release