Nov 13, 2024 (Baystreet.ca via COMTEX) --
Embattled technology company Super Micro Computer (SMCI) has said it needs more time to file with regulators its 10-Q form for earnings in the quarter ended Sept. 30.
The company, which makes high-efficiency servers that run artificial intelligence (A.I.) applications, had previously delayed its 10-K filing for the fiscal year ended June 30.
A 10-Q form provides unaudited financial statements for a company and a view of its financial position during the year.
A form 10-K is essentially a company's annual report and gives a comprehensive summary of a company's financial performance.
Both 10-Q and 10-K forms are required by the U.S. Securities and Exchange Commission (SEC) of all publicly traded U.S. companies.
Failure by Super Micro Computer to deliver its annual report by Nov. 16 could result in the company being delisted from the Nasdaq exchange on which its stock trades.
Super Micro Computer is struggling with its financial reporting after short seller Hindenburg Research earlier this year accused the company of malfeasance.
While management at Super Micro Computer has denied any wrongdoing, several auditors have resigned from working with the company and its financial disclosures to the SEC have been repeatedly delayed.
The current situation has led to the stock of Super Micro Computer declining more than 60% in the last three months.
Currently, the company's share price is at $21.66 U.S., having fallen 54% in the last month alone.
COMTEX_459765580/2559/2024-11-13T11:13:06
