Super Micro CEO Confident About Stock Listing

NEW YORK (Reuters) – Super Micro Computer's Chief Executive, Charles Liang, expressed confidence that the company's stock will not be delisted from Nasdaq during the Reuters NEXT conference in New York on Tuesday.

Liang mentioned that Super Micro plans to file its required financial reports by February. The company recently received a letter from Nasdaq granting a deadline of February 25 to submit its delayed annual and quarterly reports, an exception to the stock exchange's usual rules.

The server maker’s stock has surged due to the boom in generative artificial intelligence, signifying an increase in demand for AI infrastructure. However, a recent auditing scandal has adversely affected the company's stock performance, which at one point was valued at $67 billion.

In July, Ernst & Young, Super Micro's auditor, raised concerns regarding the company's governance and internal controls related to financial reporting. This prompted the board to establish a special committee.

The committee concluded that EY's claims were unsubstantiated but found some lapses by an executive, particularly regarding timely communication about rehired former employees, as noted in a regulatory filing from Super Micro this month.

Super Micro collaborates with companies like Elon Musk's xAI and is involved in developing the 'Colossus' supercomputer at its facilities.

To view the live broadcast of the World Stage, visit the Reuters NEXT news page.