Key takeaways

• Shares of Super Micro Computer extended their 2024 swoon on Wednesday, as the stock fell after the company said it would not submit its first-quarter financial results in a timely manner.

• Supermicro said last month that it could not predict when it would file its annual report for 2024. The company is at risk of being delisted from Nasdaq.

• Supermicro shares are down more than 25% this year and well short of 2024 highs.

Shares of Super Micro Computer (SMCI) extended its swoon for 2024 on Wednesday, as the stock fell after the company said it would not submit its first-quarter financial results in a timely manner.

The IT infrastructure company released preliminary results for the September quarter earlier this month, but now says it needs more time to hire a new auditor and have him review the company’s results.

Accounting firm EY resigned as auditor of Supermicro the following October 30 months of speculation on the company’s accounting practices. Supermicro said a special committee formed by its board found no evidence of fraud or misconduct.

Supermicro shares, down about 5% in Wednesday trading, are down more than 25% in 2024, to about $21 each. Earlier this year, they were trading around $120.

The first-quarter filing delay comes after Supermicro said last month that it could not predict when it would file its annual report for 2024, a necessity for it to comply. Nasdaq rules. If delays continue, Supermicro could be delisted from the stock market quite.

Supermicro previously revealed that it received a warning letter from Nasdaq informing it that it had until November 16 to file or submit a plan.