CEO of Supermicro Charles Liang speaks during the Reuters NEXT conference in New York City, U.S., December 10, 2024. REUTERS/Mike Segar
NEW YORK (Reuters) -Super Micro Computer Chief Executive Charles Liang on Tuesday said he is confident the technology company's stock will not be delisted from the Nasdaq.
On the sidelines of the Reuters NEXT conference in New York, Liang said Super Micro would file its necessary financial reports by February. The embattled company received a letter last week from Nasdaq that gave it a deadline of Feb. 25 to file its delayed annual and quarterly reports, in an exception to the stock exchange's rules.
The server maker's stock had skyrocketed from the boom of generative artificial intelligence, meeting rising demand for AI infrastructure. But a recent auditing scandal hurt the once $67-billion company's shares.
In July, Ernst & Young, Super Micro's auditor at the time, raised concern about the technology company's governance and internal controls related to financial reporting, leading its board to form a special committee.
That body found EY's statements were not bolstered by facts, though it determined there were some lapses by an executive, such as not timely telling the auditor of rehired former employees, according to a Super Micro regulatory filing this month.
Super Micro works with companies including Elon Musk's xAI, including at its facility that has been developing the "Colossus" supercomputer.
To view the live broadcast of the World Stage go to the Reuters NEXT news page:
(Reporting By Krystal Hu and Jeffrey Dastin in New YorkEditing by Nick Zieminski)
