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Super Micro Computer CEO Charles Liang appears at the Computex conference in Taipei, Taiwan on June 5, 2024.
Annabelle Chih | Bloomberg | Getty Images
Super micro computer he entered Nasdaq 100 in July Five months later, it’s out, and shares are down 7% on the news.
Nasdaq said late Friday that Super Micro is doing removed from indexConsisting of and underlying the top 100 non-financial stocks on the Nasdaq. Invesco QQQ Trust exchange-traded fund, one of the actively traded ETFs.
The announcement is the latest in a rollercoaster year for Super Micro, which hit a record high of $118.81 in March as demand for the company’s servers packed with artificial intelligence processors surged. The company’s market capitalization was more than $70 billion, quite a feat the inclusion in the S&P 500.
Super Micro is now worth about $20 billion, a quarter of the median market capitalization of Nasdaq 100 companies. Nasdaq will also delist. the light and modern from the group, effective December 23.
The revision will make room for additions Axon Enterprise and Palantir Technologiesas well Microstrategya company that is tied to its value It’s worth a million dollars worth of bitcoin shopping MicroStrategy shares have gained nearly 600% this year and were up 4% on Monday.
For Super Micro, the story began in August, when the company said it would not archive its annual report with the SEC on time. Hindenburg Research disclosed a short position in the company and said in a report it had identified “new evidence of accounting manipulation.”
In October, Ernst & Young ceased to be Super Micro’s auditor, resulting in a 33% stock drop. An independent special committee of the Board assessed Ernst & Young’s concerns and found no misconduct after a three-month investigation. The report recommended the company replace its CFO. The company said in November that BDO was its new auditor.
Super Micro was in danger of being delisted from the Nasdaq for a second time because of its delayed financial reports, but two weeks ago he received an extension Until February 2025.
In a preliminary earnings report, the company said third-quarter revenue rose 181% year-over-year, under the consensus.
“The competition is strong, but I think we’re in a good position,” CEO Charlies Liang said on a conference call with analysts in November. Rivals include Dell and HPE.
SEE: Super Micro has appointed BDO as its independent auditor
