Super Micro's stock price surges 30% after appointing a new auditor to maintain its Nasdaq listing.

• On Tuesday, Super Micro's shares rose after the company appointed BDO as its independent auditor.
• Over the past two trading days, the stock, which had fallen since its peak in March, has experienced a more than 50% increase in value.
• According to a report from Mizuho's analysts, it may take between two to five weeks for Nasdaq to approve Super Micro's plan to remain listed.

On Tuesday, shares of the embattled server maker experienced a more than 30% increase in value after announcing the appointment of BDO as its new auditor and submitting a plan to Nasdaq outlining its efforts to regain compliance with the exchange.

Despite climbing more than 50% over the last two trading days on optimism, the company has lost about three-quarters of its value since its stock peaked in March, wiping out roughly $54 billion in market cap.

Super Micro is currently behind schedule in submitting its 2024 year-end report to the SEC. The company announced earlier this month that it was seeking a new accountant following the resignation of its previous auditor, Ernst & Young, in October. Ernst & Young had only been with the company for a short time, replacing Deloitte & Touche as Super Micro's accounting firm in March 2023.

Super Micro announced on Monday that it informed Nasdaq that it expects to file its annual report for the fiscal year ended June 30 and its quarterly report for the period ended September 30. The company stated that it will remain listed on Nasdaq while the exchange reviews its compliance plan.

Mizuho analysts, who had earlier put the stock on hold, stated in a note that Nasdaq must approve the plan, which could take two to five weeks.

Charles Liang, CEO of Super Micro, stated in Monday's announcement that appointing BDO is a crucial step towards updating our financial statements, which we are pursuing with great care and urgency.

Super Micro's shares experienced a more than twentyfold increase in value between early 2022 and March of this year. However, the stock has been negatively impacted by recent revelations regarding its compliance with Nasdaq.

Due to its relationship with, Super Micro has experienced significant growth in sales, with a more than doubling of revenue to $15 billion in the last fiscal year.

On Monday, Super Micro announced that it was offering products that incorporate Nvidia's latest AI chip, Blackwell. The company competes with other vendors in providing access to Nvidia's AI technology.

In March, Super Micro was included in the S&P 500 due to its expanding business and rising stock value. Following the index's announcement, Super Micro reached its peak of $118.81 within two weeks.

The company faced issues within months, including the failure to file its annual report on time, a short position disclosed by Hindenburg Research, and a potential investigation by the Department of Justice.

Super Micro announced that it had been notified by Nasdaq that its delay in filing its annual report had resulted in a violation of the exchange's listing rules. The company was given 60 days to either file its report or submit a plan to regain compliance, with the deadline set for Monday.

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