Supermicro was able to reach an agreement with the bank on filing an annual report, but was unable to reach an agreement with Nasdaq

Supermicro (Super Micro Computer, SMCI) announced changes to its existing loan agreement with Cathay Bank. One of the main points is the extension of the deadline for submitting financial statements. As disclosed on Form 8-K to the SEC, the filing date of audited financial statements for fiscal 2024 ending June 30, 2024 has been postponed from October 28 to December 31, 2024. Similarly, the reporting period for the fiscal quarter ending September 30, 2024 has been extended from November 29 to December 31, 2024.

The new agreement also stipulates that Supermicro must maintain at least $150 million in available cash reserves at all times. This requirement is intended to ensure the preservation of liquidity, which is critical to the company’s ongoing operations and financial stability. This strategic move is said to reflect Supermicro’s commitment to maintaining the company’s strong financial health while adapting to changing business needs.

Back in August, Supermicro delayed filing its annual report following a Hindenburg Research report alleging alleged accounting fraud and corporate governance malfeasance. The transfer was allegedly related to the decision to conduct a full internal review. The submission of Supermicro’s audited annual report within the deadlines agreed with the bank is now in question due to the refusal of auditors Ernst & Young to work with the company.

The Nasdaq Stock Exchange warned Supermicro of possible delisting if the company does not file its annual report by November 16. NVDIA is rumored to be restructuring Supermicro’s orders to avoid potential supply chain issues. Supermicro is one of the five largest buyers of NVIDIA chips.

admin

Share
Published by
admin

Recent Posts

Vivo X200 Ultra flagship smartphone to get removable lenses from Zeiss

Smartphone manufacturers are exploring various, including radical, ways to improve the quality of shooting -…

6 hours ago

“Sorry, but it’s not true”: Insider denies rumors about Titanfall 3 release in 2026

The story about the sci-fi shooter Titanfall 3, which is in development at Respawn Entertainment,…

6 hours ago

Elon Musk’s Massive Layoffs of Officials Hurt Autopilot Implementation in the US

Back in February, it became known that the punishing hand of Elon Musk, in his…

6 hours ago

Amazon’s First Batch of Kuiper Internet Satellites Launch Fails

The launch of a United Launch Alliance Atlas V rocket carrying 27 Amazon Project Kuiper…

6 hours ago

SSD with a ‘tail’: Kioxia unveils ‘optical’ SSDs for next-generation data centers

Kioxia, AIO Core, and Kyocera have announced the development of a PCIe 5.0-compatible optical SSD…

7 hours ago

Microsoft to thin out mid-level managers, non-programmers and ineffective workers

Microsoft is considering another round of layoffs in May, Business Insider has learned. The company's…

7 hours ago