Supermicro® Provides Update on Nasdaq Listing and SEC Filings
As previously disclosed, by decision dated
While the Company has made significant progress toward completing the
necessary accounting review processes, it has determined that the
Delinquent Reports will not be filed with the
The Company is currently in the process of preparing its financial statements in light of the results of the Audit Committee investigation and other ongoing testing. A significant number of transactions remain to be reviewed. To date, none of the hundreds of reviewed transactions has involved revenue that could not ultimately be recognized, however, we have not concluded that a restatement to previously filed financial results is necessary. The Company’s cumulative cash flows have not been impacted by the findings of the investigation or other testing, although the expenses associated with the investigation and testing have been significant.
The delay primarily relates to the magnitude of work that the Company still must perform in order to review the Company's accounting judgments, estimates and records for transactions that occurred during fiscal years 2015 through 2017, as well as the Company’s assessment and conclusions on the effectiveness of its internal control over financial reporting during such periods, so that it can complete the financial statements for the 2017 Form 10-K. Although the Company has made substantial progress in these matters and committed extraordinary resources and personnel toward the effort, the amount of work is substantial and the additional testing required has taken longer than anticipated. The Company is committed to filing its Delinquent Reports as soon as practicable.
As a result of the updated timing, the Company expects that its common
stock will soon be suspended from trading on Nasdaq’s Global Select
Market and the Panel will begin delisting proceedings. If the Panel
decides to delist the Company's common stock, the Company will evaluate
all of its options, including filing an appeal to the
Following a possible suspension of trading in the Company’s common stock
on Nasdaq, the Company expects that its shares will be quoted
over-the-counter on the OTC Markets. The Company intends to continue to
work diligently toward completing its Delinquent Reports, regaining
compliance with its
Cautionary Statement Regarding Forward Looking Statements
Statements contained in this press release that are not historical fact
may be forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements may relate to, among other
things, the Company’s expectations related to the timing and filing of
Supermicro® (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology is a premier provider of advanced Server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and Embedded Systems worldwide. Supermicro is committed to protecting the environment through its “We Keep IT Green®” initiative and provides customers with the most energy-efficient, environmentally-friendly solutions available on the market.
Supermicro, Server Building Block Solutions, and We Keep IT Green are
trademarks and/or registered trademarks of
Super Micro Computer, Inc.
Perry G. Hayes, 408-895-6570
SVP, Investor Relations