Super Micro Computer Inc. Announces Receipt of Non-Compliance Letter from NASDAQ
SAN JOSE, Calif.--(BUSINESS WIRE)--
Super Micro Computer, Inc. (NASDAQ:SMCI), a global leader in
high-performance, high-efficiency server, storage technology and green
computing, today announced that the Company received a notification
letter (the "Letter") on November 16, 2017 from Nasdaq stating that the
Company is not in compliance with Nasdaq listing rule 5250(c)(1), which
requires timely filing of reports with the U.S. Securities and Exchange
Commission. The Letter was sent as a result of the Company's delay in
filing its Quarterly Report on Form 10-Q for the period ended September
30, 2017 (the "Form 10-Q") and its continued delay in filing its Annual
Report on Form 10-K for the fiscal year ended June 30, 2017 (the "Form
10-K"). The Company previously submitted a plan of compliance to NASDAQ
on November 10, 2017 (the "Plan) with respect to its delay in filing the
Form 10-K (the "Initial Delinquent Filing"). Upon review of the Plan and
in connection with this additional delinquency, the Letter requires that
the Company submit an update to the Plan by November 30, 2017 (the
The Letter has no immediate effect on the listing or trading of the
Company's common stock on the Nasdaq Global Select Market. If the
Revised Plan is submitted and accepted, the Company could be granted up
to 180 days from the due date of the Initial Delinquent Filing, or March
12, 2018, to regain compliance. If NASDAQ does not accept the Company's
plan, then the Company will have the opportunity to appeal that decision
to a NASDAQ hearings panel.
As previously disclosed by the Company, additional time is needed for
the Company to compile and analyze certain information and documentation
and finalize its financial statements as of and for the year ended June
30, 2017, as well as complete a related audit committee investigation,
in order to permit the Company's independent registered public
accounting firm to complete its audit of the financial statements and
the Company's internal controls over financial reporting as of June 30,
2017. The Form 10-Q cannot be completed and filed until the Form 10-K is
completed and filed. The Company is unable at this time to provide a
date as to when the financial statements, the audit committee
investigation and the following audit and review will be completed.
The Company intends to file the Form 10-K upon completion of the audit
committee's investigation, preparation of the financial statements and
the completion of the 2017 audit. The Company intends to file the Form
10-Q, thereafter and upon the completion of the audit committee's
investigation, preparation of the financial statements and completion of
the review as of and for the three months ended September 30, 2017.
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, among other
things, to our expected financial and operating results, and the timing
of completion of the Company's audit for the fiscal year ended June 30,
2017 and the filing of the Company's Annual Report on Form 10-K for such
fiscal year. Such forward-looking statements do not constitute
guarantees of future performance and are subject to a variety of risks
and uncertainties that could cause our actual results to differ
materially from those anticipated. Additional factors that could cause
actual results to differ materially from those projected or suggested in
any forward-looking statements are contained in our filings with the
Securities and Exchange Commission, including those factors discussed
under the caption "Risk Factors" in such filings.
About Super Micro Computer, Inc.
Supermicro®, a global leader in high-performance, high-efficiency server
technology and innovation is a premier provider of end-to-end green
computing solutions for Data Center, Cloud Computing, Enterprise IT,
Hadoop/Big Data, HPC and Embedded Systems worldwide. Supermicro's
advanced Server Building Block Solutions® offer a vast array of
components for building energy-efficient, application-optimized,
computing solutions. Architecture innovations include Twin, TwinPro,
FatTwin™, Ultra Series, MicroCloud, MicroBlade, SuperBlade®,
Double-sided Storage®, Battery Backup Power (BBP®) modules and WIO/UIO.
Products include servers, blades, GPU systems, workstations,
motherboards, chassis, power supplies, storage, networking, server
management software and SuperRack® cabinets/accessories delivering
unrivaled performance and value.
Founded in 1993 and headquartered in San Jose, California, Supermicro is
committed to protecting the environment through its "We Keep IT Green®"
initiative. The Company has global logistics and operations centers in
Silicon Valley (USA), the Netherlands (Europe) and its Science &
Technology Park in Taiwan (Asia).
Supermicro, FatTwin, TwinPro, SuperBlade, Double-Sided Storage, BBP,
SuperRack, Building Block Solutions and We Keep IT Green are trademarks
and/or registered trademarks of Super Micro Computer, Inc.
All other brands, names and trademarks are the property of their
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Investor Relations Contact
Super Micro Computer, Inc.
G. Hayes, 408-895-6570
SVP, Investor Relations
Source: Super Micro Computer, Inc.
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