SAN JOSE, Calif., Apr 21, 2008 (BUSINESS WIRE) --
Super Micro Computer, Inc. (NASDAQ:SMCI), a leader in application optimized, high performance server solutions, said today that, as the result of the March 25th unexpected death of independent director Bruce Alexander, it has received a notice from NASDAQ that, the Company no longer fully complies with NASDAQ's independent director and audit committee requirements as set forth in Marketplace Rule 4350.
Supermicro board of directors and audit committee which currently consists of only three and two members, respectively. Nasdaq's Marketplace Rule 4350 requires each listed issuer to have a board of directors and an audit committee that consists of at least four and three independent members, respectively. With the passing of Mr. Alexander, the Nasdaq Listing Qualifications department sent a letter to Supermicro informing it that Supermicro was no longer in full compliance with
Nasdaq's independent board and audit committee requirement.
Supermicro will regain full compliance by adding a new outside director before the earlier of the Company's next annual stockholders' meeting or March 25, 2009 or, if the next annual stockholders' meeting is held before September 22, 2008, no later than September 22, 2008.
The Company's board is engaged in a search to identify a successor and is confident the NASDAQ deadline for compliance will be satisfied.
"The Company is saddened by the loss of Bruce. He provided the Company and me great support and guidance," said Charles Liang, president and CEO of Supermicro. "I will truly miss his friendship."
About Super Micro Computer, Inc.
Supermicro emphasizes superior product design and uncompromising quality control to produce industry-leading serverboards, chassis and server systems. These Server
Building Block Solutions provide benefits across many environments, including data center deployment, high-performance computing, high-end workstations, storage networks and standalone server installations. For more information on Supermicro's complete line of advanced motherboards, SuperServers, and optimized chassis, visit www.Supermicro.com, email [email protected], or call the San Jose, CA headquarters at +1 408-503-8000.
SMCI-F
SOURCE: Super Micro Computer, Inc.
Kalt Rosen Group/Ruder Finn West
Howard Kalt, 415-692-3059 (Investor Relations)
[email protected]
Copyright Business Wire 2008
News Provided by COMTEX