Super Micro extends deadline to deliver annual results to Dec. 31

Super Micro Computer (NASDAQ:SMCI) has announced an amendment to its loan agreement with Cathay Bank that, among other things, extends the date by which the company is required to deliver its annual results.

The amendment allows Super Micro (SMCI), which has been grappling with financial reporting and governance issues, to extend the deadline to file its audited financial statements for its fiscal year ending June 30, 2024, from Oct. 28, 2024 to Dec. 31, 2024.

It also extends the date by which the company is required to report its balance sheet and income statement for its fiscal quarter ending Sept. 30, 2024, from Nov. 29 to Dec. 31.

Furthermore, the amendment adds a covenant requiring Super Micro (SMCI) to maintain at least $150M of unrestricted cash at all times.

Concerns about the company’s financial statements cropped up in late August, when Hindenburg Research issued a report that it was short Super Micro’s shares. A day later, Super Micro said it was delaying its annual 10-K filing. The company later said that it does not expect any material changes to fiscal 2024.

Shares of the Super Micro (SMCI) plunged over 45% this week, marking its worst week on record, after auditor for the artificial intelligence server maker resigned. Since an all-time high of $122.90 in mid-March, SMCI shares have fallen 73%.