Super Micro Computer Inc. saw its stock continue to climb, with investors optimistic that an upcoming business update may provide clarity on the company's ongoing accounting issues.
Shares, which trade under the ticker SMCI, climbed 5.7% to $38.34. The benchmark S&P 500 index was up 0.4%, News.Az reports, citing foreign media.
The stock has risen for four straight sessions, and will notch its best run since August if it ends Monday in the green. It’s been racking up gains ever since Super Micro scheduled a fiscal second-quarter business update for Feb. 11.
The company hasn’t said specifically what the update will be about, and didn’t immediately respond to a request for comment from Barron’s on that matter. But investors are hoping that it will provide some insight into how close it is to filing its annual accounts for the last fiscal year, which ended June 30.
The Nasdaq has given Super Micro until Feb. 25 to submit that document—otherwise, it faces the threat of being delisted from the exchange.
The onetime AI darling’s former auditor Ernst & Young resigned in October after flagging concerns about flaws in the company’s financial reporting controls.
An internal investigation found no evidence of fraud, and Super Micro has since hired BDO as its new auditor.
