Super Micro Computer stock update: Will SMCI be delisted from Nasdaq after SEC deadline?

Today, February 25, is a make-or-break day for Super Micro Computer (aka Supermicro) and its stock, which trades on the Nasdaq under the SMCI ticker. That’s because by the end of today, the beleaguered server company needs to file its delinquent Form 10-K with the U.S. Securities and Exchange Commission (SEC). If it fails to do so, the company’s shares may be delisted from the Nasdaq.

Here’s what you need to know about its stock price ahead of the deadline and the possible outcomes should Super Micro Computer fail to meet its requirements.

SMCI stock price sinks ahead of filing deadline

As of the time of this writing, in early trading SMCI’s stock price is down over 8% to to above $47 per share. Today’s stock price fall follows an 8% fall yesterday. Much of the market is down this week, including big tech stocks, although not as dramatically.

One reason for SMCI’s fall is most likely jitters as to whether the company will indeed file its delinquent Form 10-K for the fiscal year 2024, as well as additional forms for the first two fiscal 2025 quarters with the SEC.

The forms are both a legal requirement and a condition of being listed on the Nasdaq. Supermicro missed the earlier filing deadlines amidst a swath of negative news last year, which has rattled investors since August. Most prominently, the company has faced allegations of accounting irregularities. These allegations, along with a failure to file specific financial forms, have led to the stock price fluctuating wildly since the fall.

Concerns surrounding these issues have led to a 22% decline in SMCI’s stock price over the past six months. In November, the stock bottomed out at below $18 per share—a far cry from its high of over $122 per share earlier in the year.

However, despite the company’s most recent declines this week, SMCI stock has still recovered a fair amount since its November lows. Year to date, the stock is up over 55%. Where that stock price goes from here—at least in the near term—may largely depend on whether Supermicro meets its filing deadlines today.

Will Super Micro Computer meet its 10-K filing deadline?

Surprisingly, despite today being the deadline for the 10-K filing, Supermicro has not given any update on it since last week.

On February 19, the company addressed the filing in a Q2 2025 preliminary report. At the time Super Micro Computer said that it “continues to work diligently toward the filing of its Annual Report on Form 10-K for the fiscal year ended June 30, 2024, and its Quarterly Report on Form 10-Q for the period ended September 30, 2024.”

It went on to state that “Based on information currently available, the Company believes it will make such filings by February 25, 2025.”

Fast Company has reached out to Supermicro for an update on the filings. We will update this post if we hear back.

What happens if Super Micro Computer misses its deadline?

If Supermicro misses its deadline, SMCI stock may very well be delisted from the Nasdaq after the market closes today.

However, as noted by MarketWatch, a Wedbush analyst says that Super Micro has the option of asking for another extension to file the required forms. That extension could be for as many as 180 days.

This means today will likely end in one of the three following ways for Super Micro Computer:

1. Supermicro may file its delinquent SEC forms by the deadline.
2. Supermicro may not meet the deadline but receive an extension.
3. Supermicro may not meet its deadline and not receive an extension.

If Super Micro Computer achieves option No. 1—meeting the deadline today—it’s possible that investors will react kindly. The next best-case scenario is option No. 2, where the company does not meet the deadline but receives an extension. Option No. 3 is the worst outcome.

As of the time of this writing, which of the three above options comes to pass remains to be seen.

This story is developing…