Supermicro® Receives Nasdaq Staff Determination Letter; Has Requested Hearing Before Hearings Panel
March 16 2018 - 4:45PM
Business Wire
Super Micro Computer, Inc. (NASDAQ:SMCI) (the “Company”),
a global leader in high performance, high-efficiency server,
storage technology and green computing, today announced that it has
received a letter from the staff of the Listing Qualifications
Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”)
notifying the Company that since it remains delinquent in filing
its Annual Report on Form 10-K for the fiscal year ended June 30,
2017 and its Quarterly Reports on Form 10-Q for the quarterly
periods ended September 30, 2017 and December 31, 2017, the Staff
has determined that the Company is non-compliant with Nasdaq
Listing Rule 5250(c)(1). Previously the Staff granted the Company
an extension until March 13, 2018 to file all delinquent periodic
reports. As a result of the foregoing, the Company’s common stock
is subject to suspension in trading on March 23, 2018 and delisting
from Nasdaq unless the Company requests a hearing before a Hearings
Panel by March 21, 2018.
On March 16, 2018, the Company submitted a letter to Nasdaq
requesting a hearing before a Hearings Panel at which it intends to
present its plan to regain and thereafter maintain compliance with
all applicable Nasdaq listing requirements. The hearing request
automatically stays the delisting process for a period of 15
calendar days from the date of the deadline to request a hearing.
The Hearings Panel has the authority to grant the Company
additional time of up to 360 days from the original due date of the
Company’s first late filing to regain compliance before further
action would be taken to delist the Company’s common stock.
In connection with its request for a hearing, the Company has
also requested a stay of the suspension of trading and delisting of
its common stock, pending the decision of the Hearings Panel. The
Hearings Panel will notify the Company by April 5, 2018 of its
decision to allow the Company to continue to trade on Nasdaq
pending the hearing and a decision by the Hearings Panel. There can
be no assurance that the Hearings Panel will grant the Company’s
request for continued listing or stay the delisting of its common
stock.
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 to, among other things, the Company’s
presentation to the Hearings Panel and its expectations as to its
ability to regain and maintain compliance with Nasdaq’s continued
listing standards. Such forward-looking statements do not
constitute guarantees of future performance and are subject to a
variety of risks and uncertainties. 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 respective owners.
SMCI-F
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Super Micro Computer, Inc.Perry G. Hayes, 408-895-6570SVP,
Investor RelationsPerryH@Supermicro.com