Super Micro tumbles as Tuesday’s file-or-be-delisted deadline looms

Super Micro Computer didn’t turn in its homework on time last August. Because of some extenuating circumstances — including its auditor resigning, questioning the company’s commitment to integrity and ethical values — its deadline to file its annual report was extended to February 25, or else the company would face delisting from the Nasdaq exchange.

That’s tomorrow. The paperwork, which management “believes” will be done on time and “continues to work diligently” toward completing, is yet to be filed.

This overhang didn’t stop the stock from going on a ridiculous run to more than double at one point this month. The server company laid out an aggressive medium-term sales forecast, with management looking to hitch its wagon to rocketing demand for Nvidia’s GPUs.

But shares are down nearly 20% from its intraday peak on Wednesday, which gave way to a swift bout of profit-taking in the final hour of the day and a subsequent drawdown along with the broader market.

Reassuring commentary surrounding the filing of this paperwork has also been a big boon for the stock.

If it turns out the dogs have eaten Super Micro’s homework yet again, the bears will probably feast on its shares thereafter.