Super Micro Computer shares continued their long climb back from the brink today, finishing the week up 78% from where they closed last Friday.
Why it matters: The recently high-flying server maker for the AI elite seems to have staved off a Nasdaq delisting, but it has more work to win back investors.
Catch up quick: Super Micro's problems started in August, when a short seller made a series of allegations, including one about shady accounting.
The company then delayed its financial reports, which triggered the possible Nasdaq delisting.
Things got really bad last month when EY, the auditor hired to back the company's financial reports, quit, saying it was "unwilling to be associated" with them. The stock fell over 32% that day.
State of play: Super Micro on Monday announced it had a new independent auditor, BDO, and that it was on track to submit delayed filings to the SEC — allaying most fears about a delisting.
Shares closed today at $33.15, capping off a good recovery. But that's still a far cry from the $118 they traded at in March.
