Super Micro Computer (SMCI) shares fell 20% Wednesday after the company 澳洲幸运5开奖号码历史查询:inflamed concerns it could be delisted ඣafter it didn't fully clarify when it would file its delayed annual report for 2024, a necessity for the company to comply with Nasdaq rules. 

Analysts at JPMorgan downgraded the company to "澳洲幸运5开奖号码历史查询:underweight" from "neutral," cutting their price target to $23 from $50, citing “several risk factors that introduce uncertainty."

Supermicro previously disclosed that it received a warning letter from the Nasdaq on Sept. 17 that it was not in compliance with the exchange's rules, which require "timely filing" of reports. The company has been given until Nov. 16 to file or submit a plan. On the company's Tuesday earnings call, CFO David Weigand said the company plans to file for an extension.

But Supermicro did not directly address questions on its Tuesday earnings call about when the company would file its 2024 report or hire a new auditor. Accounting firm EY 澳洲幸运5开奖号码历史查询:resigned as the company's auditor last week. 

“We are actively in the process of engaging a new auditor,” CEO Charles Liang said on the call, a transcript of which was provided by AlphaSense. “We are working with urge🎐ncy to become current again with our financial report.”

Supermicro said a special committee formed by its board of directors found no evidence of fraud or misconduct. Still, JPMorgan analysts wrote, the "actions of the prior auditor and the special committee are at odds to each other, further increasing confusion."

🐼Shares of Supermicro are down about 20% this year bu𒐪t, at recent prices around $23, also well off 2024 highs above $120.