Super Micro gets Nasdaq listing extension, says it can file financials by February
The Super Micro Computer headquarters in San Jose, California, on Dec. 3, 2024.
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Embattled server maker Super Micro Computer said on Friday that it received an extension from Nasdaq, giving the company until February to maintain its listing on the stock exchange.
The stock rose 7% in extended trading.
Super Micro has been facing the potential of being delisted from the Nasdaq because it has yet to file audited year-end financials for the latest fiscal year and is also late with its quarterly results. With Friday’s announcement, Super Micro has until at least Feb. 25 to get its U.S. Securities and Exchange Commission filings submitted and accepted.
“The Company’s common stock will remain listed on the Nasdaq Global Select Market during the exception period,” Super Micro said in a press release. “If the Company files all the required reports by February 25, 2025, the common stock will remain listed, so long as the Company remains in compliance with Nasdaq’s listing rules.”
Super Micro said it expects to be able to file the reports by the deadline.
The risk of delisting has hung over Super Micro’s stock in recent months following a huge rally. Sales have surged because Super Micro is one of the top vendors for Nvidia-based computer clusters for artificial intelligence. Super Micro says it expects sales growth of roughly 67% to about $25 billion in fiscal 2025.
In October, Ernst & Young resigned as the company’s auditor, and Super Micro named BDO to the position last month. The company’s reputation also took a hit in August after activist investor Hindenburg Research revealed a short position and accused Super Micro of accounting manipulation.
On Monday, Super Micro said it had completed an internal probe overseen by a board member that had found no evidence of misconduct. The company also said at the time that it planned to replace Chief Financial Officer David Weigand, and that it had appointed a new accounting chief.
Super Micro shares soared more than 14-fold from the end of 2022 to their peak in March of this year, when it was added to the S&P 500. The stock has since lost about 60% of its value.
The Nasdaq delisting process can take about a year depending on deadlines and appeals. Super Micro was previously delisted from the exchange in 2018.
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Reddit shares popped about 5% after the social media company debuted new artificial intelligence-powered advertising tools.
The two new features, announced Monday in a post during the Cannes Lions festival, will help brands better leverage discussions on the platform. The company said the tools are powered by an engine called Reddit Community Intelligence that turns “posts and comments into structured intelligence.”
Reddit announced a “listening tool” called Reddit Insights, which shares real-time insights with marketers to help them identify trends and launch campaigns. The other tool, called Conversation Summary Add-ons, allows brands to show “positive” user content under their ads.
“These are tools for a new era of community marketing, one where brands can tap into Reddit’s authenticity and connect meaningfully with high-intent communities around the world,” the company wrote.
The company said Publicis served as the exclusive alpha tester for Reddit Insights, while Lucid and Jackbox Games were among the early testers for Conversation Summary Add-Ons.
Companies across industries are betting on new ways to harness AI to improve advertising campaigns and better engage with users. These new tools are transforming the industry while also putting pressure on some advertising stalwarts.
The industry is also currently navigating a bumpy environment spurred by the trade war with China.
During the recent earnings season, many companies warned of sluggish advertising sales in certain regions due to a rocky macroeconomic environment. Recent developments, however, have suggested a cooling of tensions between the U.S. and China.
Last month, Reddit posted strong sales and upbeat guidance. The company has benefited from recent changes to Google search and internal site improvements, which include convincing logged-out users to open accounts. Logged-in accounts are more beneficial to advertisers.
WATCH: Outgoing WPP CEO says AI will ‘revolutionize’ advertising business
Helsing uses AI to analyze large amounts of sensor and weapons system data from the battlefield.
Pavlo Gonchar | Sopa Images | Lightrocket | Getty Images
European defense technology startup Helsing on Tuesday said that it’s raised 600 million euros ($693.6 million) in a bumper new round of funding.
The investment was led by Prima Materia, the venture capital firm founded by Spotify CEO Daniel Ek and by Shakil Khan, an early investor in the popular music streaming app. Ek is also chairman of Helsing.
Existing investors Lightspeed Venture Partners, Accel, Plural, General Catalyst and Saab also put money in, alongside new investors BDT & MSD Partners.
Defense and the technology behind it have become a hot area for investors lately, amid major global conflicts, including the Ukraine war to Israel-Gaza. Last week saw a further escalation of war in the Middle East as Israel launched a series of airstrikes against Iran.
In 2024, venture funding in Europe’s defense, security and resilience sector reached an all-time high of $5.2 billion, according to a recent report from the NATO Innovation Fund. The sector grew 30% in the past two years, outperforming the broader VC market, which saw a 45% decline over the same period.
Founded in 2021, Helsing sells software that uses artificial intelligence technology to analyze large amounts of sensor and weapons system data from the battlefield to inform military decisions in real time. Last year, the startup also began manufacturing its own line of military drones, called HX-2.
Helsing, which operates in the U.K., Germany and France, said it would use the fresh cash to invest in Europe’s “technological sovereignty” — which refers to attempts to onshore the development and production of critical technologies, such as AI.
“As Europe rapidly strengthens its defence capabilities in response to evolving geopolitical challenges, there is an urgent need for investments in advanced technologies that ensure its strategic autonomy and security readiness,” Ek said in a statement out Tuesday.
Helsing did not disclose its new valuation following the latest financing round, which is subject to “certain approvals,” according to a statement. The firm was previously valued at around 5 billion euros in a 450 million euro funding round led by General Catalyst last year.
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