Supermicro Stock Trading Suspended On Nasdaq; Intends To Appeal

(RTTNews) - Super Micro Computer, Inc. (SMCI),a high performance, high-efficiency server, storage technology and green computing company, announced Thursday the suspension of trading of its common stock on Nasdaq. Supermicro shares fell 15 percent on Wednesday's regular trading.

As expected, the company received a notification letter from The Nasdaq Stock Market Hearings Panel on August 22, indicating that trading in the Company's common stock on Nasdaq's Global Select Market will be suspended effective at the open of business on August 23.

The company said it intends to appeal the Panel's decision to the Nasdaq Listing and Hearing Review Council. During the appeal period, trading in the Company's common stock on Nasdaq will remain suspended and Nasdaq will not delist the Company's common stock pending such appeal.

The company previously announced on August 21 that it did not expect to regain compliance with the Nasdaq continued listing requirements by August 24, the deadline previously set by the Panel.

The Panel's letter also stated that the Panel has determined to delist the Company's shares from Nasdaq after applicable appeal periods have lapsed.

Once the Company has regained compliance with its SEC filing requirements, it intends to promptly request that Nasdaq lift the suspension in trading of its common stock or, in the event the common stock is delisted, to promptly apply to relist its common stock on Nasdaq or another national securities exchange.

While the common stock is suspended from trading on Nasdaq, the Company expects that its shares will be quoted on the OTC Markets under the trading symbol SMCI.