Super Micro Computer Terminates Loan Agreements, Delays Financial Statements

Super Micro Computer has terminated loan agreements with Cathay Bank and Bank of America, effectively removing the deadline to submit its Finance
Super Micro Computer Terminates Loan Agreements, Delays Financial Statements
Super Micro Computer (SMCI) has terminated its loan agreements with Cathay Bank and Bank of America. This move effectively eliminates the December 31st deadline for submitting its delayed financial statements, a requirement under the original loan covenants. SMCI has been facing scrutiny since August, delaying its annual report filing after allegations of accounting fraud by Hindenburg Research. The Nasdaq exchange warned of potential delisting if the report wasn't filed by November 16th. SMCI submitted a compliance plan on November 18th, which Nasdaq is currently reviewing. The loan termination, announced in an SEC filing, removes the immediate pressure to release financial statements. The company stated: On November 20, 2024...Super Micro Computer, Inc. (the “Company”) prepaid in full and terminated its obligations under each of (i) the Loan Agreement...with Cathay Bank...and (ii) the Loan and Security Agreement with Bank of America N.A.... While SMCI's share price rallied recen…

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