Super Micro clears misconduct cloud
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 3 December 2024
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Tuesday, December 3rd. I'm Julie Morgan. Super Microcomputer had a good day on Monday and is starting off on a positive note today. |
| 0:18.0 | How much is SpaceX worth and CTNT is making moves? |
| 0:24.2 | Super Microcomputer closed 28% higher on Monday and is up nearly 7% pre-market. |
| 0:30.9 | After an independent special committee found no evidence of misconduct by the board of directors |
| 0:36.8 | or its audit committee. |
| 0:39.0 | No restatement of reported financials is expected based on the findings of the review. |
| 0:44.4 | Super Micro's balance sheet came under the scanner after its auditor resigned, |
| 0:49.1 | citing concerns over the company's governance, transparency, and internal control measures. |
| 0:55.0 | The artificial intelligence server maker has since appointed BDO USA as its new independent auditor |
| 1:02.0 | and submitted a plan with the NASDAQ to achieve compliance and avoid getting delisted. |
| 1:07.0 | The independent review found no evidence to support the statements made by Ernst and Young |
| 1:13.1 | in its resignation letter as Super Micro's auditor. The investigation took over three months and did |
| 1:19.4 | find some lapses and processes. As part of the investigating committee's recommendations, |
| 1:25.3 | Super Micro will appoint a new chief financial officer, chief compliance officer, and general counsel, and has named Kenneth Chung, previously the vice president of finance as its new chief accounting officer. |
| 1:37.3 | Super Micro expects to become current with its financial reports within the discretionary period as part of its compliance plan to NASDAQ. |
| 1:47.4 | SpaceX is reportedly considering plans to sell existing shares at a price that could value the firm at roughly $350 billion. |
| 1:56.1 | Bloomberg reported citing people familiar with the matter that this would be a significant premium to a previously |
| 2:02.4 | mold valuation of $255 billion and would also cement SpaceX's status as the most valuable |
| 2:09.3 | private startup in the world. SpaceX was last valued at about $210 billion in a tender offer. |
| 2:16.4 | The current conversations with SpaceX are ongoing and the details |
| 2:20.2 | of a potential transaction could change depending on interest from insider sellers and buyers. |
... |
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