Super Micro Computer (NASDAQ:SMCI) on Wednesday said it has received a notification letter from Nasdaq, stating that the company is not in compliance with listing rules, which requires timely filing of reports with the U.S. Securities and Exchange Commission. Super Micro, on Monday, announced that it has submitted a compliance plan to Nasdaq.

Valued at $22.49 billion, Super Micro Computer (SMCI) develops and manufactures high-performance servers, storage solutions, and networking solutions for clients in the artificial intelligence (AI), 5G, cloud computing, data center, and edge computing markets. The stock soared to prominence as a key partner of specialized AI semiconductor giants like Nvidia (NVDA) and Advanced Micro Devices (AMD), with SMCI's breakout gains and booming financials landing it a spot on both the S&P 500 Index ($SPX) and the Nasdaq-100 Index ($IUXX) in short order earlier this year.

Super Micro Computer Inc. said an independent review of its business found no evidence of misconduct but recommended that the server maker appoint new top financial and legal leadership.