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Benzinga
Benzinga
Business
Kaustubh Bagalkote

SMCI Stock Slumps 10% As Loan Agreements With Banks End Amid Ongoing Nasdaq Challenges

Nasdaq SMCI Super Micro Computer

Super Micro Computer Inc. (NASDAQ:SMCI) experienced a significant stock decline on Tuesday, shedding 10.4% after announcing the termination of two critical loan agreements with major financial institutions.

What Happened: The company disclosed in a Securities and Exchange Commission filing that it had prepaid and terminated loan agreements with Cathay Bank and Bank of America N.A. on Nov 20. This move comes amid ongoing challenges with Nasdaq listing requirements and delayed financial reporting.

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