Super Micro Computer (NASDAQ:SMCI) just put on a show Monday, with shares skyrocketing over 18%its biggest one-day pop since February. Investors are rallying around news that the server maker plans to submit a compliance plan to Nasdaq, dodging the delisting bullet that's been haunting the stock since September. That's not all: the company dropped some juicy Q1 FY2025 numbers previously, with revenue projected between $5.9 billion and $6.0 billion, a solid gross margin of 13.3%, and a hefty $2.1 billion in cash reserves. While Super Micro's delayed financial filings and auditor drama had investors sweating, a Special Committee's investigation cleared management of fraud, giving the stock a much-needed boost.

• Warning! GuruFocus has detected 5 Warning Signs with SMCI.

Let's rewind a bit. Trouble started in August when Super Micro failed to file its annual 10-K report, sparking delisting concerns and a scathing short-seller report accusing the company of accounting shenanigans. Things got messier when EY, its auditor, walked out the door. But here's the silver lining: the Special Committee found no evidence of misconduct and recommended governance upgrades instead. Pair that with Super Micro's confident Q2 guidancerevenue in the $5.5 billion to $6.1 billion rangeand it's no surprise investors are cautiously optimistic. The company also confirmed it's ready to play by Nasdaq's rules, likely securing an extension if its plan gets the green light.

Still, Super Micro isn't out of the woods just yet. The stock is down a gut-wrenching 80% from its March highs, and the clock is ticking on its compliance plan. But with its financial house looking a little more in order and the investigation wrapping up, there's a growing sense this might be a turning point. If Super Micro nails its next steps, it could win back investor trust and reclaim its place among the market's heavy hitters.

This article first appeared on GuruFocus.