Shares of Super Micro Computer were trading lower again on Monday, furthering a pattern of losses ahead of a delisting deadline.Super Micro stock fell 12% to $21.58 in early trading, while the S&P 500 rose 0.

Shares of Super Micro Computer (NASDAQ: SMCI) were once again tumbling after the company provided investors with an update on its fiscal first-quarter results, as well as its current audit and filing process.

Super Micro Computer Inc. (SMCI) shares plummeted more than 24% on Wednesday after the AI hardware company released a disappointing preliminary first-quarter report and failed to confirm a timeline for its actual first-quarter results.

Super Micro Computer is undervalued with a P/E ratio of 6.785x. Learn why SMCI stock is a strong buy for contrarian investors seeking a potential rebound.

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Analysts at Mizuho fear that the lack of an auditor (and possible challenges in getting a new one) could lead to a delisting from the Nasdaq exchange. This could dramatically reduce Supermicro's liquidity by forcing it to trade over the counter, a designation that could make shares harder to access, likely hurting the company's valuation.