Super Micro shares set to shed another 20%-plus on Wednesday as the company acknowledged its filing delay could have some impact on the business.

Super Micro Computer Inc (NASDAQ:SMCI) shares are tumbling Wednesday after the company reported preliminary financial results and provided a business update. JPMorgan also downgraded the stock and slashed its price target.

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.