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.

Disappointing server sales are blamed on the delay of new Nvidia chip, but management’s credibility has dimmed.

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.