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.

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.

Key TakeawaysSuper Micro Computer shares plunged in extended trading Tuesday after the company said it's unable to predict when it will file its delayed annual report for 2024, exacerbating delisting worries.