(Bloomberg) -- Super Micro Computer Inc. has brought on Evercore Inc. to help the company raise capital, according to people familiar with the matter, as the embattled server maker looks to shore up its finances.

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The maker of high-powered servers, which is trying to avoid a delisting after missing an August deadline to file its annual financial report, is considering raising equity and debt, the people said, asking not to be identified discussing private matters.

San Jose, California-based Super Micro is weighing a potential private investment in public equity, or PIPE, and is approaching private equity firms to gauge their interest in participating, the people said.

The discussions are the early stages and the company’s plans could change, the people added. Representatives for Super Micro and Evercore declined to comment.

Shares of Super Micro, which had dropped 69% from their all-time high in March, closed down 3.9% to $36.45 Friday in New York, giving the company a market value of about $21 billion. The shares fell about 7% after the close of regular trading.

A jump in demand for the equipment that powers artificial intelligence software has helped drive sales Super Micro, which makes data center servers. Still, investors are worried about the longer-term profitability of AI-optimized servers due to the need for high-priced chips from firms such as Nvidia Corp.

Super Micro started 2024 riding high, with its shares quadrupling in the first quarter. Later though, its stock sunk when its revenue and profit fell short of estimates, among other concerns.

Super Micro’s auditor, Ernst & Young LLP, resigned in October, citing concerns about the company’s governance and transparency. The company is also facing a US Department of Justice probe following a report from short seller Hindenburg Research.

The company hasn’t filed its financial report for the fiscal year ended June 30, as well as its quarterly report for results in the period ended Sept. 30. Super Micro said in a statement last week that received an extension from Nasdaq and plans to file the documents by a Feb. 25 deadline.

--With assistance from Ryan Gould and Brody Ford.

(Updates with server demand concerns in sixth paragraph.)

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