Super Micro Computer shares continued sliding in extended trading after leading Nasdaq decliners on Wednesday following news that the embattled server maker would delay the filing of its quarterly results.

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.

The last few months for the server maker have been the stuff of movies, and investors could be in for a sequel.