Lab-Grown Diamond Co. Adamas One Risks Nasdaq Delisting
The company did not file its annual 10-K Form, the form that gives a comprehensive summary of financial performance over the past year.
The form is an annual report required by the U.S. Securities and Exchange Commission that gives an overview of a publicly traded company’s financial performance.
The company announced in a press release that it has received a letter from Nasdaq’s Listing Qualifications Department after it did not file a Form 10-K for its fiscal year ended Sept. 30.
The lab-grown diamond manufacturer is headquartered in Scottsdale, Arizona, and has facilities in Greenville, South Carolina.
The company holds 36 patents, using a proprietary chemical vapor deposition process to grow diamond crystals.
It trades under the ticker symbol JEWL and its stock last closed at about $0.60 per share.
If the company does not regain compliance in a timely manner, its common stock will be subject to delisting from Nasdaq.
Adamas One has until March 19 to file the report or submit a plan to Nasdaq to be back in compliance, according to the release.
If Nasdaq accepts the plan, Adamas One has up to 180 days from the due date for filing to regain compliance.
If the plan is not accepted, the company will have to appeal that decision to a Nasdaq Hearings Panel.
In the release, Adamas One stated, “The company is working diligently and expects to file its Annual Report 2023 Form 10-K shortly, which would eliminate the need for the company to submit a formal plan to regain compliance.”
The company announced plans in August to acquire India-based lab-grown diamond manufacturer Flawless Allure Grown Diamonds LLP.
Adamas One did not respond to a request for an update on the acquisition.
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