FinancialsOct 31, 2024
Charles & Colvard Faces Possible Nasdaq DelistingFinancialsApr 24, 2025
Charles & Colvard Delisted From Nasdaq Due to Noncompliance
The company failed to file its quarterly reports in a timely manner.
A 14-karat rose gold swirl bypass solitaire engagement ring set with a 1.10-carat “Forever One” cushion-cut moissanite by Charles & Colvard. The company has been delisted from the Nasdaq stock exchange after failing to file its annual report on time.
Research Triangle Park, N.C.—Charles & Colvard has been delisted from the Nasdaq due to noncompliance.
The North Carolina-based company announced in October 2024 that it received a letter from the stock exchange stating it was not in compliance with the Nasdaq rule that requires the timely filing of all necessary periodic reports.
As of press time, the company has not filed its annual report via a Form 10-K for the quarters ending Sept. 30 and Dec. 31, 2024.
The company had filed a notification in October 2024 stating that it needed more time to complete the report due in part to the “pending outcome of confidential arbitration against the company.”
Charles & Colvard was involved in a dispute with Wolfspeed, a developer and manufacturer of wide-bandgap semiconductors, and had been accused of breach of contract, though Charles & Colvard said it disputes the allegations.
Charles & Colvard said at the time that it would file the necessary paperwork to regain compliance, but it has not.
As for its Nasdaq delisting, the company has the option to appeal the decision but said it does not intend to request a hearing to appeal.
“This decision was based on a careful review of numerous factors, including the potential for limiting the significant costs associated with remaining listed on Nasdaq and complying with Nasdaq listing standards,” said Charles & Colvard.
Nasdaq is expected to file a Form 25-NSE, a notification of removal from listing, with the U.S. Securities and Exchange Commission. The trading of its common stock will be suspended on Friday.
Related stories will be right here …
The North Carolina-based company announced in October 2024 that it received a letter from the stock exchange stating it was not in compliance with the Nasdaq rule that requires the timely filing of all necessary periodic reports.
As of press time, the company has not filed its annual report via a Form 10-K for the quarters ending Sept. 30 and Dec. 31, 2024.
The company had filed a notification in October 2024 stating that it needed more time to complete the report due in part to the “pending outcome of confidential arbitration against the company.”
Charles & Colvard was involved in a dispute with Wolfspeed, a developer and manufacturer of wide-bandgap semiconductors, and had been accused of breach of contract, though Charles & Colvard said it disputes the allegations.
Charles & Colvard said at the time that it would file the necessary paperwork to regain compliance, but it has not.
As for its Nasdaq delisting, the company has the option to appeal the decision but said it does not intend to request a hearing to appeal.
“This decision was based on a careful review of numerous factors, including the potential for limiting the significant costs associated with remaining listed on Nasdaq and complying with Nasdaq listing standards,” said Charles & Colvard.
Nasdaq is expected to file a Form 25-NSE, a notification of removal from listing, with the U.S. Securities and Exchange Commission. The trading of its common stock will be suspended on Friday.
After the delisting, the company said it expects that its common stock will be quoted on the OTC Experts Market.
OTC stocks are stocks that are traded “over the counter” through a broker-dealer network rather than through an exchange like the Nasdaq.
“No assurances can be provided, however, that a trading market in the common stock in any over-the-counter market will be maintained,” Charles & Colvard said.
Founded in 1995, Charles & Colvard is best known for its moissanite jewelry but branched out into lab-grown diamonds in 2020.
The company previously faced the risk of being delisted due to a low stock price.
Charles & Colvard went public 27 years ago, first listing on the Nasdaq on Nov. 14, 1997, as per its website.
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