Charles & Colvard, which has received numerous warnings about being delisted from Nasdaq because of its low share price, again faces removal from the stock market—this time, for missing a filing deadline.
On Oct. 18, the moissanite and lab-grown diamond company announced it had received a Nasdaq notice for violating a listing rule by not filing the annual 10-K form for the last fiscal year (ended June 30). The form was due Sept. 30; the company filed a notification of late filing on Oct. 1.
Charles & Colvard said it has 60 calendar days—until Dec. 17—to regain compliance with the listing rule or submit a plan for doing so. If Nasdaq accepts its plan, Charles & Colvard will have until April 14, 2025, to file its financial report.
The Nasdaq warning has no immediate effect on the company’s shares, according to Charles & Colvard. It said it “is working diligently to complete its Form 10-K and plans to file its Form 10-K as promptly as practicable to regain compliance.”
Earlier this year, the company approved a reverse share split to regain compliance with Nasdaq’s $1-per-share minimum price.
At press time, Charles & Colvard shares were trading at $1.25.
Top: Inside a Charles & Colvard retail store (photo courtesy of Charles & Colvard)
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