Charles & Colvard, Ltd. Receives Non-Compliance Letter from Nasdaq

On November 21, 2024, Charles & Colvard, Ltd. (NASDAQ: CTHR) received a notice from the Listing Qualifications Department of the Nasdaq Stock Market, informing the company that it was not in compliance with Nasdaq Listing Rule 5250(c)(1). This rule requires the timely filing of all required periodic reports. This non-compliance is a result of Charles & Colvard failing to file its Quarterly Report on Form 10-Q for the fiscal quarter ending on September 30, 2024, and remaining delinquent in filing its Form 10-K for the fiscal year ended June 30, 2024, with the Securities and Exchange Commission.

The company filed a Notification of Late Filing on Form 12b-25 with the SEC on November 15, 2024. As per the notice received, Charles & Colvard has until December 17, 2024, to regain compliance with the Listing Rule or submit a plan to do so. If Nasdaq accepts the compliance plan, they may grant the company up to 180 calendar days from the Form 10-K filing due date, which is until April 14, 2025, to file its Form 10-K and Form 10-Q and regain compliance. If the plan is not accepted, the company can appeal that decision to a Nasdaq Hearings Panel. The notice does not impact the listing or trading of the company’s common stock on Nasdaq.

The company is actively working to complete its Form 10-K and Form 10-Q, aiming to file them as soon as feasible to comply with the Listing Rule.

In a press release issued on November 27, 2024, Charles & Colvard announced the receipt of the notice from Nasdaq. The company reiterated its commitment to achieving compliance and is diligently working towards the filing of the required reports.

About Charles & Colvard, Ltd.
Charles & Colvard, Ltd. is known for leading innovation in the fine jewelry industry, specifically as the original creator of lab-grown moissanite, a rare gemstone formed from silicon carbide. The company focuses on ethically sourced and exquisite fine jewelry, utilizing only lab-grown gemstones and recycled precious metals. Their brands Forever One™ moissanite and Caydia® lab-grown diamond offer high-quality jewelry options for various occasions.

Forward-Looking Statements
This announcement may contain forward-looking statements within the meaning of applicable securities laws. These statements are based on certain assumptions and are subject to risks and uncertainties. Factors that may cause actual results to differ from these forward-looking statements are detailed in the company’s filings with the Securities and Exchange Commission.

This news release shall not be deemed as an offer or solicitation for the purchase or sale of any securities and should be considered in conjunction with the company’s SEC filings for comprehensive information on the risks and uncertainties relevant to its business operations.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Charles & Colvard, Ltd.’s 8K filing here.

About Charles & Colvard, Ltd.

Charles & Colvard, Ltd. operates as a fine jewelry company in the United States and internationally. The company operates in two segments, Online Channels and Traditional. It manufactures, markets, and distributes moissanite jewels and finished moissanite jewelry under the Charles & Colvard Created Moissanite brand; and premium moissanite gemstones under the Forever One brand name.