Excerpt from GlobeNewswire Article, Published on Aug 28, 2024.
Adamas One Corp. (Nasdaq: JEWL), known as “The Original Lab-Grown Diamond Company™,” has recently received a notification of non-compliance from Nasdaq. The notice is related to the company’s failure to file its Quarterly Report on Form 10-Q for the period ending June 30, 2024, which puts Adamas at risk of being delisted from the Nasdaq Stock Market. This non-compliance adds to existing challenges with Nasdaq Listing Rules, including the Minimum Bid Price Rule and the Fees Rule.
Adamas One had previously appeared before a Nasdaq Hearings Panel on May 30, 2024, where it outlined its plan to regain compliance with these rules. The Panel granted the company additional time to meet Nasdaq’s requirements, with a final deadline set for August 30, 2024, to demonstrate compliance with the Minimum Bid Price Rule by maintaining a closing bid price of $1 or more per share for ten consecutive trading sessions.
On August 21, 2024, the company was informed of its further non-compliance, jeopardizing its continued listing. Adamas One intends to submit a plan to Nasdaq to regain compliance, though there is no guarantee that the plan will be accepted or that the company will meet all necessary criteria in time.
Adamas One specializes in producing high-quality, lab-grown diamonds for both jewelry and industrial applications. Operating out of Greenville, South Carolina, the company has earned recognition as the “Best Lab-Grown Diamond Manufacturer for 2023.” Despite its industry accolades, Adamas One now faces significant pressure to resolve its Nasdaq compliance issues to secure its position in the market.
The company’s future on Nasdaq hangs in the balance as it works to rectify these challenges, with investors closely monitoring the situation.
To delve deeper into this topic, please read the full article on GlobeNewswire.
