Charles & Colvard, Ltd. Addresses Nasdaq Non-Compliance Notice
Charles & Colvard, Ltd. Facing Non-Compliance with Nasdaq
Recently, Charles & Colvard, Ltd. announced a significant development regarding its compliance status on the Nasdaq stock exchange. Known for creating extraordinary lab-created gemstones, the company received a letter from the Listing Qualifications Department of Nasdaq, alerting them to their current non-compliance. This notice stems from not meeting the Nasdaq Listing Rule 5250(c)(1), which outlines the requirement for timely filings of periodic reports.
Overview of the Non-Compliance Situation
The notice specified that Charles & Colvard failed to file its Quarterly Report on Form 10-Q for the fiscal quarter ending September 30, 2024, by the due date of November 14, 2024. To compound the issue, the Company has also been delinquent in filing its Form 10-K for the fiscal year ending June 30, 2024. On November 15, 2024, they filed a Notification of Late Filing via Form 12b-25 with the Securities and Exchange Commission (SEC), acknowledging this delay.
Next Steps for Charles & Colvard, Ltd.
While the notice is serious, it does not trigger immediate consequences regarding the trading status of the Company’s common stock. Charles & Colvard has until December 17, 2024, to correct this situation by either regaining compliance with the Listing Rule or submitting a detailed plan to Nasdaq outlining how they intend to address these deficiencies.
Efforts to Comply
In light of these circumstances, Charles & Colvard is prioritizing the completion of its Form 10-K and Form 10-Q filings. The Company's leadership has expressed commitment to resolving this matter swiftly and aims to adhere to the required timelines. Proactive measures are being taken to ensure that all necessary documents are filed promptly to avoid further complications.
About Charles & Colvard, Ltd.
Charles & Colvard, Ltd. (Nasdaq: CTHR) is renowned as the original creator of lab-grown moissanite, a unique gemstone derived from silicon carbide. The organization is dedicated to producing exquisite jewelry that is both ethical and innovative. Their products are designed using only above-ground gemstones and 100% recycled precious metals, reflecting a commitment to sustainability. The iconic Forever One™ moissanite and Caydia laboratory-grown diamond brands exemplify their dedication to quality and conscious practices in the jewelry industry.
Company Values and Community Impact
Founded in 1995 and based in the research hub of North Carolina, Charles & Colvard has established a strong reputation for combining beauty with ethical responsibility. The company's commitment extends beyond just creating beautiful pieces; they strive to make a positive impact on the environment. By harnessing technology to create lab-grown gemstones, Charles & Colvard reduces the environmental footprint typically associated with mining practices.
Frequently Asked Questions
What triggered the non-compliance notice for Charles & Colvard?
The company failed to submit its required filings, specifically the Form 10-Q and Form 10-K, on time, leading to the notice from Nasdaq.
How is Charles & Colvard addressing the compliance issue?
They are actively working to complete their filings as quickly as possible and have plans to submit a compliance plan to Nasdaq if necessary.
What is the timeline for Charles & Colvard's compliance actions?
The Company must regain compliance by December 17, 2024, or submit a plan to Nasdaq outlining their next steps.
Will this affect the trading of Charles & Colvard's stock?
No immediate impact on trading has been indicated as of now, but actions must be taken to maintain their listing status.
What are the core values of Charles & Colvard?
Charles & Colvard values ethical production and sustainability, providing exquisite jewelry made from lab-grown gemstones and recycled materials.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.