Charles & Colvard to be delisted from Nasdaq

RESEARCH TRIANGLE PARK, N.C. - Charles & Colvard, Ltd. (NASDAQ:CTHR), a company specializing in lab-grown gemstones and jewelry, is set to be delisted from the Nasdaq Stock Market. The decision comes after the company failed to comply with Nasdaq’s Listing Rule 5250(c)(1), due to not filing its Forms 10-Q for the quarters ended September 30 and December 31, 2024, in a timely manner.

The Nasdaq staff determination letter indicated that trading of the company’s common stock will be suspended at the opening of business on April 25, 2025. Charles & Colvard has chosen not to appeal the delisting decision, citing a strategic review of factors including the cost implications of maintaining its Nasdaq listing.

Following the suspension, Charles & Colvard anticipates its common stock will be quoted on the OTC Experts Market, although there is no guarantee of a sustained trading market on any over-the-counter platform.

Founded in 1995 and headquartered in North Carolina’s Research Triangle Park, Charles & Colvard is known for creating moissanite, a lab-grown gemstone, and for its commitment to using recycled precious metals in its jewelry. The company’s product lines, including Forever One™ moissanite and Caydia® lab-grown diamonds, aim to offer ethical and high-quality alternatives in the jewelry market.

The press release also contained forward-looking statements regarding the company’s business continuity. However, it acknowledged that these statements are not assured outcomes and are subject to various risks and uncertainties.

This report is based on a press release statement from Charles & Colvard, Ltd. and includes factual information regarding the company’s impending delisting from the Nasdaq Stock Market and subsequent expected trading on the OTC Experts Market.

In other recent news, Charles & Colvard has faced a compliance issue with Nasdaq due to a delay in filing its financial reports. The company received a notice for not submitting its Quarterly Report for the period ending December 31, 2024, on time. Charles & Colvard must update its compliance plan by March 12, 2025, with a final deadline set for April 14, 2025, to file overdue reports. Additionally, the company settled a legal dispute with Wolfspeed, Inc., agreeing to pay $4.77 million to resolve the termination of an exclusive supply agreement. This settlement allows Charles & Colvard to explore other suppliers for essential materials. In corporate governance news, Benedetta Casamento resigned from the board of directors, with the company amending its bylaws to reduce the board size range. These adjustments provide Charles & Colvard with more flexibility in managing its board composition. Investors are advised to keep an eye on these developments as they could impact the company’s strategy and performance.

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