SCOTTSDALE, AZ – Adamas One Corp. (NASDAQ:JEWL), a company specializing in jewelry, silverware, and plated ware, has been granted an extension by the Nasdaq Hearings Panel to address its non-compliance with several Nasdaq Listing Rules, according to a recent SEC filing. The company, which is headquartered in Scottsdale, Arizona, faced delisting due to not meeting the minimum bid price requirement, failing to pay required fees, and delays in filing periodic reports.
The Panel's decision, received by Adamas One on Monday, allows the company to continue its listing on The Nasdaq Capital Market, provided it meets specific conditions by set deadlines. By July 29, 2024, Adamas One must resolve its filing delinquencies to comply with the Periodic Filing Rule. Additionally, by August 30, 2024, the company is required to demonstrate a minimum closing bid price of $1.00 or more per share for at least ten consecutive trading sessions to meet the Bid Price Rule.
Adamas One has expressed its intention to submit a plan to regain compliance and maintain the listing of its common stock on Nasdaq. While the Panel has granted the extension, there is no guarantee that Adamas One will fulfill the necessary conditions for continued listing.
The company's President and CEO, John G. Grdina, signed off on the SEC filing, formalizing the report of the Panel's decision. Adamas One's stock, trading under the symbol JEWL, will remain under scrutiny as the company works toward meeting Nasdaq's requirements within the given timeframe. The information is based on the latest SEC filing by Adamas One Corp.
In other recent news, Adamas One Corp. has been making significant strides in its operations. The company recently formed an advisory board for its subsidiary, Adamas One Technologies, to guide the exploration of lab-grown diamonds for semiconductor applications. This board comprises industry experts with extensive backgrounds in semiconductor technology and related fields. Jerry McGuire, the COO of Adamas One Corp., and President of Adamas One Technologies, is among the newly appointed members.
Adamas One Corp. has also been granted an extension by NASDAQ to regain compliance with the exchange's listing requirements. The company now has until May 20, 2024, to file overdue financial reports. CEO Jay Grdina expressed confidence in meeting the deadline and emphasized the company's dedication to transparency and regulatory adherence.
However, Adamas One Corp. is currently facing potential delisting from the NASDAQ Stock Market due to noncompliance with the exchange's minimum bid price requirement. The company intends to request a hearing before an independent NASDAQ Hearings Panel to present a strategy to regain compliance.
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