Diamond Company Misses Nasdaq Deadline
January 30, 24
(IDEX Online) - Adamas One Corp, the publicly traded lab-grown diamond company, could be delisted from the Nasdaq after failing to submit financial details on time.
It says that despite missing its deadline, it was "working diligently" and expected to file its Annual Report 2023 Form 10-K shortly.
Adamas One produces single-crystal diamonds for gemstone and industrial applications in Greenville, South Carolina, USA, using its proprietary CVD method, for which it holds 36 patents.
The company, which describes itself as "The Original Lab-Grown Diamond Company", generated over $11m at its IPO in December 2022, considerably less than the anticipated $30m.
It was incorporated by CEO John "Jay" G. Grdina in 2018 and acquired the assets, mainly of proprietary diamond-growing chemical reactors, of Scio Diamond Technology Corporation, also based in South Carolina, which had unsecured debts of more than $3m.
Adamas One said in a press release that the Nasdaq notification has no immediate effect on its listing and that it now has a deadline of 19 March to file.
"The company is working diligently and expects to file its Annual Report 2023 Form 10-K shortly, which would eliminate the need for the company to submit a formal plan to regain compliance," it said.
Pic courtesy Adamas One.