RESEARCH
TRIANGLE PARK, N.C., Nov. 27,
2024 /PRNewswire/ -- Charles & Colvard,
Ltd. ("Charles & Colvard" or the "Company") (Nasdaq: CTHR)
today announced that on November 21,
2024, it received a letter from the Listing Qualifications
Department of the Nasdaq Stock Market LLC ("Nasdaq") notifying the
Company that it was not in compliance with Nasdaq Listing Rule
5250(c)(1), which requires the timely filing of all required
periodic reports (the "Listing Rule"), as a result of not having
timely filed its Quarterly Report on Form 10-Q for the fiscal
quarter ended September 30, 2024 (the "Form 10-Q"), and because the
Company remains delinquent in filing its Form 10-K for the fiscal
year ended June 30, 2024 (the "Form 10-K"), with the Securities and
Exchange Commission (the "SEC"). The Form 10-Q was due on November
14, 2024. The Company filed a Notification of Late Filing on
Form 12b-25 with the SEC on November 15, 2024.
The Notice has no immediate effect on the listing or trading of
the Company's common stock on Nasdaq. Under Nasdaq rules, the
Company has until December 17, 2024,
to regain compliance with the Listing Rule or to submit to Nasdaq a
plan to regain compliance with the Listing Rule (the "Plan"). If
Nasdaq accepts the Company's Plan, then Nasdaq may grant the
Company up to 180 calendar days from the Form 10-K filing due date,
or until April 14, 2025 to file its
Form 10-K and Form 10-Q and regain compliance. If Nasdaq does not
accept the Company's Plan, then the Company will have the
opportunity to appeal that decision to a Nasdaq Hearings Panel.
The Company is working diligently to complete its Form 10-K and
Form 10-Q and plans to file its Form 10-K and Form 10-Q as promptly
as practicable to regain compliance with the Listing Rule.
About Charles & Colvard, Ltd.
Charles & Colvard, Ltd. (Nasdaq: CTHR) believes that fine
jewelry should be as ethical as it is exquisite. Charles &
Colvard is the original creator of lab grown moissanite (a rare
gemstone formed from silicon carbide). The Company brings
revolutionary gems and fine jewelry to market by using exclusively
Made, not Mined™ above ground gemstones and a dedication to 100%
recycled precious metals. The Company's Forever One™ moissanite and
Caydia® lab grown diamond brands provide exceptional
quality, incredible value and a conscious approach to bridal, high
fashion, and everyday jewelry. Charles & Colvard was founded in
1995 and is based in North
Carolina's Research Triangle
Park region. For more information, please visit
https://www.charlesandcolvard.com/.
Forward-Looking Statements
This press release contains a number of forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. Words such as "plan," "expect," "will,"
"working," and variations of such words and similar future or
conditional expressions are intended to identify forward-looking
statements. These forward-looking statements include, but are not
limited to, the expected filing of its Form 10-K and ability to
regain compliance under the Nasdaq listing rule. These
forward-looking statements are not guarantees of future results and
are subject to a number of risks and uncertainties, many of which
are difficult to predict and beyond our control. Actual results
could differ materially from those contemplated by the
forward-looking statements as a result of certain factors detailed
in the Company's filings with the Securities and Exchange
Commission, including the risks and uncertainties described in more
detail in our filings with the SEC, including our Annual Report on
Form 10-K for the fiscal year ended June 30,
2023 and subsequent reports filed with the SEC. For example,
there can be no assurance that the Company will regain compliance
with the Listing Rule during any compliance period or in the
future, or otherwise meet Nasdaq compliance standards.
Forward-looking statements speak only as of the date they are made.
The Company disclaims and does not undertake any obligation to
update or revise any forward-looking statement in this press
release, except as required by applicable law or regulation and you
are urged to review and consider disclosures that we make in the
reports that we file with the SEC that discuss other factors
relevant to our business.
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SOURCE Charles & Colvard, Ltd.
