In a recent development, Adamas One Corp, a company specializing in the manufacturing of jewelry, silverware, and plated ware, will face delisting from the Nasdaq Stock Market. This decision follows the company's failure to meet Nasdaq's filing requirements.
On September 3, 2024, Adamas One Corp received notification from the Nasdaq Hearings Panel that its common stock would be delisted due to non-compliance with Nasdaq Listing Rule 5250(c)(1), which pertains to timely filing of financial reports. The company had previously been warned about its delinquency in filing its Quarterly Report for the period ending June 30, 2024.
Despite an extended deadline to August 20, 2024, granted by the Panel, Adamas One Corp did not cure its filing delinquencies in time. Consequently, trading of the company's common stock was suspended at the opening of the market on September 5. As of now, the company's stock is quoted on the OTC Pink Limited Information marketplace, which is operated by OTC Markets Group, Inc.
The Nasdaq will finalize the delisting process by filing a Form 25 Notification of Delisting with the Securities and Exchange Commission after the expiration of any appeal periods. Adamas One Corp has indicated that it does not plan to appeal the Panel's decision to delist its common stock.
The company, headquartered in Scottsdale, Arizona, and incorporated in Nevada, is known under the trading symbol JEWL. The impact of this delisting on the company's operations and investor relations remains to be seen. This news comes as a significant event for stakeholders and the market, as delisting often affects a company's ability to raise capital and maintain investor confidence.
In other recent news, Adamas One Corp. has been granted an extension by the Nasdaq Hearings Panel to regain compliance with Nasdaq Listing Rules, according to an SEC filing.
The company must resolve filing delinquencies by July 29, 2024, and demonstrate a minimum closing bid price of $1.00 per share for at least ten consecutive trading sessions by August 30, 2024.
While Adamas One intends to submit a plan to maintain its Nasdaq listing, there is no certainty of fulfilling the necessary conditions.
In other developments, Adamas One Corp. has formed an advisory board for its subsidiary, Adamas One Technologies, to explore lab-grown diamonds for semiconductor applications. Jerry McGuire, the COO of Adamas One Corp., and President of Adamas One Technologies, is among the appointed members.
Despite these positive strides, the company is facing potential delisting from the NASDAQ Stock Market due to noncompliance with the exchange's minimum bid price requirement. The company plans to request a hearing to present a strategy to regain compliance.
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