Adamas One Corp. filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Financial Statements and Exhibits
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ITEM 3.01 NOTICE OF DELISTING OR FAILURE TO SATISFY A CONTINUED LISTING RULE OR STANDARD.
Adamas One Corp. (the “Company”) has a hearing scheduled for May 30, 2024 before a Nasdaq Hearings Panel (the “Panel”) regarding its plan to regain compliance with Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”).
On April 23, 2024, the Company received a letter from the Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) notifying the Company of its noncompliance with two additional rules: (1) Nasdaq Listing Rule 5250(f) (the “Fees Rule”) for the Company’s failure to pay its Nasdaq annual listing fee; and (2) Nasdaq Listing Rule 5250(c)(1) (the “Filings Rule”) for the Company’s previously disclosed failure to timely file its (a) Annual Report on Form 10-K for the year ended September 30, 2023 and (b) Quarterly Report on Form 10-Q for the period ended December 31, 2023.
The Company’s violations of the Fees Rule and the Filings Rule serve as an additional basis for delisting the Company’s securities from Nasdaq and the Panel will consider these matters at the May 30th hearing.
The Company intends to present a plan to regain compliance with the Minimum Bid Price Rule, the Fees Rule, and the Filings Rule, and request the continued listing of its common shares on Nasdaq pending such compliance. However, there can be no assurance that the Panel will grant the Company’s request or that the Company will ultimately regain compliance with all applicable requirements for continued listing on Nasdaq.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
| Exhibit No. | Description of Exhibit | |
| 99.1 | Press Release, dated April 29, 2024 | |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| ADAMAS ONE CORP. | ||
| Dated: April 29, 2024 | By: | /s/ John G. Grdina |
|
Name: Title: |
John G. Grdina President and Chief Executive Officer | |