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.
As previously disclosed, Adamas One Corp. (the “Company”) had a hearing scheduled for May 30, 2024 before a Nasdaq Hearings Panel (the “Panel”) regarding its plan to regain compliance with: (1) Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Rule”); (2) Nasdaq Listing Rule 5250(f) (the “Fees Rule”); and (3) Nasdaq Listing Rule 5250(c)(1) (the “Filings Rule”). On June 07, 2024, the Company received a decision letter from the Panel of the Nasdaq Stock Market (“Nasdaq”). The Panel granted the Company’s request for continued listing on The Nasdaq Capital Market, subject to the following: 1) on or before July 29, 2024, the Company shall cure its filing delinquencies and demonstrate compliance with the Filings Rule; and 2) on or before August 30, 2024, the Company shall have demonstrated compliance with the Minimum Bid Price Rule, by evidencing a closing bid price of $1 or more per share for a minimum of ten consecutive trading sessions.
On August 21, 2024, the Company received a letter from the Listing Qualifications Department of the Nasdaq notifying the Company that, per the Filings Rule, the Company is delinquent in filing its Quarterly Report on Form 10-Q for the period ended June 30, 2024, which serves as an additional basis for delisting the Company’s securities from Nasdaq.
The Company intends to present a plan to regain compliance with 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.
The Company issued a press release regarding the August 21, 2024 letter which is attached hereto as Exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
| Exhibit No. | Description of Exhibit | |
| 99.1 | Press Release, dated August 27, 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: August 27, 2024 | By: | /s/ John G. Grdina |
|
Name: Title: |
John G. Grdina President and Chief Executive Officer | |