Charles & Colvard Ltd filed SEC Form 8-K: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing, Regulation FD Disclosure, Financial Statements and Exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 3.01 | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing. |
As previously disclosed, The Nasdaq Stock Market LLC (“Nasdaq”) granted Charles & Colvard, Ltd. (the “Company”) 180 calendar days from the filing due date for its Form 10-K for the fiscal year ended June 30, 2024 (the “Form 10-K”), or until April 14, 2025 (the “Extension Date”), to file the Form 10-K and its Forms 10-Q for the quarters ended September 30 and December 31, 2024 (the “Forms 10-Q”) and regain compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”). The Listing Rule requires Nasdaq-listed companies to timely file all periodic financial reports with the Securities and Exchange Commission (the “SEC”). Although the Company filed the Form 10-K prior to the Extension Date, the Company has not yet filed the Forms 10-Q.
On April 16, 2025, the Company received a staff determination letter (the “Letter”) from the Listing Qualifications staff (the “Staff”), which states that, since the Company did not file the Forms 10-Q prior to the Extension Date, the Company is out of compliance with the Listing Rule. The Company does not intend to appeal the Staff’s determination. As a result, trading of the Company’s common stock will be suspended from The Nasdaq Capital Market at the opening of business on April 25, 2025, and a Form 25-NSE will be filed with the SEC, which will remove the Company’s securities from listing and registration on Nasdaq.
The Company expects that the Common Stock will be quoted on the OTC Experts Market under the symbol “CTHR”. The Company can provide no assurance that its common stock will continue to trade on this market, whether broker-dealers will continue to provide public quotes of its common stock on this market or whether the trading volume will be sufficient to provide for an efficient trading market.
| Item 7.01 | Regulation FD Disclosure. |
The information contained in Item 3.01 of this Current Report on Form 8-K is incorporated herein by reference.
On April 22, 2025, the Company issued a press release in accordance with Nasdaq Listing Rule 5810(b) announcing that the Company had received the Letter. A copy of the press release is attached hereto as Exhibit 99.1.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, which is incorporated into this Item 7.01, is being furnished pursuant to Item 7.01 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Exchange Act, as amended, or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
Forward-Looking Statements
This filing 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 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, 2024 and subsequent reports filed with the SEC. The Company disclaims and does not undertake any obligation to update or revise any forward-looking statement in this report, except as required by applicable law or regulation.
| Item 9.01 | Financial Statements and Exhibits. |
Exhibit No. |
Description of Document | |
| 99.1 | Press Release dated April 22, 2025 | |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
SIGNATURE
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.
| Charles & Colvard, Ltd. | ||
| April 22, 2025 | By | /s/ Clint J. Pete |
| Clint J. Pete | ||
| Chief Financial Officer | ||