• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    Charles & Colvard Ltd filed SEC Form 8-K: Regulation FD Disclosure, Financial Statements and Exhibits

    12/11/24 4:19:46 PM ET
    $CTHR
    Consumer Specialties
    Consumer Discretionary
    Get the next $CTHR alert in real time by email
    false 0001015155 0001015155 2024-12-05 2024-12-05 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

     

     

     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, D.C. 20549

     

    FORM 8-K

     

    CURRENT REPORT

     

    PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

     

    Date of Report (Date of earliest event reported): December 5, 2024

     

    Charles & Colvard, Ltd.

    (Exact name of registrant as specified in its charter)

     

    North Carolina 000-23329 56-1928817

    (State or other jurisdiction of

    incorporation)

    (Commission File

    Number)

    (I.R.S. Employer

    Identification No.)

     

    170 Southport Drive  
    Morrisvillex, North Carolina 27560
    (Address of principal executive offices) (Zip Code)

     

    (919) 468-0399

    (Registrant’s telephone number, including area code)

     

    N/A

    (Former name or former address, if changed since last report)

     

    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

     

    ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
       
    ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
       
    ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
       
    ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

     

    Securities registered pursuant to Section 12(b) of the Act:

     

    Title of each class Trading Symbol(s) Name of each exchange on which registered
    Common Stock, no par value per share CTHR The Nasdaq Stock Market LLC

     

    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

     

    Emerging growth company     ¨

     

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ¨

     

     

     

     

     

     

    Item 7.01 Regulation FD Disclosure.

     

    As previously disclosed, on December 12, 2014, Charles & Colvard, Ltd. (the “Company”) entered into an exclusive supply agreement (the “Supply Agreement”) with Wolfspeed, Inc. (“Wolfspeed”), formerly known as Cree, Inc. Under the Supply Agreement, subject to certain terms and conditions, the Company agreed to exclusively purchase from Wolfspeed, and Wolfspeed agreed to exclusively supply, 100% of the Company’s required SiC materials in quarterly installments that must equal or exceed a set minimum order quantity.

     

    On July 28, 2023, Wolfspeed initiated a confidential arbitration against the Company for breach of contract claiming damages, plus interest, costs, and attorneys’ fees. Wolfspeed alleged that the Company failed to satisfy the purchase obligations provided in the Supply Agreement for the Company’s fiscal year ending June 30, 2023 in the amount of $4.25 million and failed to pay for $3.30 million of SiC crystals Wolfspeed delivered to the Company. Wolfspeed further alleged that the Company intended to breach its remaining purchase obligations under the Supply Agreement, representing an additional $18.5 million in alleged damages. An arbitration hearing was held the week of September 30, 2024.

     

    On December 5, 2024, the arbitrators rejected Wolfspeed’s claims for expectation damages and made the following interim award. The Company is required to pay Wolfspeed the undisputed amount of approximately $1.3 million for product previously purchased and already reflected as a payable in the Company’s historical financial statements. In addition, the Company is also required to purchase and pay Wolfspeed approximately $2.0 million for raw material delivered to the Company on consignment, which will have a positive impact on the Company’s balance sheet by increasing inventory by a similar amount as of June 30, 2024. Wolfspeed is entitled to recover interest at the rate of 8% per annum on the foregoing compensatory damages between April 24, 2023 until paid. The arbitrators’ fees and expenses shall be borne by the Company and will be included in the final award. Wolfspeed was awarded attorney’s fees and costs incurred in connection with this arbitration, but not for any time related to arguing for expectation damages, nor for expert witness fees and expenses. No later than January 4, 2025, Wolfspeed shall submit a petition for its attorney’s fees and costs together with a supporting affidavit on the reasonableness and necessity of (i) the time spent, (ii) the number of attorneys who worked on the matter, (iii) the hourly rates charged, compared to the customary fees charged in the community for similar services by lawyers of similar experience, and (iv) the costs incurred. All such costs shall be supported by documentation. The Company shall have 15 days from the service of Wolfspeed’s petition to respond. The arbitrators shall review the parties’ submissions on the issue of attorney’s fees and costs and then issue a final award.

     

    On December 11, 2024 the Company issued a press release regarding the interim award. A copy of the press release is attached hereto as Exhibit 99.1.

     

    Forward-Looking Statements

     

    This Form 8-K 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 ability of the Company to continue its business. 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 succeed in pursuing its strategic plan, or regain compliance with the Nasdaq Listing Rules during any compliance period or in the future, or otherwise meet Nasdaq compliance standards, and its reliance on Wolfspeed as its sole supplier of silicon carbide subjects it to risk. 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.

     

     

     

     

    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.

     

     

     

    Item 9.01 Financial Statements and Exhibits.

     

    (d)       Exhibits.

     

    Exhibit No.   Description of Document
    99.1   Press release, dated December 11, 2024, regarding Interim Award in Commercial Arbitration with Wolfspeed, Inc.
    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.  
           
    December 11, 2024 By: /s/ Clint J. Pete  
        Clint J. Pete  
       

    Chief Financial Officer

     

     

     

     

     

     

    Get the next $CTHR alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $CTHR

    DatePrice TargetRatingAnalyst
    9/3/2021$3.50 → $3.75Buy
    Roth Capital
    More analyst ratings

    $CTHR
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Charles & Colvard, Ltd. Announces Delisting from Nasdaq

      RESEARCH TRIANGLE PARK, N.C., April 22, 2025 /PRNewswire/ -- Charles & Colvard, Ltd. ("Charles & Colvard" or the "Company"), announced that the Company received a staff determination letter from the Nasdaq Stock Market, LLC ("Nasdaq"), informing the Company that Nasdaq determined to suspend trading and delist the Company's common stock (the "Common Stock") from Nasdaq because the Company is out of compliance with Listing Rule 5250(c)(1) for failure to timely file its Forms 10-Q for the quarters ended September 30 and December 31, 2024, unless the Company appeals this determination. The Company does not intend to request a hearing to appeal this determination. This decision was based on a car

      4/22/25 4:45:00 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary
    • Charles & Colvard, Ltd. Receives Expected Nasdaq Notice Regarding Delayed Form 10-Q

      RESEARCH TRIANGLE PARK, N.C., March 3, 2025 /PRNewswire/ -- Charles & Colvard, Ltd. ("Charles & Colvard" or the "Company") (NASDAQ:CTHR) today announced that on February 25, 2025, it received an expected notice from the Listing Qualifications Department of the Nasdaq Stock Market LLC ("Nasdaq") stating that the Company continues to not be in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule"), as a result of not having timely filed its Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2024. Nasdaq previously accepted the Company's plan to regain compliance with the Listing Rule and granted the Company until April 14, 2025 to file its Annual Report on For

      3/3/25 4:45:00 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary
    • Charles & Colvard, Ltd. Receives Interim Award in Wolfspeed Arbitration

      RESEARCH TRIANGLE PARK, N.C., Dec. 11, 2024 /PRNewswire/ -- Charles & Colvard, Ltd. ("Charles & Colvard" or the "Company") (NASDAQ:CTHR) today announced that on December 5, 2024, it received an interim award in its confidential arbitration with Wolfspeed, Inc.  Importantly, the award rejected Wolfspeed's claims to expectation damages of approximately $22.8 million, limiting the Company's damages to just $3.3 million representing approximately $1.3 million for inventory previously purchased and approximately $2.0 million of consigned inventory in the Company's possession, that will now be recorded on the Company's balance sheet as of June 30, 2024 - along with interest, arbitration and limite

      12/11/24 4:10:00 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary

    $CTHR
    Financials

    Live finance-specific insights

    See more
    • CHARLES & COLVARD REPORTS THIRD QUARTER FISCAL YEAR 2024 FINANCIAL RESULTS

      Conference Call with Accompanying Slide Presentation Scheduled Today at 4:30 PM ET RESEARCH TRIANGLE PARK, N.C., May 2, 2024 /PRNewswire/ -- Charles & Colvard, Ltd. (NASDAQ:CTHR) (the "Company"), a globally recognized fine jewelry company that specializes in moissanite and lab grown diamonds, reported financial results for the third quarter ended March 31, 2024 ("Third Quarter Fiscal 2024").  Management Commentary  "We remain committed to growth despite a challenging third quarter. We believe our strategic initiatives, continued investments in innovative technology, and dedica

      5/2/24 4:07:00 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary
    • CHARLES & COLVARD TO HOST THIRD QUARTER FISCAL YEAR 2024 INVESTOR CONFERENCE CALL ON MAY 2, 2024 AT 4:30 PM ET

      RESEARCH TRIANGLE PARK, N.C., April 23, 2024 /PRNewswire/ -- Charles & Colvard, Ltd. (NASDAQ:CTHR) (the "Company"), a globally recognized fine jewelry company that specializes in moissanite and lab grown diamonds, will host an investor conference call and webcast presentation to discuss its financial results for the third quarter ended March 31, 2024 ("Third Quarter Fiscal Year 2024") at 4:30 p.m. ET on Thursday, May 2, 2024. The Company will release its financial results after market close on the same day. Third Quarter Fiscal Year 2024 Conference Call DetailsDate and Time: T

      4/23/24 4:08:00 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary
    • CHARLES & COLVARD REPORTS SECOND QUARTER FISCAL YEAR 2024 FINANCIAL RESULTS

      Conference Call with Accompanying Slide Presentation Scheduled Today at 4:30 PM ET RESEARCH TRIANGLE PARK, N.C., Feb. 13, 2024 /PRNewswire/ -- Charles & Colvard, Ltd. (NASDAQ:CTHR) (the "Company"), a globally recognized fine jewelry company that specializes in moissanite and lab grown diamonds, reported financial results for the second quarter ended December 31, 2023 ("Second Quarter Fiscal 2024").  Management Commentary  "We acknowledge the recent industry shift has presented us with numerous challenges and has significantly impacted our earnings. However, we do not believe t

      2/13/24 4:07:00 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary

    $CTHR
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • O'Connell Don bought $5,550 worth of shares (15,000 units at $0.37) (SEC Form 4)

      4 - CHARLES & COLVARD LTD (0001015155) (Issuer)

      3/7/24 4:15:57 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary
    • Sykes Ollin B bought $7,028 worth of shares (19,000 units at $0.37) (SEC Form 4)

      4 - CHARLES & COLVARD LTD (0001015155) (Issuer)

      3/5/24 6:21:11 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary
    • O'Connell Don bought $4,806 worth of shares (13,350 units at $0.36), increasing direct ownership by 3% to 464,464 units (SEC Form 4)

      4 - CHARLES & COLVARD LTD (0001015155) (Issuer)

      3/5/24 9:15:15 AM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary

    $CTHR
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13D/A filed by Charles & Colvard Ltd (Amendment)

      SC 13D/A - CHARLES & COLVARD LTD (0001015155) (Subject)

      2/26/24 7:00:57 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary
    • SEC Form SC 13G/A filed by Charles & Colvard Ltd (Amendment)

      SC 13G/A - CHARLES & COLVARD LTD (0001015155) (Subject)

      2/14/24 9:00:30 AM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary
    • SEC Form SC 13D/A filed by Charles & Colvard Ltd (Amendment)

      SC 13D/A - CHARLES & COLVARD LTD (0001015155) (Subject)

      11/20/23 4:15:12 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary

    $CTHR
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • Roth Capital reiterated coverage on Charles & Colvard with a new price target

      Roth Capital reiterated coverage of Charles & Colvard with a rating of Buy and set a new price target of $3.75 from $3.50 previously

      9/3/21 8:46:46 AM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary

    $CTHR
    SEC Filings

    See more

    $CTHR
    Leadership Updates

    Live Leadership Updates

    See more
    • SEC Form NT 10-Q filed by Charles & Colvard Ltd

      NT 10-Q - CHARLES & COLVARD LTD (0001015155) (Filer)

      5/16/25 5:06:09 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary
    • 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

      8-K - CHARLES & COLVARD LTD (0001015155) (Filer)

      4/22/25 5:02:42 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary
    • SEC Form 10-K filed by Charles & Colvard Ltd

      10-K - CHARLES & COLVARD LTD (0001015155) (Filer)

      4/3/25 4:45:54 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary
    • Milestone Scientific Announces CEO Transition, with Chairman Neal Goldman Serving as Interim CEO

      ROSELAND, N.J., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Milestone Scientific Inc. (NYSE:MLSS), a leading developer of computerized drug delivery instruments that provide painless and precise injections, today announced that its Chief Executive Officer Arjan Haverhals will retire from his role as an officer of the company on December 31, 2024. Upon his retirement, Mr. Haverhals will continue to serve as a director on the Board and will provide consulting services to ensure continuity and support through the leadership transition. Mr. Haverhals' retirement, following a distinguished career of over 30 years in the medical device and pharmaceutical industries, reflects his desire to spend more ti

      11/14/24 4:00:00 PM ET
      $CTHR
      $MLSS
      Consumer Specialties
      Consumer Discretionary
      Industrial Specialties
      Health Care
    • Charles & Colvard Joins Russell Microcap® Index

      RESEARCH TRIANGLE PARK, N.C., June 28, 2021 /PRNewswire/ -- Charles & Colvard, Ltd. (NASDAQ:CTHR) (the "Company"), a globally recognized fine jewelry company specializing in lab created moissanite and lab grown diamonds, announced today the Company's addition to the Russell Microcap® Index, effective after the US market opens on June 28, 2021, as a part of the Russell indexes annual reconstitution. Membership in the Russell Microcap® Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines

      6/28/21 9:16:00 AM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary

    $CTHR
    Insider Purchases

    Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • O'Connell Don bought $5,550 worth of shares (15,000 units at $0.37) (SEC Form 4)

      4 - CHARLES & COLVARD LTD (0001015155) (Issuer)

      3/7/24 4:15:57 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary
    • Sykes Ollin B bought $7,028 worth of shares (19,000 units at $0.37) (SEC Form 4)

      4 - CHARLES & COLVARD LTD (0001015155) (Issuer)

      3/5/24 6:21:11 PM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary
    • O'Connell Don bought $4,806 worth of shares (13,350 units at $0.36), increasing direct ownership by 3% to 464,464 units (SEC Form 4)

      4 - CHARLES & COLVARD LTD (0001015155) (Issuer)

      3/5/24 9:15:15 AM ET
      $CTHR
      Consumer Specialties
      Consumer Discretionary