SCOTTSDALE, Ariz. - Adamas One Corp. (NASDAQ: JEWL), a producer of lab-grown diamonds, announced today that it has received approval from the NASDAQ Stock Market for its plan to regain compliance with the exchange's listing requirements. The company was previously notified by NASDAQ about its delay in filing financial statements.
NASDAQ has granted Adamas One Corp. until May 20, 2024, to file the overdue financial reports. The company is collaborating with its auditors and financial team to complete the necessary filings. CEO Jay Grdina expressed confidence in meeting the deadline and emphasized the company's dedication to transparency and regulatory adherence.
Adamas One Corp. specializes in creating high-quality single-crystal diamonds for both jewelry and industrial applications. Operating out of Greenville, South Carolina, the company was recognized as the Best Lab-Grown Diamond Manufacturer for 2023.
Holding 36 patents, Adamas One utilizes a proprietary chemical vapor deposition process to produce diamonds that match the physical, chemical, and optical properties of mined diamonds.
The company's lab-grown diamonds serve various purposes, from gemstones to industrial uses, and it plans to sell these diamonds in the wholesale jewelry and industrial markets.
The acceptance of the compliance plan by NASDAQ represents a positive step for Adamas One Corp., as it works to align with the exchange's financial reporting standards. The company has assured stakeholders of its commitment to innovation in the lab-grown diamond market and intends to provide updates on its progress toward compliance.
This news is based on a press release statement, and it should be noted that any forward-looking statements from Adamas One Corp. are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially.
InvestingPro Insights
Adamas One Corp. (NASDAQ: JEWL), while working to regain compliance with NASDAQ's listing requirements, presents a financial profile that raises some concerns for investors. According to InvestingPro data, the company's market capitalization stands at a modest 10.21 million USD.
The financial metrics indicate a challenging situation, with a negative P/E ratio of -0.45 for the last twelve months as of Q3 2023, reflecting the company's lack of profitability during this period.
InvestingPro Tips suggest that Adamas One Corp. is quickly burning through cash, with short-term obligations exceeding its liquid assets. Additionally, the valuation implies a poor free cash flow yield. These factors, coupled with the fact that the company does not pay a dividend, might be points of consideration for potential investors.
The stock price has experienced significant volatility, as evidenced by a 42.98% drop over the last three months. Despite these challenges, the InvestingPro Fair Value estimates the stock at 0.42 USD, offering a glimpse of potential undervaluation.
For investors looking to delve deeper into Adamas One Corp.'s financial health, InvestingPro offers several additional tips, providing a comprehensive analysis to aid in informed decision-making. By using the coupon code PRONEWS24, users can receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of investment insights and data.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.