Adamas One Corp. (NASDAQ:JEWL), a leading lab-grown diamond manufacturer, received a notification from the Nasdaq Stock Market LLC on August 29, 2023, regarding its non-compliance with Nasdaq Listing Rule 5250(c)(1). The company's violation stems from its failure to timely file its Quarterly Report on Form 10-Q for the quarter ending June 30, 2023, with the Securities and Exchange Commission (SEC).
The notification does not immediately affect the listing of Adamas One's common stock on Nasdaq. However, if the company fails to regain compliance in a timely manner, it could face delisting from Nasdaq. As per the notice, Adamas One has until October 30, 2023, to either file the Q3 2023 Form 10-Q or submit a plan to regain compliance with the Nasdaq Listing Rule.
Should Nasdaq accept Adamas One's compliance plan, the company may be granted up to 180 days from the original due date for filing the Q3 2023 Form 10-Q to regain compliance. If Nasdaq rejects the plan, Adamas One will have an opportunity to appeal that decision before a Nasdaq Hearings Panel.
Adamas One is currently working diligently and expects to file its Q3 2023 Form 10-Q soon, which would eliminate the need for submitting a formal compliance plan.
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