Charles & Colvard approves one-for-ten reverse stock split

Charles & Colvard announced that the Company’s Board of Directors has approved a one-for-ten reverse split of the Company’s common stock, no par value per share to be effective as of 12:01 a.m. Eastern Time on May 17. The Reverse Stock Split is intended to bring the Company into compliance with Nasdaq’s $1.00 per share minimum bid price requirement for continued listing. The Company expects its common stock to begin trading on a split-adjusted basis on the Nasdaq Capital Market as of the commencement of trading on May 17, 2024 with a new CUSIP number of 159765205. The ticker symbol for the Company stock will remain “CTHR.” The Company’s shareholders at a special meeting held on May 7, 2024, approved a proposal to amend the Company’s Restated Articles of Incorporation to effect a Reverse Stock Split at a ratio within a range from any whole number between one-for-ten to one-for-fifteen, as determined by the Board of Directors in its sole discretion. The Company filed the Articles of Amendment to its Restated Articles of Incorporation with the North Carolina Secretary of State on May 14, 2024.