Nasdaq listing at risk for moissanite maker
Published: Wed, Aug. 20, 2008 12:30AM
Modified Wed, Aug. 20, 2008 02:44AM
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closeMORRISVILLE -- Charles & Colvard, the struggling maker of lab-created moissanite gemstones used in jewelry, received written notice that it will be delisted by the Nasdaq stock market if its stock price does not increase.
The Morrisville company's stock price has closed below the minimum $1 per share price required by the market's rules for the past 30 days. The stock price has fallen 82 percent in the past year. It closed Tuesday at 74 cents.
The Nasdaq's notice is the latest in a string of difficulties for the company. Charles & Colvard lost $1.1 million during the second quarter as sales of its moissanite gems fell 52 percent.
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Since May, It has laid off 16 employees. Last month, its CEO and chairman abruptly resigned.
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