An Initial Public Offering (IPO) can seem like a lucrative way to make money. However, as per Dealogic data, banks have underwritten stock to the value of $515 billion in 2022, a 66% decrease compared to 2021. You have to be careful how and what you invest in.
Adamas One Corp IPO 2022 is an industry giant in lab-grown diamonds. Let’s see if this investment is a diamond in the making or just a useless lump of coal.
Adamas One Corp History
Before we look at the question: “Is Adamas One Corp publicly traded?”; let's go back to the beginning. Adamas One was incorporated by the CEO, John “Jay” G. Grdina, on September 6, 2018. Their goal was to source technology to efficiently and effectively make lab-grown, environmentally responsible, ethically sound diamonds.
They are the company who owns all the assets of Scio Diamond Technology Corporation. Those assets consisted mainly of proprietary diamond-growing chemical reactors. These are basically diamond-growing machines, patents, and all relevant intellectual property. The cost was an aggregate of 1,500,000 shares of their traditional stock and cash to certain creditors of Scio of a sum of $2.1 million.
Moreover, they agreed to settle 50% of some other unsecured liabilities of Scio. Since these assets were acquired, they have developed the technology further. This has allowed them to produce diamonds for fine jewelry and industrial purposes. They have also tweaked Scio’s diamond formulation for pink and white diamond gemstones, which has allowed them to be commercially competitive.
Furthermore, they have additional diamond planning laser-cutting capabilities. This facilitates commercially approved preforms to be expertly cut and buffed into gemstones. They are a growing company with nominal revenue and a nominal operating background.
If you are curious about questions like: “When is the Adamas One Corp date?”...stick around to find out more.
Adamas One Corp Public Listing Key Data and IPO Date
Adamas IPO Date: 12/09/2022
IPO stock price: $4.50
Market cap: $11,025,000
CEO: John G. Grdina
Adamas One Corp IPO 2022 has closed and generated over $11 million. The company started trading on Nasdaq on Dec. 9 using the symbol ‘JEWL.' It issued over 2.4 million shares with an Adamas One Corp IPO price for shares of $4.50. That Friday morning, it was trading at $4.08 per share.
Now that you know Adamas One Corp IPO date and price let’s move on to other important information. Adamas intends to use the extra capital to increase operations at a new manufacturing premise that could hold over 300 diamond-growing machines.
The company's 12 diamond machines can make 3,000 rough carats per month. Adamas expects the expansion to commence in earnest in 2023 and take place in stages, per the company announcement.
“We are optimistic about the future of Adamas One, and while there is significant work yet to be done, we believe that this work will serve to drive the company forward in terms of capacity, revenue, and ultimately shareholder value,” Jay Grdina, CEO of Adamas One Corp., declared - “We look forward to taking this journey with our current and future stockholders, customers, and partners."
There is a lot to consider when it comes to the IPO process.
So What About Investing Now?
Adamas One went public on Dec. 9 with an initial public offering worth $11 million. This was considerably less than its anticipated $30 million. Adamas’ shares were initially at a stock price of $4.50. The day after its debut, the stock price briefly increased to $11.94.
The company’s prospectus notes a “going concern” warning, stipulating that it has accrued $30.2 million in debt as of Sept. 30.
“We will need additional financing to implement our full business plan and service our ongoing operations,” they announced.
On Dec. 13, it broadcast two new slogans about this IPO investment: “The original lab-grown company” and the tagline, “Not mined. Not fake. Just sped up perfection.”
Adamas One, led by Jay Grdina—a veteran entrepreneur who has led many organizations ranging from adult film to hangover cure entities—bought Scio Diamond in 2018. Scio became public in 2011. It was among the first companies to make lab-grown diamonds.
Grdina is Adamas One's president, chairman, and CEO, whereas Scio CEO Gerald McGuire will occupy the position of the chief operating officer.
“The capacity at our current facility is approximately 3,000 rough carats per month. We will be starting the build-out of our new facility in 2023 and estimate the output capacity at phase one to be approximately 55,000 rough carats per month,” pronounced Grdina.
Within its topsy-turvy eight-year existence, Scio has been no stranger to shareholder lawsuits. Although Adamas One hasn’t existed for as long, there’s already a lawsuit against it.
However, Adamas One Corp Stock IPO offers unique and exciting prospects, despite its financial situation and legal woes. You should be careful when it comes to investing. Yes, it might be a diamond in the rough but proceed with sober judgment. They say diamonds are a girl’s best friend but if this enterprise does not do it for you, then make sure you visit our website to find your gem among the scheduled IPOs.
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