Adamas One (NASDAQ:JEWL) Corp said its board of directors has authorized a share repurchase plan to repurchase up to $7.5 million of its outstanding stock, effective immediately.
The company said in a statement that Adamas One (NASDAQ:JEWL)’s shares may be repurchased from time to time in open market transactions, privately negotiated block transactions, or other means in accordance with applicable securities laws.
The timing of the purchase, the number of shares repurchased, and the prices paid for the shares under the program will depend on general business and market conditions, the trading price of Adamas One’s stock, and corporate and regulatory limitations, the company added.
WATCH: Adamas One seeing big demand for its lab-grown diamonds
“As we ramp up our consumer-focused operations to meet the growing demand in our industry, we believe it is essential that we continue to support shareholder value,” Adamas One CEO Jay Grdina commented.
“We believe that the current stock price is not reflective of the value and opportunity that Adamas brings to the market. Given this gap in perception, our board of directors has approved an up to a $7.5 million dollar share buyback.”
Grdina added that this stock buyback program demonstrated the company’s commitment to shareholders.
“In the meantime, we are completing final preparations for the consumer launch of our lab-based diamond jewelry,” he said.
Adamas One is a law-grown diamond manufacturer that produces near flawless single-crystal diamonds for gemstone and industrial applications at its facilities in Greenville, South Carolina. The company holds 36 patents and uses its proprietary chemical vapor deposition to grow gem-sized and smaller diamond crystals.
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