Adamas One, an early-stage producer of lab-grown diamonds for jewelry and industrial uses, filed on Wednesday with the SEC to raise up to $30 million in an initial public offering.
Adamas One describes itself as a high-tech diamond company that uses proprietary technology to produce single crystal diamonds and diamond materials through a proprietary chemical vapor deposition (CVD) process. The company intends to sell at wholesale and retail for jewelry, and rough unfinished diamond materials for industrial uses. Adamas is in the initial phases of commercializing its diamonds and diamond materials: It began began generating revenue during the six months ended March 31, 2022, booking $0.5 million in sales during that time. Adamas was formed in 2018, shortly before acquiring the assets of OTC-listed Scio Diamond Technology in 2019 when Scio failed to commercialize its CVD technology and ran out of capital.
The Scottsdale, AZ-based company plans to list on the Nasdaq under the symbol JEWL. Adamas One filed confidentially on November 5, 2021. Alexander Capital is the sole bookrunner on the deal. No pricing terms were disclosed.
