Adamas One, an early-stage producer of lab-grown diamonds for jewelry and industrial uses, raised $11 million by offering 2.5 million primary shares at $4.50, the low end of the range of $4.50 to $5.00. It previously filed to offer 3.2 million primary shares.
As part of the prospectus, but separate from the underwritten offering, selling shareholders are registering an additional 4.5 million shares worth about $20 million that may be sold from time to time after the listing.
Adamas One has been attempting to price its IPO over the past month. At pricing, it commands a fully diluted market value of $90 million.
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 finished diamonds for jewelry, and rough unfinished diamond materials for industrial uses. Adamas began generating revenue in the current fiscal year ($1.1mm in the 9mo22). Adamas was formed in 2018, shortly before acquiring the assets of distressed OTC-listed Scio Diamond Technology in 2019.
The Scottsdale, AZ-based company plans to list on the Nasdaq under the symbol JEWL. Alexander Capital acted as lead bookrunner on the deal; in the final IPO prospectus, the company added Network 1 Financial Securities to the underwriting syndicate.
