Adamas One Plans $34 Million IPO for November 22nd (JEWL)

Adamas One (JEWL) plans to raise $34 million in an initial public offering (IPO) on Tuesday, November 22nd, IPO Scoop reports. The company will be issuing 7,200,000 shares at a price of $4.50-$5.00 per share.

In the last twelve months, Adamas One generated $1.1 million in revenue and had a net loss of $6.4 million. The company has a market-cap of $98.2 million.

Alexander Capital acted as the underwriter for the IPO.

Adamas One provided the following description of their company for its IPO: “We use our proprietary technology (our Diamond Technology) to produce high quality single crystal diamonds (synthetic diamonds) and diamond materials through a CVD process. *Note: Revenue and net loss figures are for the nine months that ended June 30, 2022. (Note: The IPO was expected to price on Nov. 16, 2022, but no pricing news was available on Thursday morning, Nov. 17, 2022. Adamas One increased its IPO again – to a total of 7.17 million shares (7,165,904 shares) from 5.37 million shares (5,374,612 shares) – in an S-1/A filing dated Nov. 9, 2022. The price range remains at $4.50 to $5.00. Under the new terms, the company is still offering the same number of shares – 3.15 million shares – while the selling stockholders will now be offering 4.02 million shares (4,015,904 shares). Proceeds are now $34.06 million.) (*Note: The company will NOT receive any proceeds from the sale of the selling stockholders’ shares. **The company expects to receive $14.96 million in IPO proceeds.) (Note: Background – Previous terms, including initial terms: Adamas One upsized its IPO in an S-1/A filing dated Oct. 18, 2022, by increasing the number of shares to 5.37 million shares (5,374,612 shares), up from 4.91 million shares, and keeping the price range at $4.50 to $5.00 to raise $25.51 million. In the Oct. 18, 2022, filing, Adamas One stated that is offering 3.15 million shares – the same as before – and the selling stockholders are now offering another 2.22 million shares (2,224,612 shares), up from 1.76 million shares specified in the Sept. 14, 2022, filing. Background:¬†Adamas One disclosed the terms for its IPO in an S-1/A filing dated Sept. 14, 2022: 4.91 million shares at $4.50 to $5.00 to raise $23 million. Of the 4.91 million shares in the IPO, the company is offering 3.15 million shares and the selling stockholders are offering 1.76 million shares (1,756,228 shares), according to the amended prospectus. Adamas One¬†filed its S-1 on June 1, 2022. The company filed confidential paperwork to go public on Nov. 5, 2021.) “.

Adamas One was founded in 2018 and has 9 employees. The company is located at 17767 N. Perimeter Dr., Ste B115 Scottsdale, Arizona 85255 and can be reached via phone at (480) 356-8798 or on the web at http://www.adamasone.com/.

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