Charles & Colvard investors got some good news this morning: Its stock won't be delisted from the Nasdaq.
The Morrisville maker of moissanite gemstones faced delisting because its shares had fallen below the required minimum price of $1. But Charles & Colvard took several steps to boost its the price, including announcing plans to buy back 1 million shares.
Executives, including new CEO Randy McCullough, also began buying shares on the open market.
The efforts helped. The stock closed above $1 for 10 consecutive trading days and the company received word from the Nasdaq that its shares were back in compliance.
"We are extremely pleased to have achieved this important milestone and appreciate the confidence our shareholders have demonstrated to help make it happen," McCullough said.
Still, the stock remains well below its high of $25 reached in late 2005. Charles & Colvard sales have slumped during the recession and as jewelry made from its shiny gems have failed to take off with consumers.
The stock closed Thursday at $1.27, down 3 cents.
At that price, McCullough is more than $10,000 richer, at least on paper. He bought 25,000 shares on Nov. 17 at prices between 82 cents and 90 cents a share, according to filings with the Securities and Exchange Commission.
Assistant Business Editor Alan M. Wolf joined the N&O in 1999 covering the business of health care. He became an editor in 2001, and helps oversee the paper's daily business coverage and Sunday Work&Money section. He lives in Clayton with his wife and two children. Reach him at 919-829-4572 or 
