A team of Pillsbury lawyers is advising Roth Capital Partners, as sole manager, on a $10 million public offering of common stock by Charles & Colvard, Ltd. The offering priced earlier today at $1.60 per share and is expected to close on June 11, subject to customary closing conditions.
The offering consists of 6,250,000 shares sold by Charles & Colvard. The representative has also been granted a 30-day option to purchase up to 937,500 shares of common stock. Net proceeds from the offering are expected be used by Charles & Colvard for marketing and general corporate and working capital purposes.
Charles & Colvard is an e-commerce-driven business that utilizes innovative technology and sustainable practices to develop products for the jewelry industry that include lab-created moissanite, a rare gemstone formed from silicon carbide. Charles & Colvard is based in the Research Triangle Park, North Carolina.
The Pillsbury team advising the underwriters on this transaction was led by New York Corporate & Securities partner Jonathan Russo and included associates Lexi Calcado and Christopher Wing.