Charles & Colvard: Shares marked down on $10 mln equity raise

Charles & Colvard

07/06/2019 14:00

(Updates, adds pricing details)
    ** Charles & Colvard  CTHR.O  shares sliding ~20% premarket
after jewelry maker prices its follow-on at a deep discount
    ** Co offers 6.25 mln shares at $1.60, a 21% discount to
stock's Thurs close, for gross raise of $10 mln  urn:newsml:reuters.com:*:nGNX3YYWH6
    ** Follow-on represents about a third of CTHR free float of
shares as of May 30, per Refinitiv data
    ** Co also forecasted Q4 2019 net sales between $7.0-$7.2
mln  urn:newsml:reuters.com:*:nGNXbYXGbF
    ** ~650K CTHR shares have traded so far, ~1.5x the 10-DMA
volume. Makes stock 5th most active before the bell    
    ** CTHR has more than doubled this year

 (Reporting by Medha Singh in Bengaluru and Lance Tupper)
 ((medha.singh@thomsonreuters.com
lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))