Charles & Colvard Forms Strategic Banking Relationship with JPMorgan Chase

Rhea-AI Summary

Charles & Colvard, Ltd. (Nasdaq: CTHR) announced a significant strategic banking partnership with JPMorgan Chase Bank, executing a $5 million credit facility on July 12, 2021. This new relationship follows the termination of its previous credit facility with White Oak Commercial Finance. The partnership aims to enhance Charles & Colvard's financial capabilities and support its business scaling initiatives. CEO Don O'Connell emphasized the importance of this transition for the company, while JPMorgan Chase highlighted its expertise in e-commerce to help fuel the company's growth.

Positive

• Establishment of a strategic banking relationship with JPMorgan Chase, enhancing financial capabilities.
• Access to a $5 million credit facility to support business operations and initiatives.
• Opportunity to tap into JPMorgan Chase's expertise in e-commerce and innovative banking solutions.

Negative

• None.

RESEARCH TRIANGLE PARK, N.C., July 13, 2021 /PRNewswire/ -- Charles & Colvard, Ltd. (Nasdaq: CTHR) (the "Company"), a globally recognized fine jewelry company specializing in lab created moissanite and lab grown diamonds, announced its new strategic commercial banking relationship with JPMorgan Chase Bank, N.A., which includes entering into a $5 million credit facility, executed July 12, 2021, following the termination of the Company's prior credit facility with White Oak Commercial Finance, effective July 9, 2021. This broad-ranging banking relationship provides a foundation for the Company to solidify its financial objectives and a basis to expand its financial capabilities going forward.

"I believe this transition is a great move for the company and positions us to be able to scale our business in a meaningful way," said Don O'Connell, President and CEO of Charles & Colvard. "We value JPMorgan Chase's banking expertise and can tap into their creative solutions for all of our financial and banking needs. This strategic partnership allows us to execute on our key initiatives in order to take the business to the next level."

"By aligning with a global financial firm like JPMorgan Chase, Charles & Colvard gains access to our global banking platform, expertise in e-commerce, and innovative banking solutions, to help fuel their momentum," said Leon Chisolm, Commercial Banking Market Executive for the Triangle region. "Charles & Colvard is at a perfect point to capitalize on their business model, and we are pleased to be their financial services provider as they grow and scale."

About Charles & Colvard, Ltd.

Charles & Colvard, Ltd. (Nasdaq: CTHR) believes fine jewelry can be accessible, beautiful and conscientious. Charles & Colvard is the original pioneer of lab-created moissanite, a rare gemstone formed from silicon carbide. The Company brings revolutionary gemstones and jewelry to market through its pinnacle Forever One^™ moissanite brand and its premium Caydia^™ lab grown diamond brand. Consumers seek Charles & Colvard fashion, bridal and fine jewelry because of its exceptional quality, incredible value and shared beliefs in environmental and social responsibility. Charles & Colvard was founded in 1995 and is based in North Carolina's Research Triangle Park. For more information, please visit www.charlesandcolvard.com.

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SOURCE Charles & Colvard, Ltd.

FAQ

What is the recent banking partnership announced by Charles & Colvard (CTHR)?

Charles & Colvard formed a strategic banking relationship with JPMorgan Chase, including a $5 million credit facility.

When did Charles & Colvard terminate its prior credit facility?

The prior credit facility with White Oak Commercial Finance was terminated on July 9, 2021.

How will the new banking relationship with JPMorgan Chase affect Charles & Colvard (CTHR)?

The partnership is expected to enhance Charles & Colvard's financial objectives and support its business scaling initiatives.

What financial support has Charles & Colvard (CTHR) secured from JPMorgan Chase?

Charles & Colvard secured a $5 million credit facility as part of its new banking relationship with JPMorgan Chase.