Charles & Colvard files Chapter 11, stalking horse asset sale for $1.5M set for June 22

CHARLES & COLVARD LTD

Bankruptcy Court approved Van Lang Jewelry as stalking horse bidder for $1.5M purchase price, subject to credit bid.
Final sale hearing scheduled for June 22, 2026; competing bids allowed under bidding procedures.
Former board member Duc Pham is a manager of Buyer affiliate Jewelry Design Partners.
Executive Chair Michael Levin's term changed to month-to-month; he receives $7,500 per month.
Company cautions common stock may have no recovery; expects significant or complete loss.

item 1.01 item 5.02 item 8.01

Executive movements

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Role change

Michael Levin

Executive Chair

CHARLES & COLVARD LTD

Effective: 2026-04-27
Filed: May 1, 2026, 7:59 PM ET

the Board approved changing the term of Mr. Levin’s appointment from a fixed term to a month-to-month arrangement, to continue until otherwise determined by the Board

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.9

Michael Levin changed role as Executive Chair at CHARLES & COLVARD LTD.

Action: changed to month-to-month arrangement
Role: Executive Chair

Exact text from the filing

the Board approved changing the term of Mr. Levin’s appointment from a fixed term to a month-to-month arrangement, to continue until otherwise determined by the Board

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

CHARLES & COLVARD LTD entered into Asset Purchase Agreement with Van Lang Jewelry LLC or its affiliate Jewelry Design Partners LLC valued at Asset Purchase Agreement (effective 2026-04-15).

Action: entry
Agreement: asset purchase
Counterparty: Van Lang Jewelry LLC or its affiliate Jewelry Design Partners LLC
Value: Asset Purchase Agreement
Effective: 2026-04-15

Exact text from the filing

The information set forth under Item 1.01 of this Current Report on Form 8-K regarding the Asset Purchase Agreement (the “Purchase Agreement”) with Van Lang Jewelry LLC or its affiliate Jewelry Design Partners LLC (the “Buyer”), dated as of April 15, 2026, is incorporated herein by reference.

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Source: SEC EDGAR

accession 0001104659-26-054179

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