The Offer
Company Overview
On September 6, 2018, JEWL was established in the state of Nevada with the goal of obtaining technology that would successfully manufacture lab-grown, ethically sourced, and ecologically friendly diamonds. Scio Diamond Technology Corporation, or Scio, and JEWL entered into an Amended Asset Purchase Agreement on January 31, 2019, which was later amended on February 3, 2020. As a result, JEWL acquired nearly all of Scio's assets, including its patents and all intellectual property related to its proprietary diamond-growing chemical reactors, which JEWL refers to as diamond-growing machines. Since purchasing Scio's assets, JEWL has proceeded to advance the technology it already possessed, starting the production of diamonds for high-end jewelry as well as diamond material for industrial applications.
Key Highlights
Primary Offering: The Company is accepting applications for 3,150,000 Shares and expects the IPO price to be in the range of USD 4.50 - USD 5.00, therefore taking USD 4.75 per share as a mid-point to raise USD 14,962,500. After deducting projected underwriting discounts and commissions and the firm's expected offering expenses, the business anticipates receiving net proceeds from this offering of around USD 12.2 million (or around USD 14.2 million if the underwriters' option to buy further shares is fully exercised).
Use of proceeds:
Dividend policy: On its common shares, JEWL has never distributed or declared any cash dividends. JEWL does not anticipate paying any cash dividends on its common stock soon as it presently plans to keep all future earnings to support the expansion and development of its business. The Board of Directors shall decide whether to pay future dividends if any, and this decision will be based on the financial situation, operating results, capital requirements, preferential rights of any preferred stock, restrictions in any future financing instruments, and other relevant criteria.
Industry and competitive analysis
Financial Highlights (Expressed in USD):
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