# EDGAR Filing Document

**Accession Number:** 0002015561
**File Stem:** 0002015561-25-000001
**Filing Date:** 2025-7
**Character Count:** 15097
**Document Hash:** 5cbdf6fe8b3690425ebc494f653f67d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002015561-25-000001.hdr.sgml**: 20250716

**ACCESSION NUMBER**: 0002015561-25-000001

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250716

**DATE AS OF CHANGE**: 20250716

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CHARLES & COLVARD LTD
- **CENTRAL INDEX KEY:** 0001015155
- **STANDARD INDUSTRIAL CLASSIFICATION:** JEWELRY, SILVERWARE & PLATED WARE [3910]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 561928817
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-53115
- **FILM NUMBER:** 251128630

**BUSINESS ADDRESS:**
- **STREET 1:** 170 SOUTHPORT DRIVE
- **CITY:** MORRISVILLE
- **STATE:** NC
- **ZIP:** 27560
- **BUSINESS PHONE:** 9194680399

**MAIL ADDRESS:**
- **STREET 1:** 170 SOUTHPORT DRIVE
- **CITY:** MORRISVILLE
- **STATE:** NC
- **ZIP:** 27560

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** C3 INC /NC/
- **DATE OF NAME CHANGE:** 19970829
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Riverstyx Capital Management LLC
- **CENTRAL INDEX KEY:** 0002015561

**ORGANIZATION NAME:**
- **EIN:** 842126899
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 3661 VALVERDE CIR
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32224
- **BUSINESS PHONE:** 9042945879

**MAIL ADDRESS:**
- **STREET 1:** 3661 VALVERDE CIR
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32224

### Attached PDF Documents

**Attachment 1:** `petition.pdf`

_No text found in this document._

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 4)**

**CHARLES & COLVARD LTD**

*(Name of Issuer)*

**Common Stock**

*(Title of Class of Securities)*

**159765205**

*(CUSIP Number)*

**Ben Franklin**<br>3661 Valverde Cir<br>JACKSONVILLE FL 32224<br>9042945879

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**04/24/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **159765205** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Riverstyx Capital Management LLC** | Name of reporting person<br>**Riverstyx Capital Management LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**FLORIDA** | Citizenship or place of organization<br>**FLORIDA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**232106.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**232106.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**232106.00** | Aggregate amount beneficially owned by each reporting person<br>**232106.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[x] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.4%** | Percent of class represented by amount in Row (11)<br>**7.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **159765205** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**The Riverstyx Fund, LP** | Name of reporting person<br>**The Riverstyx Fund, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**232106.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**232106.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**232106.00** | Aggregate amount beneficially owned by each reporting person<br>**232106.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.4%** | Percent of class represented by amount in Row (11)<br>**7.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **159765205** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Riverstyx Fund, GP** | Name of reporting person<br>**Riverstyx Fund, GP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**232106.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**232106.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**232106.00** | Aggregate amount beneficially owned by each reporting person<br>**232106.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.4%** | Percent of class represented by amount in Row (11)<br>**7.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **159765205** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ben Franklin** | Name of reporting person<br>**Ben Franklin** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**FLORIDA** | Citizenship or place of organization<br>**FLORIDA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**100.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**232106.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**100.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**232106.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**232206.00** | Aggregate amount beneficially owned by each reporting person<br>**232206.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**7.4%** | Percent of class represented by amount in Row (11)<br>**7.4%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock

**(b) Name of Issuer:**
CHARLES & COLVARD LTD

**(c) Address of Issuer's Principal Executive Offices:**
170 SOUTHPORT DRIVE, MORRISVILLE, NC, 27560

**Item 4. Purpose of Transaction**

On July 10, 2025, Riverstyx Fund, L.P. filed an application in the Superior Court of North Carolina, Wake County, seeking an order to compel the issuer to hold an annual meeting of shareholders, as the issuer has failed to hold an annual meeting within the time period required under applicable law. A copy of the application is filed as Exhibit 99 and incorporated herein by reference. The Reporting Persons believe the issuer's failure to hold an annual meeting deprives shareholders of their fundamental rights to timely information and the ability to elect directors. The Reporting Persons are determined to protect and enforce those rights and will pursue all remedies available to ensure that the issuer complies with its legal and governance obligations. The Reporting Persons may, from time to time and subject to market conditions and other factors, acquire additional securities of the issuer, dispose of some or all of such securities, or take other actions with respect to their investment in the issuer as they deem necessary or appropriate.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Riverstyx Fund, L.P. directly beneficially owns 232,106 shares of Common Stock of the Issuer. Riverstyx Capital Management, LLC, as the investment manager of the Fund, and Riverstyx GP, as the general partner of the Fund, may each be deemed to beneficially own the 232,106 shares of Common Stock held by the Fund. Ben Franklin, as the managing member of Riverstyx Capital Management, LLC and Riverstyx GP, may also be deemed to beneficially own the 232,106 shares of Common Stock held by the Fund and directly owns an additional 100 shares of Common Stock in his own name. Accordingly, Ben Franklin may be deemed to beneficially own an aggregate of 232,206 shares of Common Stock. Based on 3,118,273 shares of Common Stock reported by the Issuer as outstanding as of March 25, 2025, the 232,206 shares beneficially owned by the Reporting Persons represent approximately 7.44% of the outstanding Common Stock.

**(b)**
The following sets forth, for each Reporting Person, the number of shares of Common Stock as to which such Reporting Person has sole power and shared power to vote or direct the vote, and sole power and shared power to dispose or direct the disposition:

Riverstyx Fund, L.P. - Sole Voting Power: 0; Shared Voting Power: 232,106; Sole Dispositive Power: 0; Shared Dispositive Power: 232,106.

Riverstyx Capital Management, LLC - Sole Voting Power: 0; Shared Voting Power: 232,106; Sole Dispositive Power: 0; Shared Dispositive Power: 232,106.

Riverstyx GP - Sole Voting Power: 0; Shared Voting Power: 232,106; Sole Dispositive Power: 0; Shared Dispositive Power: 232,106.

Ben Franklin - Sole Voting Power: 100; Shared Voting Power: 232,106; Sole Dispositive Power: 100; Shared Dispositive Power: 232,106.

**(c)**
Since the filing of the Schedule 13D as previously amended, the Fund has effected the following sales of Common Stock in ordinary brokerage transactions using the Fund's working capital:

April 23, 2025 - Sold 5,500 shares at a price per share of $0.5417 (excluding commissions).
April 24, 2025 - Sold 64,909 shares at a price per share of $0.4641 (excluding commissions).
April 25, 2025 - Sold 5,000 shares at a price per share of $0.5000 (excluding commissions).

No other purchases or sales of Common Stock have been made by the Reporting Persons since the filing of the Schedule 13D as previously amended.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

None.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Riverstyx Capital Management LLC

**Signature:** Ben Franklin

**Name/Title:** Manager of its GP

**Date:** 07/16/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** The Riverstyx Fund, LP

**Signature:** Ben Franklin

**Name/Title:** Manager

**Date:** 07/16/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Riverstyx Fund, GP

**Signature:** Ben Franklin

**Name/Title:** Manager

**Date:** 07/16/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Ben Franklin

**Signature:** Ben Franklin

**Name/Title:** Ben Franklin

**Date:** 07/16/2025