WENZHOU, China, Aug. 15,
2024 /PRNewswire/ -- ZK
International Group Co., Ltd. (Nasdaq:
ZKIN) ("ZKIN", "ZK International"
or the "Company"), a leading manufacturer and supplier of patented
high-performance stainless steel and carbon steel pipe products, is
pleased to announce two important updates regarding its
Nasdaq listing status.
1. Compliance with Periodic Filing
Requirements
On February 20, 2024, ZK
International was notified by Nasdaq Staff that the Company no
longer meet the periodic filing requirements under Listing Rule
5250(c)(1) due to a delayed filing of our annual report on Form
20-F for the year ended December 31,
2023. We are pleased to report that, based on the timely
filing of our annual report on August 13,
2024, Nasdaq Staff has confirmed that ZK International is
now in full compliance with the Rule. Accordingly, this matter is
now officially closed.
2. Bid Price Compliance Plan
On February 15, 2024, ZK
International was notified that the Company's listed security no
longer meet the minimum $1 bid price
per share requirement under Nasdaq's Listing Rules. Despite our
efforts, the bid price has not regained compliance within the
initial 180-day period, which ended on August 13, 2024. However, Nasdaq Staff has
determined that ZK International is eligible for an additional
180-day period, until February 10,
2025, to regain compliance.
This extension is granted based on the Company's continued
compliance with all other applicable listing requirements, except
for the bid price, and our written notice of intention to cure the
deficiency, including the potential use of a reverse stock split if
necessary. To regain compliance, the closing bid price of the
Company's ordinary shares must meet or exceed $1.00 per share for a minimum of 10 consecutive
business days during this additional 180-day period.
About ZK International Group Co., Ltd.
ZK International Group Co., Ltd. is a China-based
engineering company building and investing in innovative
technologies for the modern world. With a focus on designing and
implementing next-generation solutions through industrial,
environmental and software engineering, ZKIN owns 46 patents,
46 trademarks, 5 Software Copyrights, 2 National Innovation Fund
Awards, and 41 National and Industry Standard Awards.
ZKIN's core business is to engineer and manufacture patented
high-performance stainless steel and carbon steel pipe products
that effectively deliver high quality, highly sustainable and
environmentally sound drinkable water to the Chinese, Asia and European markets. ZK
International is Quality Management System Certified (ISO9001),
Environmental Management System Certified (ISO1401), and a National
Industrial Stainless Steel Production Licensee. It has
supplied stainless steel pipelines for over 2,000 projects, which
include the Beijing National Airport, the "Water Cube" and "Bird's
Nest", which were venues for the 2008 Beijing Olympics. ZK
International is preparing to capitalize on the $850 Billion
commitment made by the Chinese Government to improve the quality of
water, which has been stated to be 70% unfit for human contact.
For more information please
visit www.ZKInternationalGroup.com. Additionally,
please follow the Company
on Twitter, Facebook, YouTube,
and Weibo. For further information on the Company's SEC
filings please visit www.sec.gov.
Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and as defined in the U.S. Private Securities Litigation Reform Act
of 1995. Without limiting the generality of the foregoing, words
such as "may," "will," "expect," "believe," "anticipate," "intend,"
"could," "estimate" or "continue" or the negative or other
variations thereof or comparable terminology are intended to
identify forward-looking statements. In addition, any statements
that refer to expectations, projections or other characterizations
of future events or circumstances are forward-looking statements.
These forward-looking statements are not guarantees of future
performance and are subject to certain risks, uncertainties and
assumptions that are difficult to predict and many of which are
beyond the control of ZK International. Actual results may
differ from those projected in the forward-looking statements due
to risks and uncertainties, as well as other risk factors that are
included in the Company's filings with the U.S. Securities and
Exchange Commission. Although ZK International believes that
the assumptions underlying the forward-looking statements are
reasonable, any of the assumptions could prove inaccurate and,
therefore, there can be no assurance that the results contemplated
in forward-looking statements will be realized. In light of
the significant uncertainties inherent in the forward-looking
information included herein, the inclusion of such information
should not be regarded as a representation by ZK International or
any other person that their objectives or plans will be achieved.
ZK International does not undertake any obligation to revise the
forward-looking statements contained herein to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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SOURCE ZK International Group Co., Ltd.