WENZHOU, China, Nov. 15,
2023 /PRNewswire/ -- ZK International
Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK
International" or the "Company"), is pleased to announce that
the Nasdaq Hearings Panel has granted the company a temporary
exception, enabling it to regain compliance with The Nasdaq Stock
Market LLC's ("Nasdaq") Listing Rule 5550(a)(2) (the "Bid Price
Rule").
ZK International Group Co., Ltd. has represented to Nasdaq a
comprehensive plan to restore compliance with the Bid Price Rule.
The company will effect a reverse stock split, if necessary, to
regain compliance by January 19, 2024
and described the actions it intends to take to be able to meet
that timeline. The temporary exception extends until January 31, 2024, giving ZK International Group
Co., Ltd. a clear timeline to meet these compliance milestones. ZK
International Group Co., Ltd. shall effect a reverse stock split by
January 5, 2024 and shall have
demonstrated compliance with the Bid Price Rule, by evidencing a
closing bid price of $1 or more per
share for a minimum of ten consecutive trading sessions, by
January 19, 2024.
"We are appreciative of the Nasdaq Hearings Panel's decision to
grant us this temporary exception," said Jiancong Huang, Chairman of ZK International
Group Co., Ltd, "this decision provides us with a clear path to
regain compliance with the Bid Price Rule and reaffirms our
commitment to our shareholders, business partners, and the
investment community."
The Nasdaq Hearings Panel advised ZK International Group Co.,
Ltd. that during the exception period, the company must promptly
notify Nasdaq of any significant events that could impact its
compliance with Nasdaq listing requirements. Failure to meet any of
the terms outlined in this exception may result in the delisting of
the company's securities from the Exchange.
ZK International Group Co., Ltd. is dedicated to maintaining
transparency and meeting all regulatory requirements during this
process. The company will work diligently to fulfill the conditions
outlined by Nasdaq and, if necessary, request a review by the
Nasdaq Listing and Hearing Review Council. ZK International Group
Co., Ltd. is committed to the continued success and growth of the
business and values its relationship with its stakeholders.
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 28 patents,
21 trademarks, 2 Technical Achievement Awards, and 10 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.