WENZHOU, China, Oct. 19,
2022 /PRNewswire/ -- ZK International Group Co.,
Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International" or the "Company")
today announced that the Company received a notice from the Nasdaq
Stock Market LLC ("Nasdaq"), dated Oct. 13,
2022, notifying the Company that it is currently not in
compliance with the minimum bid price requirement set forth under
Nasdaq Listing Rule 5450(a)(1) (the "Rule") because the bid price
of the Company's ordinary shares fail to maintain a minimum bid
price of US$1.00 per share for the
last 30 consecutive business days from August 31, 2022 to October 12, 2022.
Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company
is provided with a compliance period of 180 calendar days, or until
April 11, 2023, to regain compliance under the Listing Rules. If at
any time during the 180-day compliance period, the closing bid
price of the Company's ordinary share is US$1.00 per share or
higher for a minimum of ten consecutive trading days, Nasdaq will
provide the Company with a written confirmation of compliance and
the matter will be closed. In the event that the Company does
not regain compliance with the Rule within 180 calendar days, the
Company may be eligible for additional time.
The Company intends to monitor the closing bid price of its
ordinary shares between now and April 11,
2023 and intends to consider available options to cure the
deficiency and regain compliance with the Rule's minimum bid price
requirement within the prescribed grace period. The Company's
ordinary share will continue to be listed and trade on the Nasdaq
Capital Market during this period, unaffected by the receipt of the
written notice from Nasdaq.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
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.
In 2018, ZKIN established its wholly owned xSigma Corporation to
develop innovative software solutions that support its core
operations while exploring new opportunities in smart contracts,
distributed ledgers, supply chain management and blockchain
architecture. The xSigma Labs team is made up of world-class
developers and engineers formerly of Facebook, Google, Amazon,
Ripple and 1inch, most recently launching its first DeFi project in
the Fall of 2020.
In March of 2021, ZKIN announced the formation of its new wholly
owned subsidiary, xSigma Entertainment Limited. It was established
as part of ZK's integrated network of companies focused on
developing and investing in innovative software technology
platforms. xSigma Entertainment's mandate is to acquire assets in
the high-growth US gaming market. xSigma Entertainment aims to
increase shareholder value by targeting and investing in
early-stage online gambling businesses that are poised for
exponential growth and exits.
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 guarantee 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.
Di Chen
Cell Number: +86 15057357883
Email: super.di@live.cn
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SOURCE ZK International Group Co., Ltd.