WENZHOU, China, Feb. 22,
2024 /PRNewswire/ -- ZK International
Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN," "ZK
International" or the "Company"), a leading provider of
advanced steel products, announced that it received the Nasdaq
notices regarding minimum bid requirements and not timely filing of
annual report on Form 20-F
On February 15, 2024, the Company received a written
notice from the Listing Qualifications Department of the Nasdaq
Stock Market, LLC ("Nasdaq") notifying the Company that, based on
the closing bid price of the Company's ordinary shares, no par
value (the "Ordinary Shares"), for the last 30 consecutive trading
days, the Company no longer complies with the minimum bid price
requirement for continued listing on the Nasdaq Capital Market.
Nasdaq Listing Rule 5450(a)(1) requires listed securities
to maintain a minimum bid price of $1.00 per share (the "Minimum Bid Price
Requirement"), and Nasdaq Listing Rule 5810(c)(3)(A) provides
that a failure to meet the Minimum Bid Price Requirement exists if
the deficiency continues for a period of 30 consecutive trading
days.
Pursuant to the Nasdaq Listing Rules, the Company has been
provided an initial compliance period of 180 calendar days to
regain compliance with the Minimum Bid Price Requirement. To regain
compliance, the closing bid price of the Ordinary Shares must be at
least $1.00 per share for a minimum
of 10 consecutive trading days prior to August 13, 2024, and the Company must otherwise
satisfy The Nasdaq Capital Market's requirements for listing.
If the Company does not regain compliance by August 13, 2024, the Company may be eligible for
an additional 180 calendar day compliance period. To qualify, the
Company would be required, among other things, to meet the
continued listing requirement for market value of publicly held
shares, which the Company does not currently meet, as well as all
other standards for initial listing on the Nasdaq Capital Market,
with the exception of the Minimum Bid Price Requirement, and would
need to provide written notice of its intention to cure the bid
price deficiency during the second compliance period. If
the Company does not regain compliance within the allotted
compliance period(s), including any extensions that may be granted
by Nasdaq, Nasdaq will provide notice that the Company's Ordinary
Shares will be subject to delisting. The Company would then be
entitled to appeal Nasdaq's determination to a Nasdaq Listing
Qualifications Panel and request a hearing.
The Company intends to monitor the closing bid price of the
Ordinary Shares and consider its available options to resolve the
noncompliance with the Minimum Bid Price Requirement. There can be
no assurance that the Company will be able to regain compliance
with the Nasdaq Capital Market's continued listing requirements or
that Nasdaq will grant the Company a further extension of time to
regain compliance, if applicable.
On February 20, 2024, the Company
received a written notice from Nasdaq notifying the Company that,
since the Company has not yet filed its Form 20-F for the year
ended September 30, 2023 (the
"Filing"), it no longer complies with Nasdaq Listing Rules for
continued listing under Listing Rule 5250(c)(1).
Under Nasdaq Listing Rules, the Company has 60 calendar days to
submit a plan to regain compliance and if Nasdaq accepts the
Company's plan, Nasdaq can grant the Company an exception of up to
180 calendar days from the Filing's due date, or until August 13, 2024, to regain compliance.
The Company shall submit its plan to Nasdaq no later than
April 22, 2024. If Nasdaq does not
accept the Company's plan, the Company will have the opportunity to
appeal that decision to a Nasdaq Listing Qualifications Panel and
request a hearing.
The notices have no immediate effect on the listing of the
Ordinary Shares at this time and the Ordinary Shares will continue
to trade on the Nasdaq Capital Market under the symbol "ZKIN.".
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.
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.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/zk-international-receives-nasdaq-notices-regarding-listing-deficiency-302069062.html
SOURCE ZK International Group Co., Ltd.