Business
ZK International Achieves Nasdaq Compliance and Provides Update on Bid Price Compliance Plan
WENZHOU, China, Aug. 15, 2024 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International" or the "Company"), a leading
About this update from Zk International Group Co., Ltd
[{"type":"text","content":" 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.\n\n \n \n \n \n \n \n\n \n1. Compliance with Periodic Filing Requirements\nOn 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.\n2. Bid Price Compliance Plan\nOn 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.\nThis 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.\nAbout ZK International Group Co., Ltd.\nZK 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. \nZKIN's core business is to engineer ...