Business
ZK INTERNATIONAL ANNOUNCES SHARE REPURCHASE PROGRAM
WENZHOU, China, March 31, 2022 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZK", "ZK International" or the "Company"), announced today
About this update from Zk International Group Co., Ltd
[{"type":"text","content":"WENZHOU, China, March 31, 2022 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) (\"ZK\", \"ZK International\" or the \"Company\"), announced today that it plans to undertake a share repurchase program to allow for the buyback of some of its common shares.\n\n \n \n \n \n \n \n\n \nZKIN's Board of Directors has authorized a share repurchase program for the repurchase of up to $1.00 million of the Company's outstanding common shares over the next 12 months at prevailing market prices in accordance with applicable law.\nUnder the new share repurchase program, the company is authorized to repurchase from time to time shares of its outstanding common stock on the open market. The timing and amount of stock repurchases will depend on a variety of factors, including market conditions as well as corporate and regulatory considerations. The share repurchase program may be suspended, modified or discontinued at any time and the company has no obligation to repurchase any amount of its common stock under the program. The company intends to make all repurchases in compliance with applicable regulatory guidelines and to administer the plan in accordance with applicable laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended.\n\"We believe that the shares are trading in a price range that does not reflect the value of the Company's investments, intellectual property, and financial assets,\" said Jiancong Huang, CEO and Chairman. He continues to state, \"We have the financial strength to undertake this program and reflects our confidence in the cash flow we expect from our investments, which are valuable now and we believe will be more so in the future. While we will still continue to pursue value creating investments, the Board believes there is significant embedded value in our assets that is yet to be realized by the market. Therefore, returning capital to shareholders through a repurchase program of this size is an attractive use of capital at this time.\"\nZK International believes that, from time to time, the market price of its common shares trade at prices that may not adequately reflect their underlying value. The actual number of common shares that may be purchased, if any, and the timing of any such purchases, will be determined by the Company based on a number of factors, including the Company'...