Business
ZK International Group Co., Ltd. and The CF Opportunity Fund Commits $5 Million Investment with the First Subscription Priced at $1.70 per Share
WENZHOU, China, Nov. 29, 2023 /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, Nov. 29, 2023 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) (\"ZKIN,\" \"ZK International\" or the \"Company\"), a leading provider of advanced steel products, is pleased to announce a financial boost with a $5 million passive investment commitment from the CF Opportunity Fund Ltd., which is a Bahamas-based fund.\n\n \n \n \n \n \n \n\n \nUnivest Securities acted as the sole placement agent in facilitating this strategic financing, marking a significant milestone in ZKIN's journey towards enhanced growth and innovation.\nAbout the Financing:\nZKIN has successfully secured a substantial passive investment of $5 million from a Bahamas Fund, signaling a vote of confidence in the Company's vision and future prospects. The investment will be made in three separate subscriptions and one closing, demonstrating a structured approach to fostering a long-term belief in the Company's vision and future.\nThe Initial Subscription - Establishing Foundations:\nAn initial investment of $1,500,000 will be completed within three business days after signing the Securities Purchase Agreement (the \"Agreement\") (the \"Initial Subscription Date\"). This initial phase sets the tone for the partnership's future by providing essential capital when it is most needed. The agreed per-share price for this closing is equal to $1.70 per share.\nThe Second Subscription - Fortifying Collaboration:\nFollowing the successful completion of the initial tranche, an additional $2,000,000 investment will be executed within 60 days from the Initial Subscription Date (the \"Second Subscription Date\"). This second phase will look at solidifying CF Fund's belief in the Company's vision.\nThe Third Subscription - Sustaining Momentum:\nBuilding on the momentum of the previous subscriptions, the final investment of $1,500,000 will be concluded within 60 days from the Second Subscription Date (the \"Third Subscription Date\"). The per-share price for this closing is equal to 165% of the higher of (i) the Initial Bid Price, (ii) or the closing bid price as of the trading day immediately prior to the Third Closing Date, or (ii) the average closing bid price during the five trading days immediately prior to the Third Subscription Date.\nStrengthening ZKIN's Financial Position:\nThis financing marks a significant milestone, providing ZKIN with ...