ZK International Group Co., Ltd Ordinary Share - ZKIN STOCK NEWS

ZK International Group Co., (Nasdaq: ZKIN) has secured a significant contract with Shenzhen Gas Group for the Shenzhen Municipal Infrastructural Gas Pipeline Procurement Project, valued at approximately $4.47 million. The project involves providing state-of-the-art crimped carbon steel pipes and fittings for gas engineering in multi-story residential buildings across Shenzhen.

This contract win reinforces ZK International's leadership in the gas infrastructure sector and aligns with China's ambitious economic stimulus package, which is expected to boost various sectors, including construction and infrastructure. The company's innovative crimped carbon steel pipes offer advantages over traditional galvanized and iron pipes in terms of safety, longevity, and cost-efficiency.

ZK International has already seen a 9% increase in revenue, reaching $111.6 million in its most recent financial report, with its Chinese operations contributing a $2 million net income. The additional momentum from the government's economic initiatives is expected to enhance this growth trajectory.

ZK International Group Co., (ZKIN) reported record revenue of $52.89 million for the first half of fiscal year 2024, a 6.5% increase from the same period last year. The company, which manufactures stainless steel and carbon steel pipe products, saw increased demand due to real estate market recovery. Despite higher revenue, ZKIN experienced a net loss of $0.48 million, compared to a $0.06 million loss in the previous year. Gross profit rose by 5.68% to $3.35 million, but gross margin slightly declined to 6.33% due to rising raw material costs. The company's financial condition shows a current ratio of 1.55 as of March 31, 2024, with cash and equivalents totaling $5.06 million.

ZK International Group Co., (Nasdaq: ZKIN) has announced two important updates regarding its Nasdaq listing status. Firstly, the company has regained compliance with Nasdaq's periodic filing requirements by timely filing its annual report on August 13, 2024. This resolves the previous notification of non-compliance received on February 20, 2024.

Secondly, ZKIN has been granted an additional 180-day period, until February 10, 2025, to regain compliance with Nasdaq's minimum $1 bid price requirement. This extension was given based on the company's compliance with other listing requirements and its written intention to cure the deficiency. To regain compliance, ZKIN's closing bid price must meet or exceed $1.00 per share for at least 10 consecutive business days during this period.

ZK International Group Co., (ZKIN) reported its audited financial results for the fiscal year ended September 30, 2023. The company achieved record revenues of $111.60 million, an 8.99% increase from the previous year. However, ZKIN faced significant challenges, including:

- A sharp decline in gross profit to $1.30 million, down 82.93%
- An operating loss of $60.44 million, compared to a $3.96 million loss in 2022
- A net loss of $61.06 million, or $1.94 per share

The company attributed these losses primarily to one-off asset impairment costs of $53.20 million, mainly from writing off long-term investments and software platforms. Despite these setbacks, ZKIN's Chairman expressed confidence in the company's future growth prospects and streamlined operations.

ZK International Group Co., (Nasdaq: ZKIN) has announced a $2 million investment in Recruiter.com Group, Inc. (Nasdaq: RCRT). The investment involves purchasing 2 million shares of Recruiter.com's common stock at $1.00 per share, with a six-month option to buy an additional 2 million shares at the same price. This transaction, completed on July 12, 2024, is exempt from SEC registration requirements under Regulation S. ZKIN also entered into a Registration Rights Agreement with Recruiter.com, requiring the filing of a Form S-3 registration statement within 150 days. Additionally, ZKIN plans to issue a share dividend to its shareholders from this investment, subject to board approval, aiming to enhance shareholder value.

ZK International Group Co. (Nasdaq: ZKIN) has been granted another extension by Nasdaq to file its Form 20-F for the fiscal year ended September 30, 2023.

The initial extension set the deadline at June 7, 2024, but after a subsequent request, the deadline has been further extended to August 13, 2024. This additional time allows ZK International to complete and submit its annual report. However, if the company fails to meet this new deadline, Nasdaq will issue a written notification of delisting. ZK International will then have the option to appeal Nasdaq's decision and request a hearing.

The company remains committed to meeting all regulatory requirements and appreciates Nasdaq's willingness to provide this additional time.

ZK International Group Co., announced the successful closing of a $5 million financing, with $1.5 million investment at a 165% premium. The investment reinforces CF Opportunity Fund's confidence in ZK's growth potential. The Company issued 3,154,885 ordinary shares at $1.59 per share, utilizing the net proceeds for working capital and general corporate purposes.

ZK International Group Co., has been granted an exception by Nasdaq Staff regarding its Form 20-F filing for the period ended September 30, 2023. Following a review, Nasdaq Staff has determined to grant an exception to enable the Company to regain compliance with the Rule, requiring the Company to file the Form 20-F by June 7, 2024. Failure to meet these terms may result in potential delisting of its securities.