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ZK International Achieves Nasdaq Compliance and Provides Update on Bid Price Compliance Plan

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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., (Nasdaq: ZKIN) ha annunciato due aggiornamenti importanti riguardo il suo stato di quotazione al Nasdaq. In primo luogo, l'azienda ha riconquistato la conformità ai requisiti di deposito periodico del Nasdaq presentando tempestivamente il suo rapporto annuale il 13 agosto 2024. Questo risolve la precedente notifica di non conformità ricevuta il 20 febbraio 2024.

In secondo luogo, a ZKIN è stato concesso un ulteriore periodo di 180 giorni, fino al 10 febbraio 2025, per riconquistare la conformità con il requisito del prezzo minimo di offerta di $1 del Nasdaq. Questa estensione è stata concessa sulla base della conformità dell'azienda con altri requisiti di quotazione e della sua intenzione scritta di sanare la carenza. Per riconquistare la conformità, il prezzo finale di chiusura di ZKIN deve raggiungere o superare $1,00 per azione per almeno 10 giorni lavorativi consecutivi durante questo periodo.

ZK International Group Co., (Nasdaq: ZKIN) ha anunciado dos actualizaciones importantes sobre su estado de cotización en Nasdaq. Primero, la compañía ha recuperado el cumplimiento de los requisitos de presentación periódica de Nasdaq al presentar oportunamente su informe anual el 13 de agosto de 2024. Esto resuelve la notificación previa de incumplimiento recibida el 20 de febrero de 2024.

En segundo lugar, a ZKIN se le ha concedido un período adicional de 180 días, hasta el 10 de febrero de 2025, para recuperar el cumplimiento con el requisito de precio mínimo de oferta de $1 de Nasdaq. Esta extensión se otorgó basada en el cumplimiento de la compañía con otros requisitos de cotización y su intención escrita de subsanar la deficiencia. Para recuperar el cumplimiento, el precio de cierre de ZKIN debe alcanzar o superar los $1,00 por acción durante al menos 10 días hábiles consecutivos durante este período.

ZK International Group Co., (Nasdaq: ZKIN)는 나스닥 상장 상태에 관한 두 가지 중요한 업데이트를 발표했습니다. 첫째, 회사는 2024년 8월 13일에 연간 보고서를 적시에 제출하여 나스닥의 정기 제출 요구 사항을 재확인했습니다. 이는 2024년 2월 20일에 받은 비준수 통지를 해결합니다.

둘째, ZKIN은 나스닥의 최소 $1 입찰가 요건을 충족하기 위해 2025년 2월 10일까지 추가 180일 기간을 부여받았습니다. 이 연장은 회사가 다른 상장 요건을 준수하고 그 결점을 치료할 의사를 서면으로 표명한 것에 근거하여 주어졌습니다. 준수를 회복하기 위해, ZKIN의 종가가 이 기간 동안 최소 10일 연속 사업일 동안 주당 $1.00 이상에 도달해야 합니다.

ZK International Group Co., (Nasdaq: ZKIN) a annoncé deux mises à jour importantes concernant son statut de cotation à la Nasdaq. Premièrement, la société a retrouvé la conformité avec les exigences de dépôt périodique de la Nasdaq en soumettant son rapport annuel dans les délais le 13 août 2024. Cela résout la notification de non-conformité reçue le 20 février 2024.

Deuxièmement, ZKIN a été accordé une période supplémentaire de 180 jours, jusqu'au 10 février 2025, pour retrouver la conformité avec l'exigence du prix d'offre minimum de 1 $ de la Nasdaq. Cette extension a été accordée sur la base de la conformité de l'entreprise avec d'autres exigences de cotation et de son intention écrite de remédier à la carence. Pour retrouver la conformité, le prix de clôture de ZKIN doit atteindre ou dépasser 1,00 $ par action pendant au moins 10 jours ouvrables consécutifs pendant cette période.

ZK International Group Co., (Nasdaq: ZKIN) hat zwei wichtige Aktualisierungen zu seinem Status an der Nasdaq bekannt gegeben. Erstens hat das Unternehmen die Einhaltung der regelmäßigen Abgabeanforderungen von Nasdaq wiederhergestellt, indem es am 13. August 2024 seinen Jahresbericht fristgerecht eingereicht hat. Dies behebt die zuvor am 20. Februar 2024 erhaltene Mitteilung über die Nichteinhaltung.

Zweitens wurde ZKIN ein zusätzlicher Zeitraum von 180 Tagen bis zum 10. Februar 2025 gewährt, um die Einhaltung des Mindestgebots von $1 von Nasdaq wiederherzustellen. Diese Verlängerung wurde auf der Grundlage der Einhaltung anderer Listungsanforderungen des Unternehmens und seiner schriftlichen Absicht, den Mangel zu beheben, gewährt. Um die Einhaltung wiederherzustellen, muss der Schlusskurs von ZKIN für mindestens 10 aufeinanderfolgende Geschäftstage während dieses Zeitraums $1,00 pro Aktie erreichen oder übersteigen.

Positive
  • Regained compliance with Nasdaq's periodic filing requirements
  • Granted additional 180 days to meet minimum bid price requirement
  • Maintains compliance with all other Nasdaq listing requirements except bid price
Negative
  • Failed to meet $1 minimum bid price requirement within initial 180-day period
  • May need to implement a reverse stock split to regain compliance

Insights

ZK International's Nasdaq compliance update presents a mixed picture for investors. The company's successful filing of its annual report, resolving the periodic filing issue, is a positive development. It demonstrates improved financial reporting and transparency, which are important for maintaining investor trust.

However, the ongoing bid price compliance issue is a significant concern. The extended deadline to February 2025 provides some breathing room, but the need for a potential reverse stock split signals underlying challenges. This could lead to share dilution and negative market perception. The company's inability to maintain a $1 share price over an extended period suggests weak market confidence and potential fundamental issues.

Investors should closely monitor ZKIN's financial performance and any strategic initiatives to address the share price issue. The company's ability to organically increase its stock value will be important in avoiding more drastic measures and maintaining its Nasdaq listing.

The Nasdaq compliance update for ZK International reveals underlying market challenges for the company. While resolving the periodic filing issue is positive, the persistent low share price is a red flag for market perception and investor confidence.

The extended deadline for bid price compliance suggests that Nasdaq sees potential in ZKIN, but it also indicates the company's struggle to attract investor interest. This could be due to various factors, including:

  • Broader market conditions affecting the steel pipe industry
  • Company-specific performance issues
  • visibility or appeal to investors

To regain compliance, ZKIN needs to focus on improving its fundamental business performance and enhancing its investor relations strategy. Without significant improvements, the company risks further market devaluation and potential delisting, which could severely impact its ability to raise capital and maintain market presence.

 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.

1.  Compliance with Periodic Filing Requirements

On 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.

2.  Bid Price Compliance Plan

On 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.

This 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.

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 46 patents, 46 trademarks, 5 Software Copyrights, 2 National Innovation Fund Awards, and 41 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.  

For more information please visit www.ZKInternationalGroup.com. Additionally, please follow the Company on TwitterFacebookYouTube, and Weibo. For further information on the Company's SEC filings please visit www.sec.gov.

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.

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SOURCE ZK International Group Co., Ltd.

FAQ

What is the current Nasdaq compliance status of ZK International (ZKIN)?

ZK International (ZKIN) has regained compliance with Nasdaq's periodic filing requirements but is still working to meet the minimum $1 bid price requirement.

How long does ZKIN have to regain compliance with Nasdaq's minimum bid price requirement?

ZKIN has been granted an additional 180-day period, until February 10, 2025, to regain compliance with Nasdaq's minimum $1 bid price requirement.

What must ZKIN do to regain compliance with Nasdaq's bid price requirement?

To regain compliance, ZKIN's closing bid price must meet or exceed $1.00 per share for a minimum of 10 consecutive business days before February 10, 2025.

Is ZK International (ZKIN) considering a reverse stock split?

Yes, ZK International has mentioned the potential use of a reverse stock split as a means to cure the bid price deficiency if necessary.

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Wenzhou