ZK International Group Announces Receipt of Nasdaq Delisting Notification and Will Request Hearing

Rhea-AI Summary

ZK International Group received notice of non-compliance with Nasdaq bid price requirement and plans to request a hearing before the Nasdaq Hearings Panel.

Positive

• ZK International Group plans to request a hearing before the Nasdaq Hearings Panel to prevent delisting and continue trading on Nasdaq.

Negative

• ZK International Group's securities are subject to delisting due to non-compliance with the $1.00 bid price requirement.

WENZHOU, China, Oct. 13, 2023 /PRNewswire/ -- ZK International Group Co., Ltd. (Nasdaq: ZKIN) ("ZKIN", "ZK International" or the "Company"), a leading provider of advanced steel products, today announced that on October 10, 2023, the Company received notice from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq") that, based upon the Company's non-compliance with the $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2) as of October 10, 2023, the Company's securities were subject to delisting unless the Company timely requests a hearing before the Nasdaq Hearings Panel (the "Panel"). 

The Company plans to timely request a hearing before the Panel, which request will stay any further action by Nasdaq and will allow the Company's ordinary shares to continue to trade on Nasdaq under the symbol "ZKIN" at least pending the issuance of the Panel's decision and the expiration of any extension the Panel may grant to the Company following the hearing.

The Company is considering all options available to it and will provide the market and its shareholders with material update(s) if and when available.

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

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 28 patents, 21 trademarks, 2 Technical Achievement Awards, and 10 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.  

About Donohoe Advisory:

Donohoe Advisory Associates LLC will help you go public, get listed, stay listed and structure financing and acquisition transactions.

We provide consulting and advisory services to companies and law firms.  In that regard, we have relationships with most of the largest law firms in the country.  We represent more companies in listing-related matters than any other firm in the country.

Expertise in the field is the core of Donohoe Advisory, formed in 2004 by David A. Donohoe, Jr., former Chief Counsel for the Listing Qualifications Department of The Nasdaq Stock Market.

Mr. Donohoe is joined by Katherine Roberson Petty, former Senior Counsel for Nasdaq's Office of General Counsel, Bruce Poignant, former NYSE Executive in their Capital Markets Group, Tamara Kondic, former Director in the Listing Qualifications Department at the Nasdaq Stock Market LLC, Keely Moxley, former Director in the Listing Qualifications Department of The Nasdaq Stock Market LLC and David Compton, former Director of Corporate Governance Interpretations at Nasdaq.

Our qualifications are unmatched. We have many years of experience as exchange officials.  Further, since forming Donohoe Advisory in 2004, we have advised hundreds of companies and law firms in listing related engagements. We invite you to find out if we have the answers and/or solutions for which you are looking.

Our Mission

Our mission is to be the preeminent experts on U.S. stock exchange listing and compliance matters. We expect to be the first phone call for any company or law firm facing a listing-related issue or seeking to obtain a U.S. stock exchange listing.

We have extensive experience working with the three major stock exchanges and our primary charge is to help our clients to anticipate, avoid and resolve listing related problems.

Donohoe Advisory is a respected advisory firm with a focus on assisting companies in maintaining and regaining compliance with national stock exchange listing requirements. With a proven track record, they provide expert guidance and strategic support to navigate complex regulatory challenges.

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/zk-international-group-announces-receipt-of-nasdaq-delisting-notification-and-will-request-hearing-301956567.html

SOURCE ZK International Group Co., Ltd.

FAQ

What is the news about?

ZK International Group received notice of non-compliance with Nasdaq bid price requirement.

What action is ZK International Group planning to take?

ZK International Group plans to request a hearing before the Nasdaq Hearings Panel.

What will happen if the hearing request is granted?

If the hearing request is granted, ZK International Group's ordinary shares will continue to trade on Nasdaq.

Where can I find more information about ZK International Group?

For more information, please visit www.ZKInternationalGroup.com.

Where can I find the Company's SEC filings?

For further information on the Company's SEC filings, please visit www.sec.gov.