WENZHOU, China, Jan. 29,
2025 /PRNewswire/ -- ZK International Group Co.,
Ltd. (Nasdaq: ZKIN) ("ZK International" or the
"Company"), a leading engineering Company focused on
high-performance steel products, announces a 1-for-7 reverse split
of its ordinary shares approved by the Company's Board of Directors
on January 14, 2025.
Beginning on January 31, 2025, the
Company's ordinary shares will begin trading on the NASDAQ Stock
Market on an adjusted basis, reflecting the reverse stock split,
under the exiting symbol "ZKIN". The new CUSIP number for the
ordinary shares following the reverse stock split will be
G9892K209.
Upon effectiveness of the reverse stock split, every 7 shares of
the Company's issued and outstanding ordinary shares will
automatically be converted into one share of issued and outstanding
ordinary shares. No fractional shares will be issued as a result of
the reverse stock split. Instead, any fractional shares that would
have resulted from the split will be rounded up to the next whole
number.
Registered shareholders holding their shares of ordinary shares
in book-entry or through a bank, broker or other nominee form do
not need to take any action in connection with the reverse stock
split. Shareholders holding physical stock certificates will also
generally receive book-entry shares instead of their existing
certificates. The Company's transfer agent, Securities Transfer
Corporation, will send further instructions.
The reverse stock split is intended to increase the per share
trading price of the Company's ordinary shares to satisfy the
$1.00 minimum bid price requirement
for continued listing of the ordinary shares on the NASDAQ Stock
Market. Following the reverse stock split, the Company's 36,147,625
issued and outstanding shares of ordinary shares will amount to
approximately 5,163,946 shares of ordinary shares issued and
outstanding.
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.
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.
