ZK International Group Co., Ltd. is pleased to announce that the Nasdaq Hearings Panel has granted the company a temporary exception, enabling it to regain compliance with The Nasdaq Stock Market LLC's ("Nasdaq") Listing Rule 5550(a)(2) (the "Bid Price Rule").

ZK International Group Co., Ltd. has represented to Nasdaq a comprehensive plan to restore compliance with the Bid Price Rule. The company will effect a reverse stock split, if necessary, to regain compliance by January 19, 2024 and described the actions it intends to take to be able to meet that timeline. The temporary exception extends until January 31, 2024, giving ZK International Group Co., Ltd. a clear timeline to meet these compliance milestones. ZK International Group Co., Ltd. shall effect a reverse stock split by January 5, 2024 and shall have demonstrated compliance with the Bid Price Rule, by evidencing a closing bid price of $1 or more per share for a minimum of ten consecutive trading sessions, by January 19, 2024.

"We are appreciative of the Nasdaq Hearings Panel's decision to grant us this temporary exception," said Jiancong Huang, Chairman of ZK International Group Co., Ltd, "this decision provides us with a clear path to regain compliance with the Bid Price Rule and reaffirms our commitment to our shareholders, business partners, and the investment community."

The Nasdaq Hearings Panel advised ZK International Group Co., Ltd. that during the exception period, the company must promptly notify Nasdaq of any significant events that could impact its compliance with Nasdaq listing requirements. Failure to meet any of the terms outlined in this exception may result in the delisting of the company's securities from the Exchange.

ZK International Group Co., Ltd. is dedicated to maintaining transparency and meeting all regulatory requirements during this process. The company will work diligently to fulfill the conditions outlined by Nasdaq and, if necessary, request a review by the Nasdaq Listing and Hearing Review Council. ZK International Group Co., Ltd. is committed to the continued success and growth of the business and values its relationship with its stakeholders.

 

Source:prnewswire.com

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