ZK International Group Co., Ltd. (NASDAQ:ZKIN) (“ZKIN”, “ZK International” or the “Company”) today announced that the Company received a notice from the Nasdaq Stock Market LLC (“Nasdaq”), dated Oct. 13, 2022, notifying the Company that it is currently not in compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5450(a)(1) (the “Rule”) because the bid price of the Company’s ordinary shares fail to maintain a minimum bid price of US$1.00 per share for the last 30 consecutive business days from August 31, 2022 to October 12, 2022.
Pursuant to the Nasdaq Listing Rules 5810(c)(3)(A), the Company is provided with a compliance period of 180 calendar days, or until April 11, 2023, to regain compliance under the Listing Rules. If at any time during the 180-day compliance period, the closing bid price of the Company’s ordinary share is US$1.00 per share or higher for a minimum of ten consecutive trading days, Nasdaq will provide the Company with a written confirmation of compliance and the matter will be closed. In the event that the Company does not regain compliance with the Rule within 180 calendar days, the Company may be eligible for additional time.
The Company intends to monitor the closing bid price of its ordinary shares between now and April 11, 2023 and intends to consider available options to cure the deficiency and regain compliance with the Rule’s minimum bid price requirement within the prescribed grace period. The Company’s ordinary share will continue to be listed and trade on the Nasdaq Capital Market during this period, unaffected by the receipt of the written notice from Nasdaq.
This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
