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WENZHOU, China - ZK International Group Co., Ltd. (NASDAQ:ZKIN), a prominent engineering company specializing in high-performance steel products, has regained compliance with Nasdaq’s minimum bid price requirement. The company confirmed that it had received a notification from Nasdaq, indicating that its closing bid price had remained above US$1.00 for 10 consecutive business days, satisfying the Nasdaq Capital Market’s Listing Rule 5550(a)(2). According to InvestingPro data, the stock currently trades at $1.92, though it has experienced significant volatility with a 52-week range of $1.70 to $6.30.
The resolution of the bid price deficiency, which was formally acknowledged by Nasdaq on February 14, 2025, marks the end of the matter, according to the Nasdaq Notice. ZK International has expressed its commitment to upholding the highest standards of corporate governance and compliance, while also appreciating the support from its shareholders. InvestingPro analysis reveals concerning financial metrics, including negative EBITDA of -$0.27M and a weak gross profit margin of 6.05%.
ZK International’s core business revolves around engineering and manufacturing patented stainless steel and carbon steel pipe products designed to provide high-quality, sustainable, and environmentally friendly drinking water solutions to markets in China, Asia, and Europe. The company holds multiple patents, trademarks, and industry awards, and has been involved in supplying pipelines to significant infrastructure projects, including the Beijing National Airport and venues for the 2008 Beijing Olympics. Despite its established market presence, InvestingPro data shows the company faces significant challenges, with revenue declining by 3.05% and substantial debt concerns. InvestingPro subscribers have access to 16 additional key insights about ZKIN’s financial health and market position.
The company’s announcement comes as it prepares to leverage the Chinese government’s substantial investment in water quality improvement, which aims to address the issue of a large percentage of the country’s water being unfit for human contact.
This news is based on a press release statement and does not include any promotional content or subjective assessments. The information provided herein should not be taken as an endorsement of ZK International’s future performance or plans.
In other recent news, ZK International Group Co., Ltd. reported a notable 405% increase in gross profit for the fiscal year ending September 30, 2024, despite a 3.05% decline in revenue to $108.2 million. The company improved its gross profit margin to 6.05% from the previous year’s 1.16%, largely due to higher average selling prices. Additionally, ZK International significantly reduced its net loss by 95.44%, narrowing it to $2.78 million. In another development, the company announced a 1-for-7 reverse stock split, effective January 31, 2025, to meet NASDAQ’s minimum bid price requirements, reducing its outstanding shares from 36,147,625 to approximately 5,163,946. Furthermore, ZK International’s subsidiary, xSigma Corp., is set to launch the xSigma Wallet, a new cryptocurrency banking wallet featuring an xSigma-branded Visa (NYSE:V) credit card. This wallet will allow users to purchase cryptocurrencies directly with various payment methods, aiming to provide a secure platform for over 170 countries. Lastly, ZK International postponed its shareholder conference call to a later, unspecified date to ensure a more comprehensive discussion of significant developments.
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