WENZHOU, China, May 7, 2024
/PRNewswire/ -- ZK International Group Co.,
Ltd. (Nasdaq: ZKIN) ("ZKIN," "ZK International" or
the "Company"), a leading provider of advanced steel products, is
pleased to announce the successful closing of its previously
announced $5 million financing.
The additional investment of US$1.5
million, was calculated at 165% premium, thus reinforces CF
Opportunity Fund's dedication to ZK and its confidence in the
Company's capacity for growth. As previously disclosed in the
report of foreign private issuer on Form 6-K filed with the
Securities and Exchange Commission (the "Commission") on
December 1, 2023, the Company,
entered into a Securities Purchase Agreement, dated November 27, 2023 (the "Purchase Agreement"),
with CF Opportunity Fund (the "Investor"). Pursuant to the Purchase
Agreement, the Investor purchased and the Company issued and sold
3,154,885 ordinary shares of the Company, of no par value (the
"Shares"), at an aggregate purchase price of $5 million (the "Private Placement").
On April 29, 2024, the Company
successfully issued the Shares, marking the closure of the Private
Placement. The Company intends to utilize the net proceeds from the
Private Placement for working capital and general corporate
purposes, further bolstering its strategic initiatives and
operational capabilities.
The Private Placement was exempted from the registration
requirements of the Securities Act of 1933, as amended (the
"Securities Act") pursuant to Regulation S under the Securities
Act.
Jiancong Huang, Chairman and CEO
of ZK International, commented, "We are pleased to have completed
this financing transaction, which demonstrates the confidence of
investors in our business strategy and growth prospects. The
additional capital will enhance our financial flexibility and
support our ongoing efforts to drive long-term value creation for
our shareholders."
ZK International Group Co., Ltd. remains committed to executing
its growth plans and delivering sustainable value to its
stakeholders.
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.