WENZHOU, China, Feb. 20,
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 receipt of the
second subscription in its $5 million
private placement offering from the CF Opportunity Fund Ltd., which
is a Bahamas-based fund.
This investment marks a pivotal moment in the Company's journey
toward expansion and innovation.
On November 27, 2023, ZK
International sealed a securities purchase agreement (the
"Agreement") with CF Opportunity Fund Ltd. Under this
Agreement, the Investor committed to purchasing and the Company
agreed to issue and sell US$5 million
of ordinary shares of the Company (the "Private Placement").
Structured to be completed in three subscriptions, this Private
Placement sets the stage for accelerated growth.
Strengthening Progress: The additional investment of
US$2 million, calculated at 175% of
the closing bid price as of the trading day immediately preceding
the Agreement's date, reinforces CF Opportunity Fund's dedication
to ZK and its confidence in the Company's capacity for growth.
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.
Mr. Jiancong Huang, Chairman and
CEO of ZK International Group, commented on the milestone: "We are
pleased to announce the receipt of the second subscription in our
$5 million private placement. This
financing will provide vital capital to support our growth
initiatives and strategic objectives. We look forward to leveraging
these funds to drive long-term value for our shareholders."
The Chairman adds, "Our commitment to excellence and innovation
remains unwavering. Through cutting-edge R&D, strategic
expansion, and a relentless pursuit of excellence, we are
positioning ZK International for future growth and success."
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.