Ortoli Rosenstadt LLP Represents ZK International Group Co., Ltd. In $18 Million Registered Direct Offering

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Rhea-AI Summary

On March 30, 2021, Ortoli Rosenstadt LLP announced that they represented ZK International Group Co., Ltd. (Nasdaq: ZKIN) in a registered direct offering totaling $18 million. The offering involved the issuance of 4 million shares under a previously filed shelf registration statement with the SEC. The transaction was finalized on or around March 25, 2021, generating gross proceeds of approximately $18 million.

Positive

Successfully raised $18 million through a registered direct offering.
Increased liquidity for future business operations and investments.

Negative

Issuance of 4 million shares may lead to shareholder dilution.

News Market Reaction – ZKIN

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-9.16% Session move

In the trading session that priced this news, ZKIN declined 9.16%, reflecting a notable negative market reaction.

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03/30/2021 - 11:26 AM

NEW YORK, March 30, 2021 /PRNewswire/ -- Ortoli Rosenstadt LLP, a New York full-service international law firm, today announced that it represented ZK International Group Co., Ltd. (Nasdaq: ZKIN), a manufacturer and supplier of patented high-performance stainless steel and carbon steel pipe products, in a registered direct offering with a group of investors. The $18 million registered direct offering was for the issuance of 4 million shares of ordinary shares pursuant to a "shelf" registration statement (File No. 333-230860) filed with the Securities and Exchange Commission (SEC) on April 15, 2019 and declared effective on April 29, 2019. The transaction closed on or about March 25, 2021 and the gross proceeds were approximately $18 million.

The Ortoli Rosenstadt LLP team included Partner William Rosenstadt, Of Counsel Jason Ye, Associates Grace Bai and Sophie Sang.

About Ortoli Rosenstadt LLP
Founded in 2006, Ortoli Rosenstadt LLP is a New York law firm representing domestic and international clients worldwide with vision and ambition. With its attorneys' abilities to speak nine different languages, the firm is able to provide cutting-edge and solution-oriented legal advice to international clients globally in a broad variety of practice areas, including corporate & securities, merger and acquisitions, real estate, immigration and employment, intellectual property and commercial litigation.

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SOURCE Ortoli Rosenstadt LLP

FAQ

What is the total amount raised in ZKIN's recent offering?

ZK International raised $18 million through a registered direct offering.

How many shares were issued in ZK International's direct offering?

A total of 4 million shares were issued.

When did the transaction close for ZK International's offering?

The transaction closed on or around March 25, 2021.

What are the potential impacts of ZK International's $18 million offering on shareholders?

The issuance of shares may result in shareholder dilution.