ZK International (ZKIN, Financial) experienced a significant drop in its stock price, falling over 38% to $0.50. This decline followed the company's announcement of a 1-for-7 reverse stock split. The purpose of this reverse split is to increase the per-share trading price of the company's common stock, thereby meeting the Nasdaq Stock Market's minimum bid price requirement of $1 for continued listing.
Upon the announcement, ZK International's stock initially plummeted over 40%, but the losses slightly narrowed after the market opened.
