ZK International Group Inc. (ZKIN) stock rises by 1.22% in the pre-market trading session after ZKIN announced that they have made a $50M series A funding round in CG Malta for the purpose of launching Maximbet.com. ZK International Group is a Chinese engineering firm that develops and invests in cutting-edge technology for today’s world. With an emphasis on manufacturing, environmental, and software engineering, they develop and implement next-generation solutions
What is happening?
ZK international announced that in order to launch MaximBet.com, ZKIN is thrilled to confirm that it has led a $50 million Series A funding round in CG Malta Holding Limited which is a fast-growing and privately-held multi-state and internationally licensed sports betting and casino operator. MaximBet is a strategic alliance between CGM and Maxim, a well-known media firm
Through two closings, ZKIN will invest $50 million in CGM. The first deal was made today, with the Corporation buying a 12 percent stake for $15,000,000. The second closing, expected in the second quarter, would result in the Company receiving an additional 13 percent of the $35,000,000 purchase price. ZKIN will own a total of 25% of MaximBet following the completion of the two closings.
MaximBet will consist of a market-leading sports betting and casino website, MaximBet.com, as well as custom-built native iOS and Android apps that will help consumers to bet money on sports and casino in the United States and around the world. Maxim’s interconnected network of print, multimedia, social, and experiential channels will be used to engage the loyal Maxim community as well as sports bettors worldwide.
In the last month, ZKIN announced the establishment of xSigma Entertainment Limited which is its completely owned subsidiary, with the aim of acquiring online gaming assets to boost shareholder value by focusing on the rising online casino industry. ZKIN is excited to announce its first strategic investment in the US online gaming industry, which is with a globally known brand and a leading operator with years of experience.