The previous Punisher: Max title ended at issue #75.   This is a reboot of Punisher under the MAX imprint.   This is the only active Punisher title under MAX imprint.

Is it a reboot or a continuation?

Reboot.
 
The first issue (#1) starts off with the mobsters planning on taking out Punisher and they introduce Wilson Fisk (bodyguard to one of the bosses) as the Kingpin in order to divert Punisher's attention off of their stuff and to the made-up Kingpin. So issue #1, is basically the origin of the Kingpin starting with the crime bosses turning the Kingpin myth into a story to trick Punisher. Bullseye is suppose to be coming in issue 2 or soon thereafter.

I believe they will be the MAX versions of the villains, so they may not fit into the continuity of the 616 Marvel universe. (just like how this Frank Castle isn't the same as the 616 Frank that is now a zombie Frankencastle thing)

I picked up the issue and it was pretty good. I'd definitely recommend it if you're looking for serious Punisher goodness.

Yea it's not going to be in 616 continuity, but it'll be cool seeing 'mature' versions of established Marvel characters.