Zion Oil & Gas, Inc. (NASDAQ:ZN) Files An 8-K Other Events
Item 8.01. Other Events.
As previously disclosed, by letter dated March 13, 2020, the Nasdaq Hearing Panel (the “Panel”) granted an extension to Zion Oil & Gas, Inc. (the “Company”) for continued listing on The Nasdaq Stock Market LLC (“Nasdaq”), subject to the Company demonstrating compliance with the minimum $1.00 bid price requirement, as set forth in Nasdaq Listing Rule 5550(a)(2) (the “Rule”), on or before June 26, 2020.
On April 16, 2020, the minimum bid price requirement and market value of publicly held shares requirement (the “Price-Based Requirements”) were temporarily tolled by Nasdaq through June 30, 2020. As a result, companies presently in compliance periods for any Price-Based Requirements will remain at that same stage of the process and will not be subject to being delisted for these matters. Thereafter, starting July 1, 2020, companies will receive the balance of any pending compliance period in effect at the start of the tolling period to regain compliance.
Accordingly, upon reinstatement of the Price-Based Requirements, the Company will have through September 8, 2020 to regain compliance. In order to evidence compliance with the Rule, the Company must evidence a closing bid price of at least $1.00 per share for a minimum of 10 consecutive trading days. The Company is diligently working to evidence compliance with the Rule; however, there can be no assurance that it will be able to do so.
About Zion Oil & Gas, Inc. (NASDAQ:ZN)
Zion Oil & Gas, Inc. is an oil and gas exploration company. The Company holds a petroleum exploration license onshore Israel, the Megiddo-Jezreel License (MJL), comprising approximately 99,000 acres. The MJL is onshore, south and west of the Sea of Galilee. The Company has drilled approximately four exploratory wells. The Company has not generated any revenues.
