Zion Oil Transfer of Listing
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
By letter dated March 13, 2020, the Nasdaq Hearing Panel (the “Panel”) granted the request of 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 was suspended by Nasdaq for all listed companies and the Panel has extended for the Company the continued listing on Nasdaq, subject to the Company demonstrating compliance with the minimum $1.00 bid price requirement, as set forth in the Rule, on or before September 8, 2020. 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, through generally not more than 20, consecutive business days.
With the shutdowns by the Covid-19 virus in the United States, Europe and Israel, many operations for the Company have been delayed beyond our control by the respective governments resulting in difficulties in satisfying Nasdaq’s closing bid price listing requirement until the Company resumes operations in Israel. During this uncertain Covid-19 time, the officers and directors believe that it is in the best interest of the Company and its shareholders to change the listing exchange of its stock to the OTCQX, the top tier of the OTC Markets.
The Company also issued a press release on August 31, 2020 titled “Zion Oil & Gas, Inc. to Transition Trading of Shares to the OTCQX – an SEC Recognized Established Public Market” describing the transition from Nasdaq to OTC Markets. The press release is being filed as Exhibit 99.01 and incorporated by reference into this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
The following exhibit relating to Item 3.01 is filed with this Current Report on Form 8-K:
|99.01||Press Release dated August 31, 2020 titled “Zion Oil & Gas, Inc. Transition Trading of Shares to the OTCQX – an SEC Recognized Established Public Market”|
ZION OIL & GAS INC Exhibit
EX-99.01 2 ea126237ex99-01_zionoil.htm PRESS RELEASE DATED AUGUST 31,…
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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.