DALLAS and CAESAREA, Israel, Aug.
31, 2020 /PRNewswire/ -- Zion Oil & Gas notified the
Nasdaq Stock Market LLC that Zion is de-listing its shares from the
Nasdaq Stock Market LLC's Capital Market and will have its shares
quoted for trading on OTC Markets Group Inc.'s OTCQX, the top tier
of the OTC markets.
"With the transition to OTCQX, we are migrating to a more
business-friendly market during these turbulent times," stated Zion
CEO, Robert Dunn. "Zion will
continue to provide all required disclosures to provide
transparency regarding Zion and its business, and we believe that
trading on OTCQX will provide adequate liquidity for the trading of
Zion shares at less cost to Zion."
As previously disclosed by Zion, Nasdaq has advised Zion it will
have through September 8, 2020, to
regain compliance with the minimum closing bid price of
$1.00. As the management of Zion has
determined that it is not in the best interest of Zion and its
shareholders to implement a reverse stock split to satisfy the
minimum bid price, Zion applied for and meets the current standards
for trading on the OTCQX.
With the shutdowns by the Covid-19 virus in the United States, Europe, and Israel, all ground operations for Zion,
including drilling plans, have been delayed beyond Zion's control
by the respective governments. Zion management believes that
the extended shutdown adds an additional layer of
difficulty. Management also has determined that the transition
to the OTCQX Market better serves the interests of Zion and its
shareholders at this stage in Zion's corporate
development. With the transition to the OTCQX, the OTC's top
tier, Zion will continue to comply with its SEC reporting
obligations as always.
Zion is moving to a broker-dealer market from the matching
engine technology used by the Nasdaq exchange. OTC Link ATS and OTC
Link ECN are SEC-regulated ATS operated by OTC Link LLC, a
FINRA/SIPC member. OTCQX is the premium tier of OTC
Markets Group and enables investors to trade through the broker of
their choice easily. Investors will have access to real-time
bid-ask information and other information through the OTC
Disclosure & News Service, which publishes and distributes
data, news, and financials to a broad audience of investors.
The OTCQX Rules for U.S. companies are designed to create the
most informed, efficient, and cost-effective market for
securities. The OTCQX rules require companies to meet high
standards, make adequate, current information publicly available,
provide timely public disclosure of any news or information which
might reasonably be expected to affect the market for its
securities materially, and demonstrate compliance with securities
laws and regulations.
Zion Oil & Gas, a public company traded on NASDAQ (ZN),
explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel
license area.
"The Lord Himself goes before you and will be
with you; He will never leave you nor forsake you.
Do not be afraid; do not be discouraged."
Deuteronomy
31:8
"Sing to the Lord, for he has done glorious
things; let this be known to all the world. Shout
aloud and sing for joy, people of Zion, for great is the Holy One
of Israel among you."
Isaiah 12:5-6
FORWARD-LOOKING STATEMENTS: Statements in this communication
that are not historical fact, including statements regarding Zion's
operations; Zion's ability to continue as a going
concern; operational risks in ongoing exploration efforts; and
liquidity for shareholders on the OTCQX are forward-looking
statements as defined in the "Safe Harbor" provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on assumptions that are
subject to significant known and unknown risks, uncertainties, and
other unpredictable factors, many of which are described in Zion's
periodic reports filed with the SEC and are beyond Zion's control.
These risks could cause Zion's actual performance to differ
materially from the results predicted by these forward-looking
statements. These risks and uncertainties include, but are not
limited to, those described in Item 1A in Zion's Annual Report on
Form 10-K, which is expressly incorporated herein by reference, and
other factors as may periodically be described in Zion's filings
with the SEC. Zion can give no assurance that the expectations
reflected in these statements will prove to be correct and assumes
no responsibility to update these statements.
Contact Info:
Andrew Summey
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Telephone: 888-891-9466
Email: info@zionoil.com
www.zionoil.com
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SOURCE Zion Oil & Gas, Inc.