The Nasdaq Hearing Panel communicated this by letter dated March 13, 2020. The continued listing is subject to Zion Oil & Gas demonstrating compliance with the minimum $1.00 price requirement set forth in Nasdaq Listing Rule 5550(a)(2), on or before June 26, 2020.
In order for Zion to suits the need by Nasdaq, Zion must have a closing price of a minimum of $1.00 per share for a minimum of ten consecutive business days, on or before June 26, 2020.
Zion is diligently working
Zion is diligently working to suits the Nasdaq Listing Rule 5550(a)(2); however, there is often no assurance that it’ll be ready to do so.
Zion has completed the acquisition of a drill rig and related equipment (see handout dated March 18, 2020). Also, Zion has incorporated two wholly-owned subsidiaries, Zion Drilling, Inc. and Zion Drilling Services, Inc., for the operation of the rig in Israel.
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 can be with you; He will never leave you nor forsake you. don’t be afraid; don’t be discouraged.”
“Sing to the Lord, for he has done glorious things; Shout aloud and sing for joy, people of Zion, for nice is that the Holy One among Israel among you.”
This handout contains forward-looking statements. Statements during this communication that aren’t historical fact, including statements regarding Zion’s planned operations, anticipated attributes of geological strata which will be drilled or tested within the future, import the rig it purchased into Israel during a timely manner and Zion’s ability to successfully raise the funds needed to undertake all of its planned exploration efforts; Zion’s ability to continue as a going concern; the timing and completion of the processing,
Interpretation of the results and plans contingent as well as thereon of the three-D seismic survey, the timing of the importation onto the well site of the purchased drill rig, approvals needed for the rig’s erection and startup, the effect, if any, of the coronavirus pandemic. On the timing of the delivery and start-up of the well, and operational risks in ongoing exploration efforts, are forward-looking as well as statements which are made pursuant to the shark repellent provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These risks could cause Zion’s actual performance to differ materially from the results predicted by these forward-looking statements. Zion can give as well as no assurance that the expectations reflected. In these statements will convince be correct and assume no responsibility to update these statements.