Company: ZNOG
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001437749-25-011641
Chunk: 72

Company: ZION OIL & GAS INC
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 72
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 the Delaware General Corporation Law (“DGCL”) and Title 1, Chapter 10, Subchapter C of the Texas Business Organizations Code (“TBOC”), as set forth in the plan of conversion (the “Plan of Conversion”), included as Annex A to this Proxy Statement. Approval of this Proposal No. 4 (the “Texas Redomestication Proposal”) will constitute approval of the Plan of Conversion. Through the adoption of the Plan of Conversion, upon the Texas Redomestication:

(1) the Company will continue in existence as a Texas corporation and will continue to operate our business under the current name, “Zion Oil & Gas, Inc.”;

(2) the affairs of the Company will cease to be governed by Delaware law at the time the Plan of Conversion is effective and will be subject to Texas law;

(3) the Company will cease to be governed by our existing charter and bylaws and will be instead subject to the provisions of the proposed Texas Certificate of Formation (the “Texas Charter”) and the proposed Texas Bylaws (the “Texas Bylaws”), forms of which are included as Annex B and Annex C, respectively, to this Proxy Statement;

(4) the Texas Redomestication will not result in any change in headquarters, business, jobs, management, properties, location of any of our offices or facilities, number of employees, obligations, assets, liabilities or net worth, except a Delaware franchise tax savings;

(5) each outstanding share of our common stock, par value $0.01 per share (“Delaware Corporation Common Stock”), will automatically become one outstanding share of common stock, par value $0.01 per share, of the Texas Corporation (“Texas Corporation Common Stock”) pursuant to the Plan of Conversion;

(6) stockholders will not need to exchange their existing stock certificates for new stock certificates;

(7) each outstanding warrant, option or right to acquire shares of Delaware Corporation Common Stock will continue in existence and automatically become a warrant, option or right to acquire an equal number of shares of the Texas Corporation Common Stock under the same terms and conditions;

(8) our common stock and warrant will continue to be traded on the OTC Market under the symbols “ZNOG” and “ZNOGW.” We do not expect any interruption in the trading of our common stock and warrant as a result of the Texas Redomestication; and

(9) for our foreign shareholders in approximately 60 foreign countries under the Delaware escheatment statutes, the escheat laws