Company: ZNOG
Filing Date: 2025-03-28
Form Type: PRE 14A
Source: 0001437749-25-009798
Chunk: 79

Company: ZION OIL & GAS INC
Filing Date: 2025-03-28
Form: PRE 14A
Chunk 79
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 administrative rulings or court decisions would not alter the consequences discussed above.

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Franchise Tax Savings and Filing Fees.The Company’s status as a Delaware corporation physically located in Texas requires the Company to comply with franchise tax obligations in both Delaware and Texas. The Company’s franchise taxes to the state of Delaware will no longer be required to be paid if the Texas Redomestication is completed. The Company’s Texas tax obligations will not change because of the Texas Redomestication, because the Texas franchise tax is based upon revenue only generated in Texas and all operations are foreign. Accordingly, the Texas Redomestication will result in savings by the Company of the Delaware franchise tax.

No Change in Business, Jobs or Physical Location.The Texas Redomestication will not result in any change in business, jobs, management, properties, location of any of our offices or facilities, number of employees, obligations, assets, liabilities or net worth. We intend to maintain our corporate headquarters in Texas. Our management, including all directors and officers, will remain the same in connection with the Texas Redomestication and will have identical positions with the Texas Corporation. The Texas Redomestication will not affect any of the Company’s material contracts with any third parties and the Company’s rights and obligations under such material contractual arrangements will continue as rights and obligations of the Texas Corporation.

No Securities Act Consequences.We will continue to be a publicly held company following completion of the Texas Redomestication, and our common stock and warrant will continue to be listed on the OTC Market and traded under the symbols “ZNOG” and “ZNOGW,” respectively. We will continue to file the required periodic reports and other documents with the SEC. We do not expect there to be any interruption in the trading of our common stock and warrant as a result of the Texas Redomestication. We and our shareholders will be in the same respective positions under the federal securities laws after the Texas Redomestication as we and our stockholders were prior to the Texas Redomestication.

No Material Accounting Implications.Effecting the Texas Redomestication will not have any material adverse accounting implications.

Change After Texas Redomestication.Apart from being governed by the Texas Charter, Texas Bylaws and the TBOC, following completion of the Texas Redomestication, the Company will continue to exist in the form of a Texas corporation and cease to exist as a Delaware corporation. By virtue of the Texas Redomestication