Company: ZNOG
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001437749-25-011641
Chunk: 69

Company: ZION OIL & GAS INC
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 69
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AL YEAR ENDING DECEMBER 31, 2025. PROXIES RECEIVED IN RESPONSE TO THIS SOLICITATION WILL BE VOTED FOR THE APPOINTMENT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM UNLESS OTHERWISE SPECIFIED IN THE PROXY.

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PROPOSAL NO. 3</div>

AMENDMENT OF THE AMENDED AND RESTATED CERTIFICATE OF INCORPORATION TO INCREASE THE NUMBER OF SHARES OF COMMON STOCK THAT THE COMPANY IS AUTHORIZED TO ISSUE UP TO 1,600,000,000 SHARES

We are seeking shareholder approval for this Proposal No. 3 to amend our Amended and Restated Certificate of Incorporation to permit us to increase the authorized number of shares of Common Stock (“Common Stock”), which is the only class of stock authorized for us. The Board believes that the increased number of authorized shares of Common Stock contemplated by the Proposed Amendment is important to the Company. As it will ensure the availability of additional shares for issuance from time to time, without further action or authorization by shareholders, if needed for such corporate purposes as may be determined by the Board. The Board has no immediate or specific plans, arrangements, or understandings to issue any of the shares of Common Stock that would be authorized under the Proposed Amendment. However, the Board desires to have the shares available to provide additional flexibility for business and financial purposes.

Article FOURTH of our Amended and Restated Certificate of Incorporation (“Articles”) presently authorizes the Company to issue up to 1,200,000,000 shares of Common Stock. As of the Record Date, there were approximately 1,031,000,000 shares of Common Stock issued and outstanding. We also have, as of the Record Date, approximately 169,000,000 shares of Common Stock reserved for possible future issuance in connection with outstanding options and warrants, including the warrants issued in connection with our Dividend Reinvestment and Common Stock Purchase Plan (“DSPP”). We must keep reserved for future issuance a sufficient number of shares of Common Stock to meet our obligation to issue Common Stock in the events these options or warrants are exercised.

Because of the limited number of shares of Common Stock available to be issued by the Company for future possible transactions, including stock dividends, stock splits, equity financings, strategic acquisitions and reserves for possible future issuance of warrants through our DSPP, the Board believes it is in the best interest of the Company and the stockholders to amend the Company’s Articles and