Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 469

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 15
Chunk 469
---
, 2024.

        F-
       36

        Zion Oil & Gas, Inc.

        Notes to Consolidated Financial Statements

   Note 6 – Stockholders’ Equity (cont’d)

   Amendment No. 13 – Extension of Termination Date to  February 28, 2025  
    
   Under our Dividend Reinvestment and Common Stock Purchase Plan (the “Plan”), we extended the current Unit Option that was filed under Amendment No. 4, dated  November 6, 2023, to terminate on  February 28, 2025.
    
   The ZNWBA warrants now will be first exercisable on  March 31, 2025, instead of  January 31, 2025, and continue to be exercisable through  March 31, 2026, instead of  January 31, 2026, unless extended, at a per share exercise price of $0.25. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension.
    
   Accordingly, all references in the Original Prospectus Supplement and Amendment No. 1 and Amendment No. 4, concerning the Unit Option, continue, except for the substitution of the revised Unit Option dates and features above. All other Plan features, conditions and terms remain unchanged.  
    
   The date of this Amendment No. 13 to Prospectus Supplement was  December 10, 2024.
    
   The current Unit Option terminated on  February 28, 2025 as described in Amendment No. 13. The ZWNBA warrants, exercisable at $0.25, will be issued prior to  March 31, 2025 and will be exercisable through  March 31, 2026.  These warrants have not yet been issued as of the date of this report.
    
   For the years ended  December 31, 2024, and 2023, approximately $16,257,000, and $6,949,000 were raised under the DSPP program, respectively. The $16,257,000 and $6,949,000 figures were reduced by $2,921,000 and $1,120,000, respectively, in equity issuance costs to an outside party resulting in net cash provided of $13,336,000 and $5,829,000, respectively.
    
   The