Company: ZNOG
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009623
Chunk: 1250

Company: ZION OIL & GAS INC
Filing Date: 2025-03-27
Form: 10-K
Item: Item 16
Chunk 1250
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-K, are not tradeable and are used internally for classification and accounting purposes only.
    
   F. Subscription Rights Offering 
    
   On  April 2, 2018 the Company announced an offering (“2018 Subscription Rights Offering”) through American Stock Transfer & Trust Company, LLC (the “Subscription Agent”), at no cost to the shareholders, of non-transferable Subscription Rights (each “Right” and collectively, the “Rights”) to purchase its securities to persons who owned shares of our Common Stock on  April 13, 2018 (“the Record Date”). Pursuant to the 2018 Subscription Rights Offering, each holder of shares of common stock on the Record Date received non-transferable Subscription Rights, with each Right comprised of one share of the Company Common Stock, par value $0.01 per share (the “Common Stock”) and one Common Stock Purchase Warrant to purchase an additional one share of Common Stock. Each Right could be exercised or subscribed at a per Right subscription price of $5.00. Each Warrant affords the investor the opportunity to purchase one share of the Company Common Stock at a warrant exercise price of $3.00. The warrant is referred to as “ZNWAI.”
    
   The warrants became exercisable on  June 29, 2018 and continued to be exercisable through  June 29, 2020 at a per share exercise price of $3.00, after the Company, on  December 4, 2018, extended the termination date of the Warrant by one (1) year from the expiration date of  June 29, 2019 to  June 29, 2020.
    
   On  May 29, 2019, the Company extended the termination date of the ZNWAI Warrant by one (1) year from the expiration date of  June 29, 2020 to  June 29, 2021.
    
   On  September 15, 2020, the Company extended the termination date of the ZNWAI Warrant by two (2) years from the expiration date of  June 29, 2021 to  June 29, 2023. Zion considers this warrant as permanent equity per ASC 815-40-35-2. As such, there is no value assigned to this extension.
    
   As of  June 29, 2023, any outstanding ZNWAI warrants expired.