Press Release: March 19, 2020 – Zion Oil & Gas Receives Nasdaq Listing Extension Until June 26, 2020
Zion Oil & Gas Receives Nasdaq Listing Extension Until June 26, 2020
The Nasdaq Hearing Panel communicated this by letter dated March 13, 2020
DALLAS, Texas, and CAESAREA, Israel, March 19, 2020
Zion Oil & Gas, Inc. (Nasdaq: ZN) announces the Nasdaq Hearing Panel granted the request of Zion Oil & Gas, Inc. for continued listing on The Nasdaq Stock Market LLC.
The Nasdaq Hearing Panel communicated this by letter dated March 13, 2020. The continued listing is subject to Zion Oil & Gas demonstrating compliance with the minimum $1.00 bid price requirement set forth in Nasdaq Listing Rule 5550(a)(2), on or before June 26, 2020.
In order for Zion to comply with the requirement by Nasdaq, Zion must have a closing bid price of at least $1.00 per share for a minimum of ten consecutive business days, on or before June 26, 2020.
Zion is diligently working to comply with the Nasdaq Listing Rule 5550(a)(2); however, there can be no assurance that it will be able to do so.
Zion has completed the purchase of a drilling rig and related equipment (see Press Release dated March 18, 2020). Also, Zion has incorporated two wholly-owned subsidiaries, Zion Drilling, Inc. and Zion Drilling Services, Inc., for the operation of the rig in Israel.
Zion Oil & Gas, a public company traded on NASDAQ (ZN), explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel license area.