Post by Ethan / JRyan on Jul 12, 2019 11:05:30 GMT -5
Dear Zion Shareholders and Supporters,
Yesterday, we filed a Form 8-K with the SEC providing notification that NASDAQ has approved the transfer of the listing of Zion’s common stock from the NASDAQ Global Market to the NASDAQ Capital Market.
As a result, we have been granted an additional 180-day grace period, or until January 6, 2020, to regain compliance with the $1.00 minimum bid price requirement.
While the 8-K is submitted in language that is appropriate for an SEC filing, we wanted to be sure that you understood what this means for you.
Why is this occurring?
All companies traded on the NASDAQ Stock Market need to maintain a minimum bid price of $1.00. As we disclosed in our SEC filings on January 8, 2019, we were notified by NASDAQ that our stock had closed below $1.00 for the previous 30 consecutive trading days.
We were advised that we had until July 8, 2019, to regain compliance with that minimum bid price requirement.
That did not happen, so on July 3, 2019, we filed an application with NASDAQ to transfer our listing to the NASDAQ Capital Market, which NASDAQ approved on July 9, 2019.
How are we still traded on NASDAQ?
The NASDAQ Capital Market operates in substantially the same manner as the NASDAQ Global Market except with less restrictive criteria, except listed companies like Zion must continue to meet certain financial and corporate governance requirements, which we acknowledge.
With the approval of our transfer application, the net result is that, as of yesterday morning, July 11, our stock (symbol: “ZN”) continues to trade on NASDAQ (Capital Market) in the same manner as it has historically.
We now have until January 6, 2020, to regain compliance with the $1.00 minimum bid price requirement.
What about the stock held by Zion shareholders?
If you are a shareholder, your Zion stock can still be traded on NASDAQ like it was previously with no discernible difference.
What can change Zion’s status of “minimum bid price non-compliance”?
If at any time over the next six (6) months, or until January 6, 2020, the minimum bid price of Zion’s stock closes at $1.00 or more for ten (10) consecutive trading days, we will be back in minimum bid price compliance with NASDAQ.
Where can you learn more?
We encourage you to read the entire 8-K filing for specifics by clicking HERE.
For further questions, please email Zion (info@zionoil.com) or call us at 1-888-891-9466.
Please know that we continue to move forward with our vision and plans as laid out in our November 29, 2018 Press Release.
Again, thank you for your support and prayers.
Sincerely,
Bill Avery
President and General Counsel
Zion Oil & Gas, Inc.
Yesterday, we filed a Form 8-K with the SEC providing notification that NASDAQ has approved the transfer of the listing of Zion’s common stock from the NASDAQ Global Market to the NASDAQ Capital Market.
As a result, we have been granted an additional 180-day grace period, or until January 6, 2020, to regain compliance with the $1.00 minimum bid price requirement.
While the 8-K is submitted in language that is appropriate for an SEC filing, we wanted to be sure that you understood what this means for you.
Why is this occurring?
All companies traded on the NASDAQ Stock Market need to maintain a minimum bid price of $1.00. As we disclosed in our SEC filings on January 8, 2019, we were notified by NASDAQ that our stock had closed below $1.00 for the previous 30 consecutive trading days.
We were advised that we had until July 8, 2019, to regain compliance with that minimum bid price requirement.
That did not happen, so on July 3, 2019, we filed an application with NASDAQ to transfer our listing to the NASDAQ Capital Market, which NASDAQ approved on July 9, 2019.
How are we still traded on NASDAQ?
The NASDAQ Capital Market operates in substantially the same manner as the NASDAQ Global Market except with less restrictive criteria, except listed companies like Zion must continue to meet certain financial and corporate governance requirements, which we acknowledge.
With the approval of our transfer application, the net result is that, as of yesterday morning, July 11, our stock (symbol: “ZN”) continues to trade on NASDAQ (Capital Market) in the same manner as it has historically.
We now have until January 6, 2020, to regain compliance with the $1.00 minimum bid price requirement.
What about the stock held by Zion shareholders?
If you are a shareholder, your Zion stock can still be traded on NASDAQ like it was previously with no discernible difference.
What can change Zion’s status of “minimum bid price non-compliance”?
If at any time over the next six (6) months, or until January 6, 2020, the minimum bid price of Zion’s stock closes at $1.00 or more for ten (10) consecutive trading days, we will be back in minimum bid price compliance with NASDAQ.
Where can you learn more?
We encourage you to read the entire 8-K filing for specifics by clicking HERE.
For further questions, please email Zion (info@zionoil.com) or call us at 1-888-891-9466.
Please know that we continue to move forward with our vision and plans as laid out in our November 29, 2018 Press Release.
Again, thank you for your support and prayers.
Sincerely,
Bill Avery
President and General Counsel
Zion Oil & Gas, Inc.
LINKY
Item 3.01 Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On July 9, 2019, Zion Oil & Gas, Inc. (“Zion” or “Company”) received approval from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) to transfer the listing of the Company’s common stock from the Nasdaq Global Market to the Nasdaq Capital Market (the “Approval”).
As previously reported on a Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on January 14, 2019, the Company received a letter (the “Notice”) from Nasdaq on January 8, 2019 advising the Company that for 30 consecutive trading days preceding the date of the Notice, the bid price of the Company’s common stock had closed below the $1.00 per share minimum required for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”). The Notice stated that the Company had 180 days, or until July 8, 2019, to demonstrate its compliance with the Minimum Bid Price Requirement. In response, on July 3, 2019, the Company filed an application to transfer the listing of its common stock from the Nasdaq Global Market to the Nasdaq Capital Market.
As a result of the Approval, the Company has been granted an additional 180-day grace period, or until January 6, 2020, to regain compliance with the Minimum Bid Price Requirement. The Company’s common stock will be transferred to the Nasdaq Capital Market effective as of the open of business on July 11, 2019, and will continue to trade under the symbol “ZN.” The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market and listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements.
To regain compliance with the Minimum Bid Price Requirement and qualify for continued listing on the Nasdaq Capital Market, the minimum bid price per share of the Company’s common stock must be at least $1.00 for at least ten consecutive business days during the additional 180-day grace period. If the Company does not regain compliance during this additional grace period, its common stock would be subject to delisting by Nasdaq. As part of its transfer application, the Company notified Nasdaq that if the stock price does not recover sufficiently during the additional grace period, it would implement a reverse stock split, if necessary. There can be no assurance that the Company will be successful in maintaining its listing of the common stock on The Nasdaq Capital Market.
On July 9, 2019, Zion Oil & Gas, Inc. (“Zion” or “Company”) received approval from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) to transfer the listing of the Company’s common stock from the Nasdaq Global Market to the Nasdaq Capital Market (the “Approval”).
As previously reported on a Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on January 14, 2019, the Company received a letter (the “Notice”) from Nasdaq on January 8, 2019 advising the Company that for 30 consecutive trading days preceding the date of the Notice, the bid price of the Company’s common stock had closed below the $1.00 per share minimum required for continued listing on the Nasdaq Global Market under Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”). The Notice stated that the Company had 180 days, or until July 8, 2019, to demonstrate its compliance with the Minimum Bid Price Requirement. In response, on July 3, 2019, the Company filed an application to transfer the listing of its common stock from the Nasdaq Global Market to the Nasdaq Capital Market.
As a result of the Approval, the Company has been granted an additional 180-day grace period, or until January 6, 2020, to regain compliance with the Minimum Bid Price Requirement. The Company’s common stock will be transferred to the Nasdaq Capital Market effective as of the open of business on July 11, 2019, and will continue to trade under the symbol “ZN.” The Nasdaq Capital Market operates in substantially the same manner as the Nasdaq Global Market and listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements.
To regain compliance with the Minimum Bid Price Requirement and qualify for continued listing on the Nasdaq Capital Market, the minimum bid price per share of the Company’s common stock must be at least $1.00 for at least ten consecutive business days during the additional 180-day grace period. If the Company does not regain compliance during this additional grace period, its common stock would be subject to delisting by Nasdaq. As part of its transfer application, the Company notified Nasdaq that if the stock price does not recover sufficiently during the additional grace period, it would implement a reverse stock split, if necessary. There can be no assurance that the Company will be successful in maintaining its listing of the common stock on The Nasdaq Capital Market.