SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
August 21, 2018
Date of Report (Date of earliest event
Zion Oil & Gas, Inc.
(Exact name of registrant as specified
in its charter)
(State or other jurisdiction of incorporation)
|(Commission File Number)
||(IRS Employer Identification No.)|
12655 North Central Expressway, Suite
1000, Dallas, TX 75243
(Address of Principal Executive Offices)
Registrant’s telephone number, including
area code: 214-221-4610
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
||Pre-commencement communications pursuant to 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On March 10, 2017, Zion Oil & Gas, Inc.
(the “Company”) filed with the Securities and Exchange Commission (the “SEC”) the prospectus supplement
dated as of March 10, 2017 and accompanying base prospectus dated February 23, 2017 (collectively, the “Prospectus”)
relating to the Company’s Dividend Reinvestment and Direct Stock Purchase Plan (the “Plan” or “DSPP”).
The Prospectus forms a part of the Company’s Registration Statement on Form S-3 (File No. 333-216191), as amended,
which was declared effective by the SEC on March 10, 2017 (the “Registration Statement”).
An Amendment No. 4 to the Prospectus Supplement
is being filed on August 21, 2018. This Amendment No. 4 to Prospectus Supplement amends the Prospectus Supplement. This Amendment
No. 4 to Prospectus Supplement should be read in conjunction with the Original Prospectus Supplement and the base Prospectus effective
March 10, 2017. This Amendment No. 4 is incorporated by reference into the Original Prospectus Supplement. This Amendment No. 4
is not complete without, and may not be delivered or utilized except in connection with, the Original Prospectus Supplement, including
any amendments or supplements thereto.
Amendment No. 4 - New Unit Option under
the Unit Program
Under the Plan, the Company is offering
a new Unit Option Program. The Unit Program will now consist of a new combination of common stock and warrants, a new time period
and a new unit price, but otherwise the same Unit Program features, conditions and terms in the Prospectus Supplement apply.
The Company’s new Unit Option Program begins August 21, 2018 and terminates September 26, 2018. This new Unit Option Program
enables participants to purchase Units of our securities where each Unit (priced at $250.00 each) is comprised of (i) a certain
number of shares of Common Stock determined by dividing $250.00 (the price of one Unit) by the average of the high and low sale
prices of the Company’s publicly traded common stock as reported on the NASDAQ on the Unit Purchase Date and (ii) Common
Stock purchase warrants to purchase an additional twenty-five (25) shares of Common Stock. The investor’s Plan account will
be credited with the number of shares (including fractional shares, computed to three decimals) of the Company’s Common Stock
that is acquired under the Units purchased. Each warrant affords the investor or stockholder the opportunity to purchase one share
of the Company’s Common Stock at a warrant exercise price of $1.00.
Checks, bank wire payments, or electronic
bank payments for purchases received by the Plan Agent, or at the offices of the Company, before 4 p.m. (EST) on a business day
generally will be recorded as purchased on the same business day (the “Purchase Date”). Checks, bank wire payments,
or electronic bank payments for purchases received by the Plan Agent, or at the offices of Company, after 4 p.m. (EST) on a business
day generally will be recorded as purchased on the next business day for the Purchase Date. Electronic bank payments are treated
as received and recorded on the date of receipt of the funds into the Plan Agent’s or the Company’s bank account.
The warrant shall have
the company notation of “ZNWAJ,” but no assurance can be provided that the warrant will be approved for listing on
the NASDAQ Global Market.
All warrants will first become exercisable
on October 29, 2018, which is the first trading day after the 31st day following the Unit Option Termination Date (i.e.,
on September 26, 2018) and continue to be exercisable through October 29, 2019 (1 year) at a per share exercise price of $1.00.
If the Common Stock of the Company trades above $5.00 per share as the closing price for fifteen (15) consecutive trading days
at any time prior to the expiration date of the warrant, the Company has the sole discretion to provide a Notice to warrant holders
of an early termination of the warrant within sixty (60) days of the Notice. The Unit is priced at $250.00 per Unit and no change
will be made to the warrant exercise price of $1.00 per share.
Accordingly, all references
in the Original Prospectus Supplement, concerning the Unit Option continue, except for the substitution of the new Unit Option
terms above. All other Plan features, conditions and terms remain unchanged.
Warrant Agent Agreement
Effective August 21, 2018, the Company executed
a Warrant Agent Agreement with AST as the Warrant Agent, Exhibit 4.8, below, for the warrant notated as ZNWAJ under the Unit Option
Program beginning August 21, 2018 as described under Amendment No. 4.
The Company is filing the items included
in Exhibits 4.7 and 4.8 to this Current Report on Form 8-K, each of which relates to the above Registration Statement, for the
purpose of incorporating such items as exhibits to the Registration Statement for the DSPP Unit Option Program beginning August
||Financial Statements and Exhibits.|
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereto duly authorized.
||Zion Oil & Gas, Inc.|
|Date: August 21, 2018
||/s/ Dustin L. Guinn|
||Dustin L. Guinn|
||Executive Vice-Chairman/President/Chief Operating Officer|