Zion Oil & Gas Adds DSPP Unit Option with ZNWBD Warrants

What Happened
Zion Oil & Gas, Inc. filed Amendment No. 1 to its December 11, 2024 Prospectus Supplement on August 12, 2026 to add a new Unit Option under its Dividend Reinvestment and Direct Stock Purchase Plan (DSPP). The Company also executed a Warrant Agent Agreement with Equiniti Trust Company, LLC effective August 12, 2026 to administer the new warrants notated as "ZNWBD."

Key Details

• Units are priced at $250.00 each and include: (a) a number of common shares equal to $250 divided by the average of the high and low OTCQX sale prices on the Unit Purchase Date, and (b) common stock purchase warrants representing 75 additional shares per Unit, each exercisable for one share.
• Warrant exercise price: $0.75 per share. Each warrant permits purchase of one common share at $0.75.
• Timing: Unit Option offering begins August 12, 2026 and is scheduled to terminate September 10, 2026 (company may extend up to 15 days). ZNWBD warrants become exercisable October 12, 2026 through April 12, 2027 (extensions up to 15 days possible).
• Administrative notes: ZNWBD warrants will not be registered for trading on the OTCQX or any other market; Equiniti Trust Company is the warrant agent. Payment receipts before 4:00 p.m. EST on a business day are recorded that same day; payments after 4:00 p.m. are recorded the next business day.

Why It Matters
This amendment creates a short-term retail offering mechanism within the DSPP that bundles company shares with a large number of low-priced warrants, providing a way for investors to acquire stock plus levered exposure via warrants. If holders exercise the ZNWBD warrants, the total outstanding share count would increase, which could dilute existing shareholders. Investors should note the $0.75 exercise price, the non-listed status of the warrants (they won’t trade on an exchange), the offering and exercise date windows, and the administrative appointment of Equiniti as warrant agent.