Zion Oil & Gas Amends DSPP, Extends Unit Option to Sept 25, 2026

What Happened
Zion Oil & Gas, Inc. filed Amendment No. 2 to its Prospectus Supplement on September 10, 2026, updating terms of its Dividend Reinvestment and Direct Stock Purchase Plan (DSPP) Unit Option program. The Unit Option (which began August 12, 2026) is extended from September 10, 2026 to September 25, 2026. The amendment sets unit pricing, the split of common stock and warrants per Unit, and other operational details.

Key Details

• Amendment No. 2 filed with the SEC on September 10, 2026 and incorporated into the DSPP prospectus (Form S-3, File No. 333-283500).
• Each Unit is priced at $250.00; the number of common shares per Unit is determined by dividing $250 by the average of the high and low OTCQX sale prices on the Unit Purchase Date.
• Each Unit includes warrants to purchase 75 additional shares at $0.75 per share (warrant notation: ZNWBD).
• ZNWBD warrants become exercisable October 27, 2026 and expire April 27, 2027; warrants will not be listed for trading.
• Zion executed a Warrant Agent Agreement with Equiniti Trust Company, LLC effective August 12, 2026. Purchase payments received before 4:00 p.m. (EST) on a business day are recorded that same day.

Why It Matters
This filing gives investors a clear timetable and economics for participating in the DSPP Unit Option through September 25, 2026 and for the separate warrant exercise window. The structure (Units priced at $250 with warrants exercisable at $0.75 for 75 shares) creates a potential source of future share issuance if warrants are exercised, which could dilute existing shareholders. The warrants are not traded on an exchange, so investors holding them would need to exercise to realize value. The amendment and related warrant-agent agreement formalize these terms and extend investor access to the offering for an additional 15 days.