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From SAGAs PR....
Charles Cotropia, CEO of Enzolytics, commented, "I want to thank Barry and the former and new Board Members for this opportunity to address the shareholders of SAGA and ENZC as we strive to successfully complete the sale of BGEN and VIRO to SAGA. This transaction, in my opinion, is good for both shareholder groups and the management teams. The parties will strive to provide additional clarification as the final terms are negotiated. ENZC is considering filing a supplemental information report to provide an example of how this transaction is structured and its impact on the ENZC shareholders. Having shares in both of the public entities will provide us with multiple opportunities going forward."
Barry Kostiner, CEO of Sagaliam, commented, "It is a privilege to work with Mr. Cotropia and the rest of the Enzolytics team. I am passionate about Africa, and look forward to being actively involved in both the capital markets strategy and active engagement with leaders of African medical, government and investment communities. The plan for human trials in Africa are expected to provide a path to therapies at a fraction of the cost of the standard of care therapies currently available. Additionally, we are pleased to announce that Ronnie Richardson, Krystine Miller, and Travis Richardson are joining our Board of Directors. We are committed to working together on documentation and due diligence, and expeditiously moving towards closing for the benefit of all investors."
With yesterdays news..ENZC just became a lot more valueable. Now when you own ENZC..You will own SAGA.. So with a 450 million dollar deal in the works, ENZC should appreciate in value from here on out. I believe HEAVY ACCUMULATION of ENZC starts now.
aarlie....SAGA and ENZC should both go up substantially. Invertors will buy ENZC just to get the SAGA dividend shares..
Rockie.....You get to keep your million shares of ENZC too. We are getting shares of SAGA for a portion of ENZC..Its a dividend and we retain our shares of ENZC.
2 Key things happened with todays PR.
1.The companies has come to an agreement on the price. This tells me that everyone is ready to GET IT DONE.
2. ENZC has informed its shareholders of what is going to happen...which is proper to do before the deal is finalized.
so
I believe we could have an agreement at any time....even tomorrow....or next week.
6 months after that...We get our shares.
PR Below says when this will happen...6 months after the close of the agreement..And I believe it will be finalized soon..WHY??>>>..because they have already agreed to the PRICE..!
COLLEGE STATION, TX / ACCESSWIRE / June 29, 2023 / Enzolytics, Inc. (OTC PINK:ENZC) (https://enzolytics.com/).
Enzolytics, Inc. (the "Company" or "ENZC"), a drug development biotech company, and Sagaliam Acquisition Corp. (NASDAQ:SAGA) ("Sagaliam") (together the "Parties") announced today they have agreed to an amendment to the executed non-binding term sheet for the sale of Biogenysis, Inc. ("BGEN") and Virogentics Inc. ("VIRO"), operating subsidiaries of the Company, amending the combined purchase price to $450,000,000.00. In addition, the Parties have agreed to a Make Whole calculation six months after close to ensure the value to be received by ENZC. The Parties will now focus on completing the business combination agreement as soon as possible.
Under the terms of the agreement, BGEN and VIRO will become wholly owned subsidiaries of Sagaliam, currently trading on NASDAQ.
Once completed, the transaction will provide BGEN and VIRO with significant additional capital to continue developing and expanding their existing and future technology platforms.
Sagaliam expects to raise additional capital through private investment in public equities ("PIPE"). The anticipated capital raise from the PIPE is expected to be primarily used by VIRO to pay transaction-related expenses and fund the clinical trials of it anti-HIV therapeutic ITV-1, complete the African Project and advance marketing of IPF Immune™. The funds are to be used by BGEN to complete the production of and test species-specific monoclonal antibodies (mAbs) for treating COVID-19, HIV, and Feline Leukemia. The funding will significantly enhance BGEN's drug discovery capabilities using its proprietary, cutting-edge Artificial Intelligence (AI) technology and enlarge its IP portfolio while also expanding the AI platform's capabilities to advance health care from that based on reactive disease care to P4 medicine, namely care that is predictive, preventive, personalized and participatory.
As soon as the Agreement is finalized, the Parties will file an 8-K providing the details of the purchase of the subsidiaries. It is anticipated that ENZC will dividend to the existing ENZC shareholders the Saga shares received as the purchase price of the subsidiaries. This will occur on the dividend date in accordance with the individual shareholder's percentage ownership of the Company.[/b]
"On behalf of the employees and consultants of ENZC who contributed to making this transaction possible, I can confidently say that we are delighted with the progress we have made in reaching this new pinnacle," stated Charles Cotropia, CEO of ENZC.
Enzolytics, Inc. Overview
Enzolytics, Inc. is a drug development company committed to commercializing its proprietary proteins and monoclonal antibodies to treat debilitating infectious diseases. The Company is advancing multiple therapeutics targeting numerous infectious diseases. One patented and clinically tested compound, ITV-1 (Immune Therapeutic Vaccine-1), is a suspension of Inactivated Pepsin Fraction (IPF), covered by U.S. Patent Nos. 8,066,982 and 7,479,538. Studies have shown it to be effective in treating HIV/AIDS. ITV-1 has also been shown to modulate the immune system.
The Company is also implementing its proprietary technology to produce fully human monoclonal antibodies (mAbs) against infectious diseases, including HIV, rabies, influenza A, influenza B, tetanus, and diphtheria. In addition, its proprietary methodology for producing fully human monoclonal antibodies is currently being employed to produce monoclonal antibody therapeutics for treating numerous infectious diseases, including the CoronaVirus (SARS-CoV-2), HTLV-1, HIV and Feline Leukemia.
Sagaliam Overview
Sagaliam is a SPAC that raised $116.5 million in its initial public offering on December 23, 2021. The current available cash after redemptions is approximately $10 million.
The purchase agreement between ENZC and Sagaliam requires that the sponsor agree not to sell its founder shares for a period of twelve months after the business combination subject to the provisions of the lock up agreement. The sponsor believes that this "lock-up" period aligns the interests of the sponsor with those of Sagaliam's investors. As such, with certain limited exceptions, the sponsor expects to continue to be invested in the combined company after the completion of the purchase agreement.
Safe Harbor Statement: This news release contains forward-looking statements that involve risks and uncertainties associated with financial projections, budgets, milestone timelines, clinical development, regulatory approvals, and other risks described by Enzolytics, Inc. from time to time in its periodic reports filed with the SEC. ITV-1 is not approved by the U.S. Food and Drug Administration or by any comparable regulatory agencies elsewhere in the world.
While Enzolytics, Inc. believes that the forward-looking statements and underlying assumptions contained therein are reasonable, any of the assumptions could be inaccurate, including, but not limited to, the ability of Enzolytics to establish the efficacy of its therapeutics in the treatment of any disease or health condition, the development of studies and strategies leading to commercialization of its therapeutics in the United States, the obtaining of funding required to carry out the development plan, the completion of studies and tests on time or at all, and the successful outcome of such studies or tests. Therefore, there can be no assurance that the forward-looking statements included in this release will prove to be accurate.
Such forward-looking statements are based on current expectations. They involve inherent risks and uncertainties, including factors that could delay, divert or change any of the statements made, and cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. These forward-looking statements are made as of the date of this press release. The Company expressly disclaims any intention or obligation to update the forward-looking statements or update the reasons why actual results could differ from those projected in the forward-looking statements.
Company Contact:
Enzolytics, Inc.
1101 Raintree Circle
Allen, Texas 75013
www.enzolytics.com
SOURCE: Enzolytics, Inc.
View source version on accesswire.com:
https://www.accesswire.com/764572/Enzolytics-Inc-Reports-Amendment-to-Non-Binding-Term-Sheet-with-the-Special-Purpose-Acquisition-Company-Sagaliam-Acquisition-Corp
Im sure changes will be made to accomodate everyone.
rockie101..Heres what I think will happen.. Whatever SAGA is trading at will be divided into $450,000,000.00..So if SAGA is trading at $15 a share at the transaction time, then that would equate to 30 million shares. Then they will be distributed proportionally to ENZC share holders. If there are 3.9 billion shares OS of ENZC then 130 shares of ENZC will get you 1 SAGA share. So if you own 1 million shares of ENZC then you will get 7,692.3 shares of SAGA.
MAGA..ENZC Will take off once the BIG NEWS hits...like you have said all along. I suspect the end of Oct we will get the 17 week results and then we will really go boom..But until then there are plenty of other catylist to ignite the lift off. Perhaps we will get some news on our partnerships....(regeneron)..hopefully.
Looks good here.
This looks good.
HALTED NEWS PENDING.
They always look like they are in control on low volume days. They get out of the way when a PR or other big even hits. All OTCs show mostly the same MMs.
Yes...SPAC deal setting up.
All these corrected filings are hitting...
ENZC
Enzolytics Inc.
Common Stock
0.056
0.00456
8.86%
0.0554 / 0.0559 (1 x 1)
Real-Time Best Bid & Ask: 11:31am 06/15/2023
Delayed (15 Min) Trade Data: 11:24am 06/15/2023
Overview
Quote
Company Profile
Security Details
News
Financials
Disclosure
Research
FILINGS AND DISCLOSURE
OTC Disclosure & News
ActiveInactiveAll
PUBLISH DATE TITLE PERIOD END DATE STATUS
06/15/2023 Quarterly Report - FOOTNOTES AND FINANCIAL THIRD QUARTER 2022 09/30/2022 A
06/15/2023 Quarterly Report - CORRECTED FOOTNOTES AND FINANCIALS 06/30/2022 A
06/15/2023 Quarterly Report - Corrected Footnotes and Financials 3.31.202203/31/2022 A
06/15/2023 Annual Report - Corrected Footnotes and Financials 12.31.2021 12/31/2021 A
06/15/2023 Quarterly Report - Corrected Footnotes and Financials 9.30.202109/30/2021 A
06/15/2023 Quarterly Report - Footnotes and Financials Third Quarter 06/30/2021 A
06/15/2023 Quarterly Report - Corrected Footnotes and Financials 3.31.202103/31/2021 A
06/15/2023 Annual Report - Corrected Footnotes and Financials Annual Report 12.31.2020
At least by Friday...
Well..I was wrong agon...Im getting tired of being wrong. But at least we closed green.
Breakout coming.........
Based on todays vol and price fluctuation..IMO we see .0052 by close.
No real sell off..bodes well for the future...
My short term target is at least 3 to 5 cents.
I think the run is about to start.
No doubt the seller will regret selling..!
Today has only been a settling of the price after the HUGE run up yesterday. Real informed investors are HOLDING...They know what is about to happen over the next few days and weeks.
WOW..there goes 9 million
Price is stable. IMO nothing but up form here.
No one said it would be easy...
Also..when a company is in the middle of negotiations, it is not smart to talk too much.
I believe all will be revealed in time.
Everybody use your brain...
Current OS is 1.045 billion shares.
1 billion x .01 = $10 million. The deal is for $94 million bucks....and we are not even at a penny yet..
Copper tomorrow or Thursday.....IMO
From PR.....
I believe the dumping is finished.
.12 AH..open tomorrow .14
Things are progressing nicely....IMO deal done by the 23rd..Law suits done to our liking and SAGA extending for us to finalize agreement.
GO ENZC.