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ENZC gets $1,000,000 compensation for this mess once the spac deal is dead correct?
“On November 27, 2023, the Company filed its delinquent Form 10-Q for the period ended March 31, 2023, disclosing total shares outstanding of 49,346,337. In addition, the Form 10-Q for the period ended March 31, 2023 was not reviewed by its independent auditors, Marcum LLP, and the Company intends to amend this filing. According to the Company’s December 1, 2023, response to a request for additional information, on September 15, 2023, the Company issued 47,872,000 shares of common stock in connection with the acquisition of Virogentics Inc. and Biogensys, Inc. (the “Business Combination”). At the time of the acquisition, the Company’s total shares outstanding was 1,471,337 shares.”
How the hell do they claim in the filing they had 49,346,337 shares as of March 31st, 2023, way back in the spring, but then claim their outstanding shares at the time of the business combination (September) was 1,471,337. Then they claim they added 47,872,000 to that on September 15th, 2023?!?! Only after September 30th (their self created business combination completion date) would they then have had the 49,346,337 shares. Not back in March.
How the fk does any of that make sense lol?!?
It’s mind boggling to me how all these individuals involved in this spac deal on both sides, ENZC and SAGA, thought they could just make up their own rules and just say a business combination is completed without following any real legal SEC / Nasdaq requirements. How in the hell did any of them actually think this thing could make it through? The more we find out, the less sense it all makes.
Lmao. Did you see the 8 separate Nasdaq violations? They cannot possibly regain compliance and resolve all of those. Their appeal is basically pointless. What would they possibly say in their own defense that Nasdaq would just forgive? One is bad enough and maybe something Nasdaq would forgive. 8 is unreal.
“In light of the Company’s disregard for Nasdaq rules, as evidenced by its multiple violations of Nasdaq’s shareholder approval rules, ongoing failure to disclose material information and timely file periodic reports, and failure to comply with Nasdaq’s SPAC rule, Nasdaq has determined that the continued listing of the Company’s securities on Nasdaq is inadvisable and believes the delisting is appropriate to protect investors and the public interest.”
Absolutely brutal lashing by Nasdaq.
I’m counting 8 separate Nasdaq listing violations just in that press release statement alone. Unreal. This spac deal is not happening. Funny enough, the lawsuit isn’t even going to be the thing to end it.
https://finance.yahoo.com/news/sagaliam-acquisition-corp-announces-receipt-221600762.html
Since the actual link wasn’t posted…
“Following a review of the Company’s submission and public disclosures, Staff has determined that the Business Combination violated the following Listing Rules, with each serving as an additional and separate basis for delisting:”
So even Nasdaq themselves is saying this spac deal violated listing rules. lol
Lmao. Unreal. If Charles doesn’t void this deal by the 31st within the timeframe he’s allowed to, he deserves what disaster follows.
I’ve never seen anything like this.
Wonder what was discussed behind the scenes when they thought it was a good idea to cut the dividend in half, considering no one even seemed to care about buying in for the dividend when it was double what it is now. Seems like if they could get some momentum behind the ENZC pps it would have benefited them as well when they dumped dilution shares. I really feel like none of these guys have any clue what they’re doing. They don’t know how to run a small bio and they don’t know how to handle a publicly traded company either.
How simple would it have been for them to complete this SAGA deal properly and still give the long / original commons a good dividend out of it? No GLD suit. Filings and extensions on time. Currently finishing the despac. ENZC pps rising on a better dividend payout. Everyone’s happy.
It feels like if you tried to f**k things up on purpose, it couldn’t even have been done like this. It must have taken massive incompetence beyond what we even know about to have this go from .13 even last spring to where we sit now. Let alone December 2020 to where we are 3 years later. How they ever fu**ed up that Savov / 70 million share case that seemed like a slam dunk in our favor all along, and lost it is beyond me. How SAGA couldn’t keep up to date on what are simple SEC filings for them and how they couldn’t properly maintain the spac extensions beyond August is beyond me as well. How they just call a deal done without SEC approval and create tens of millions of shares out of thin air and then issue themselves 2.25 / 2.5 million shares each right away and stack an insider vote is beyond me. How they say the shareholder vote was needed, then tell the court the opposite is beyond me.
And there must have been the same amount of incompetence and sheer disregard for commons on Charles behalf, bc he could have negotiated this to benefit everyone had he wanted. After all, they were creating this $450 million in shares for the deal out of thin air in the first place. The fact our dividend wasn’t great to begin with and then got cut in half (best case scenario), that’s on Charles 100%. I can’t imagine where we’d be if we had some competent insiders running this thing the last 3 years.
Also, how could they possibly issue the dividends when they’ve never even told us when the 6 month make whole provision begins. Even if they want to say that clock started back on September 30th, we clearly aren’t close to 6 months in. They want us to believe they inked this whole spac deal back in September, but still haven’t given us the full dividend info? I’d think all the details of a business combination like this would have been finalized before calling the deal done, as they claimed it was September 30th. None of this shit makes sense and their continued silence is infuriating to say the least.
It’s truly unreal what this has become 3 years in. Especially considering the pipeline and science remains the same. If you had told me back in December 2020 when the merger was finished and we were getting those juicy PR’s like clockwork ever couple weeks, that we’d be under 2 cents by the end of 2023, I’d have called you crazy and honestly believed there wasn’t even a 1% chance of this occurring. Only complete and utter incompetence, and maybe a dash of bad luck could take us from where we were in December 2020, to where we are ending up 3 years later. It’s baffling.
Down almost 13% on less than 2 mil volume. These guys are dumping dilution shares on us again most likely.
Yep, been the same with me. TDA used to clear my funds within 24 hours for anything I wanted to buy. Schwab I usually wait till the 4th day, even though I’ve now been with them for like 8 months. They absolutely suck.
Exactly, if Clone 3 works as they’ve said, then they should have no trouble finding financing. I personally think they just took this SAGA route bc it paid out the most to the insiders. They likely weren’t seeing anywhere near $25 million each on any other potential funding deals.
Regardless of the SAGA situation these pps levels are a joke. We are at the same place we were PRIOR to the December 2020 merger. The pipeline is still the same and Clone 3 is still the same potential. That’s why I’m still holding the rest at this point. These guys are just incapable of running this company the right way. They really just need to back out of this SAGA mess and take a buyout and be done with it. Let someone that knows what they’re doing take things over.
Tough call. The science and pipeline here haven’t changed nor will they regardless what happens with this SAGA mess. Clone 3 still has major value, so it’s a tough call to sell at these already absurdly low pps levels. Could always sell and if it drops big buy back in but then you also lose the long hold tax status.
Agree unfortunately with everything you stated. I was fooled for a long time thinking these guys cared about the common shareholders. Remember the days of the press releases mentioning their “supporters”? Yes, that was us. So much for that. There’s no way they couldn’t have structured this deal to also benefit us commons and still take a haul themselves. It’s really a slap in the face after our support of them. Especially seeing what they’re taking home out of this deal.
I’m sure GLD will settle out of court for an “undisclosed amount” at some point. Then we’ll see dilution and have to assume that’s where they got the payout from, bc these guys don’t have any money.
Not something I’m interest in discussing further.
Was it because of that or because he had a wife and kids and you guys didn’t see anything wrong with doxxing people online who then had threats made against their families?
Right. I just don’t understand how they just say oh, we’re going to merge with this spac SAGA and poof we’re on the NASDAQ no questions asked. While doing so we are going to just create tens of millions of new shares out of thin air and then pay ourselves 2.5 million each in those shares worth $10 a piece. Money must actually grow on trees bc they found a way to create a $25 million dollar each payday for themselves out of thin air. Then we are going to also use those shares for an insider stacked vote rendering a required shareholder vote moot, even though we are going to continue to plead to the court that the shareholder vote was a necessity, even after issuing a press release saying the exact opposite. Lmfao. I mean seriously. No one else but a few of us here are baffled by all this?!
I think Monday is just the next hearing. These cases aren’t resolved quickly.
GLD holds all the cards from what it seems so it’s a matter of how far they push this or if they take a payoff to walk away and it settles out of court.
Uplist* not upload. Can’t edit on mobile…
You have no idea what other routes there are that Charles was offered or could be offered behind the scenes. This SAGA deal was already an r/s in disguise. They don’t need to go straight to Nasdaq. Upload a tier to OTCQB, secure funding other routes and then organically get to $1 and above through progress instead of big talk and empty promises. That’s the route we were told all along anyway by Charles until this SAGA bs came along. Not hard to see why, 25 million dollars each for the insiders in magical $10 SAGA shares created out of thin air sure would be difficult for anyone to pass up.
Money obviously (their share) whether it’s cash or stock. There’s no other reason for them to be doing this. That’s why I said they’re playing their upper hand bc they know SAGA legally defaulted on the spac deadline requirements.
And what the hell do you mean this won’t be bad for SAGA regardless if GLD wins or loses lol? Do you really comprehend what is going on? SAGA must unwind and shut down and void the spac due to not closing a business combination by the required deadline back in August. GLD knows this as do all of us that have done the dd. I’ve linked and pointed out every step of the way where to find the info that others are posting from Pacer.
I’m really not sure anyway why anyone still invested in ENZC wants to even see this spac go through at this point, now that we see how incompetent, poorly run and just plain shady SAGA is. This needs to go another route.
ENZC’s portfolio / pipeline is still the same as it was. Nothing has changed in that aspect. We were trading in the .03-.04 cent range before the SAGA deal was ever announced so this shouldn’t lose much more pps wise if Charles voids this whole SAGA mess and goes another direction. Africa is already pushed out to late 2024, so whatever, just get this far away from the incompetence of SAGA and find a new financing route. The value of Clone 3, etc is still the same as it always was. No one can tell me there aren’t other routes for this but SAGA, that’s absolute bullshit. I think they honestly took this one bc of the insider payout being so high (25 million dollars each in SAGA shares). So let’s get some other route to trials going Charles. You made the mistake once with Harry, don’t make it again sticking with Barry.
This is going to be bad for SAGA / ENZC come Mondays court hearing it looks like.
Someone posted the updated docs from Pacer on the S****twits ENZC board.
GLD states that SAGA themselves admit not paying the August 23rd extension filing amount until October 2nd. And had never made the other required extension payments.
“Those undisputed facts mandated that Sagaliam begin to liquidate and wind down on August 24th, 2023, pursuant Sections 4.3(d), 9.1(b) and 9.2(d) of the Amended and Restated Certificate.
The Amended and Restated Certificate did not grant Sagaliam the right to make the August 23rd payment more almost six weeks late…”
Like I’ve said, Charles needs to get out ahead of this and announce a new financing direction by the 31st when he has the rights to terminate this deal.
The only way this spac makes it past this lawsuit is if they reach some major financial settlement with GLD. And they have no cash, so how do you all think they’d manage that? They’d have to pay in shares, further destroying us commons.
SAGA cannot otherwise win this suit. They defaulted on the spac deadline like some of us have been pointing out for weeks now.
This is the only relevant topic this board should be discussing at this point.
You really need to stop getting information from the Twitter pumpers. And never take one persons word for anything. Find multiple sites and boards like this to gather info from various sources so you can double check it. The court case has not been dismissed.
Nothing was dismissed. You are getting bad info from bad Twitter pumpers. The next court hearing is Monday and we won’t know until after then where this is headed.
This spac deal is no where complete with many hurdles to overcome if they do decide to go through with it. You can’t just say a deal is done and carry on like it is in this case. They already did that just handing themselves 25 million dollars each in SAGA shares created out of thin air and then used those to stack an insider vote in their favor, rendering a shareholder vote irrelevant. Also part of the lawsuit now. Yet they still are using the shareholder vote as leverage in the lawsuit like it mattered in the first place. And the spac deadline extensions were not paid on time or ever paid (final 3 required). So either GLD will take a payoff to settle this or the case likely kills the spac deal if it drags on. Keep in mind these guys still haven’t filed required up to date filings, have not paid 3 of the extensions required, never filed the 8k for the August extension and also never resolved the Nasdaq delisting warning issues. These guys are completely incompetent and we will find out Monday at the next step of the court case where this goes from here.
They most likely aren’t going to PR anything of significance until this lawsuit is cleared up. After all, this lawsuit could basically end the spac deal. Not to mention this whole thing hasn’t even been approved by the SEC in the first place.
Btw you do know that Cameo is a site where you can pay celebs to say anything you want right?
This is old and one of the most cringe things I’ve ever witnessed.
“It would have been nice to have an open dialogue on the discord.”
Agreed. At least they could have added a seperate room for “any discussions good or bad”. Then if someone is really just flat out bashing like stumper or iglo etc, give them the boot.
Why are you on a post restriction? They eased the rules here long ago. Message an admin and they will take the limit off.
Nope, you must be thinking of someone else. I was generally positive here in the earlier stages but always called it down the middle and discussed both sides. I’ve always stated from the start that the relentless pumping here did far more damage than any of the bashing.
It’s amazing how some of you cult members come here attacking people for discussing factual information going on with this company and stock, yet you just casually drop blatantly false statements along the way misleading people, such as EU trials are underway, when there’s no statements from the company or proof that anything has started. One of the major problems with this stock from day 1. People can make outlandish false claims with no info to back them up if it’s positive, but even questioning or discussing the stocks negative aspects is automatically “bashing”. Truly a cult.
Can you link the information showing EU clinical trials have begun?
Literally the same thing said in 2021 and we still don’t have one single product in a EU clinical trial yet. So I guess we are just accepting that we went full circle with nothing to show for it and now we start all over again from the beginning?