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The only thing I’m certain on is you cannot have a completed spac deal until the de spac process is fully complete and the SEC approves and signs off on it.
FFS SAGA hasn’t even filed any of the requirements for remaining on Nasdaq or having this spac deal go through.
This deal even without this new lawsuit was not and is not complete.
They can’t just sign a binding agreement and call it complete. I don’t think any of these morons involved in this thing even know what the hell they’re doing besides cashing in themselves. I think that’s their only real concern.
Under SAGA’s SEC filings, where the previously filed monthly spac extensions can be found, there is nothing as far as the extensions go filed last July by Barry. That means that technically the spac deadline to compete a business combination for SAGA expired back in August. And that’s exactly what this new suit is claiming. Barry royally f**ked this thing up and that’s why I don’t believe this is even going to go through anyway. Will sure be interesting (in a bad way for us shareholders but that’s par for the course at this point) to watch this play out.
Lmfao. Always some genuine comedy in the midst of this daily disaster.
Yep. It really makes no sense to dump now. Basically stuck now and if this deal magically makes it through, just going to have to take this pathetic 400 per 100,000 dividend and sit on it and hope SAGA somehow pays off some day long down the road. Absolutely pissed how this thing has played out to this point. Even that spike to .13 is looking good now. But I’m standing by my previous statements that I don’t think this deal is going through anyway. I’ve already explained in detail why.
Hey Charles. Since shareholders are getting the shaft with (best case per PR) only 400 SAGA per 100,000 ENZC, does that mean you and Chandra and the rest of you crooks are going to settle for less than half of your previously announced 2.25 million SAGA shares?! Oh wait, didn’t you already all pay yourselves months ago when a deal wasn’t even SEC approved or legally completed? This GLD case is karma and you’re going to feel the real shaft when this deal is dead.
I’ve never used the word con men or crooks to describe Charles or Chandra before today, but going forward I now will. They truly screwed longs here.
Dude, you are more clueless by the day. The only people getting free shares are ones buying in now just to cash in on the dividend short term. When you’re losing your original ENZC long shares for diluted / terrible return ratio in SAGA shares that we now know, you’re completely getting screwed. It’s unreal that you and some others just can’t see this for what it is.
Yep, the majority of people actually “get it”. They understand what a screw job this is for anyone that held share since the merger.
If the dividend is .06 cents per share though we should still at some point see the pps increase to near that bc for anyone new buying in it’s still free SAGA shares as long as this stays under .06. So it only makes sense that at some point it does go back up a little.
I’m standing by the belief that this SAGA deal isn’t going through anyway. I’ve detailed the multiple “miracles” it’s going to take for SAGA to get past their issues and fact they look to have expired in August at the real deadline. That would make this whole deal void. And even then the SEC has to take a good look at this and with the shit show that it’s been I don’t see how it would get approved.
https://stocktwits.com/EsquireTradingCo/message/551822767
This guy gets it.
I think this bullshit spac deal has a 10% chance of actually going through to competition. And no, just because these ENZC con men say it’s completed, doesn’t mean it is. SAGA needs multiple miracles to pull this thing off and even then it has to make it past the SEC review.
I’m honestly not sure yet at all when the dividend dates would be (deadline to buy in, when we can sell, etc). I don’t think anyone has a clue what’s going on at this point. These guys are claiming a deal is done and the SEC had never even approved it. Proof they’re con men and completely incompetent.
This literally turned into another typical ugly OTC screw job. It’s unreal everyone involved at this point can’t see this for what it is but I still see those low iq true “idiots in the back” on Twitter already celebrating this PR like it was some kind of victory. It’s literally mind blowing that they don’t understand how screwed we all just got. I thought the dividend was a joke before and now it’s f**jing HALF what they previously alluded that we would be getting. I’m all in as well if a group decides to go after these con men.
I’m standing by what I’ve said that this deal can’t be completed no matter what these incompetent dipshits say. It never even came to a vote to extend and it doesn’t look like Barry even ever filed extensions past August. I think GLD is going to win this thing and SAGA gets delisted or has to dissolve. Not only that but how the F**K can they claim a deal is complete when the SEC has to approve any spac deal BEFORE it’s complete?!
“400 shares for every 100K ENZC shares we own? Are you F-ing kidding me? If/when any other commons shareholders would like to start looking into class action, I'm ready. Like I've been saying this entire time, reverse split in disguise. This is absolutely disgusting! But all is good because Charles, Chandra, and crew got their 2.5M SAGA and as usual with OTC CEO's, us commons get screwed. Un-F-ing-Believable!”
So it’s f**king HALF of what we thought it would be even if this shit hold of a spac deal miraculously makes it through?!?!
Are you f**king kidding me is right?
What an absolute screw job. It’s f**king karma this garbage reverse split in disguise deal is on the rocks and still likely won’t make it.
I’m fully behind this GLD suit now. Take this thing down and kill it.
Charles, you disgust me and so you do Chandra, lying pricks.
.06 cents a share dividend. Those two can kiss my ass. I hope they get royally screwed by this lawsuit like they’re trying to do to us.
If Barry didn’t file the extensions required to continue the monthly extensions past August (which seems like the case bc they aren’t listed under their filings) they cannot just magically file them months late now and avoid being in default of the spac deadline. It doesn’t look like he filed the 8k monthly extensions past August and therefore GLD is correct that SAGA’s spac window expired in August. The only thing this would permit them continuing to work on filing is all the quarterlies and other filings for Nasdaq they are late on. None of that’s going to matter if the spac deadline passed in August due to no extension filings after the one they filed in July that gave them until third week in August.
The next month was the binding agreement to complete the business combination. The business combination wouldn’t be final until de spac, all parties sign off and then finally the SEC approves it. No business combination was completed.
If Barry didn’t continue filing the monthly extensions past August, then it sure looks like GLD has a slam dunk case and this is over for SAGA. It makes sense now why their suit claims that the spac deadline passed in August.
It was in one of the screenshots from the outcome of the court hearing Friday someone posted from Pacer.
Seems GLD’s whole case is that the spac deadline expired in August. They must have some proof of this to present.
That’s why I was wondering if anyone has the links or proof that Barry filed extensions past August? Remember how they kept filing and extending monthly and paying the fees? Wondering if he failed to file properly past the August cutoff or was late? It should be 8k’s like the extensions were prior. Maybe GLD found something incorrect in the filings or that they weren’t filed on time. Or that Barry just didn’t file them? I was under the impression they were filed through Novembers deadline this month. But I just took peoples word on that.
If GLD can’t produce proof to back up their whole claim this lawsuit is based on (that the spac deadline actually expired back in August), then yes the judge is giving a stay for 30 days on the shareholder vote. They are supposed to produce the info they have tomorrow to the judge.
Did SAGA file 8k’s after august to extend the deadline past August? This should be something we can find. That will basically determine the outcome of this whole thing. If Barry failed to file after August then GLD is correct that the deadline expired in August.
The shareholder extension vote / spac deadline might be moot anyway if SAGA loses its Nasdaq listing.
Per Kelli Austin’s letter to the judge, granting the TRO will cause SAGA to lose its Nasdaq status. Well, the judge granted the TRO. That’s a whole topic separate from the spac deadline expiration / shareholder extension vote topic.
Per Kelli Austin’s letter to the judge last week prior to the hearing “this restraint (granting TRO) will cause the company (SAGA) to lose its Nasdaq listing”.
So regardless of whether this shareholder extension vote deadline situation is resolved favorably for SAGA or not, what will it matter either way if they lost their Nasdaq listing? Clearly Charles won’t continue with the spac if Nasdaq isn’t one of the benefits.
This also matches what GLD is claiming that the spac deadline expired in August. Maybe it’s due to the fact SAGA did not file the proper paperwork to extend, which is one of the lingering questions. Who knows but this whole lawsuit is alleging the spac expired back in August and if SAGA did indeed not properly extend past then, they’re screwed. Why would GLD file suit alleging this if they don’t have something to back it up? That would make no sense. The judge requested that they provide the information tomorrow so we’ll see what happens.
You do realize this whole lawsuit is bc GLD is alleging that the deadline expired back in August right? Why would they file a lawsuit claiming that unless they have proof to back it up. That is what they are supposed to present to the judge tomorrow. So this whole thing is going to come down to whether they have proof to back up their claim.
Ffs man, this info was posted about a dozen times since Friday. The judge issued the TRO bc no one showed on SAGAs behalf. Kelli Austin herself said in the letter to the judge that if he issues the TRO it will effectively mean SAGAs delisting from Nasdaq and obviously the end of this spac deal.
Smfh. Bulgaria. Was that test tube or human trial testing? I’ve been here since the start. There’s no proven clinical trials showing there’s a cure here for AIDS. That’s why they still have to take it through EU and FDA. Idk how you guys haven’t learned your lesson by now that overhyping this thing is a bad thing.
“For God sake we have a cure for AIDS !”
One of the major problems here from the start. Announcing that someone has a “cure” for a world changing medical breakthrough before a single result is proven in actual clinical trials.
Enough of this nonsense. There’s no cure for AIDS currently and until someone passes through clinical trials proving it, it’s nothing but speculation and wishful thinking.
I follow this on 4-5 different social media and I’ve probably seen 50+ statements the last couple years from people saying they emailed with no response. Regardless of the question. I think the company has proven by now they aren’t responding to shareholders via email no matter what.
It’s time to stop using the “email the company” bit. No one has EVER gotten a response from them regardless of the subject or question.
QB only requires .01 cent closing cost, so that route is still an option.
From there, obviously there would need to be major progress and results to uplist further.
Have you not followed anything that has played out this past week? Smfh.
Oh, to the other thing you asked. (Can’t edit on mobile app)
The judge denied the SAGA request from the letter!to delay the initial hearing until after next week.
He allowed the hearing to remain yesterday (Friday 3pm) and no one showed up on behalf of SAGA, so he granted the TRO.
Agree with a lot of what you said.
I don’t honestly have a lot of answers on the Kelli Austin topic. It’s been mentioned plenty long before this past week on the Stocktwits ENZC board and Twitter / X as potential red flags. She was paid “consulting” fees by ENZC and was involved with us in the past but then she popped up as well as the Trustee of this whole SAGA thing. Many were saying it seems like a shady connection since she’s involved in both and no clear explanations were given. I’m still confused about her whole link to us as well as SAGA. So I can’t really answer much on what the deal is with her.
Her letter this past week was an attempt to get the judge to delay Fridays hearing until after next week when SAGA was planning to hold the shareholder extension vote. She was clearly making any excuse possible to get the judge to delay past next week bc obviously they knew SAGA would be screwed if the judge granted the TRO, since they are out of time and had to hold that extension vote next week. Now the extension vote looks like it can’t happen. And if that’s the case this is over for SAGA bc they will then go past the deadline that requires them to close on the spac deal or be granted a last minute extension (which is what the shareholder vote was for).
Plus GLD that filed the suit claims that SAGA was already in default and past the deadline, which they claim was back in August, not the end of this month. So if they are correct (no one seems to have an answer) then this is over anyway regardless of that vote that’s in jeopardy next week.
The TRO was only granted Friday as long as GLD responds with the requested filings by Monday. So we will see what happens. Right now it looks like this spac deal is not going to happen. I hope Charles had some backup plan in place. Or that he had some buyout or other funding offers on the table and just chose to go this route instead. Then he at least has some other routes we can go here.
Did you read Kelli Austin’s letter to the judge in the days prior to the hearing? Sounded like she was left no choice but to show up herself and she obviously didn’t as the judge remarked that no one was present to represent them yesterday. Her letter was very odd and sure sounded like she said herself that SAGA is finished if the judge granted that TRO Friday bc it would not allow them to carry out the shareholder extension vote in time, therefore leading to SAGAs delisting from Nasdaq etc.
I can honestly only shake my head bc I have no answers for most of what’s going on either. It’s just par for the course here, just seems that there’s constantly some lingering skeletons in closets and unanswered questions, etc. I’m ready to move on from this but I’m sure not doing it at these pps levels. I’m hoping Charles changes course and just decides it’s time to move on as well and can secure some kind of buyout or other deal that benefits everyone involved.
“So, GLD's claim may have some validity about why those shares were issued, except that GLD's claim that SAGA needed GLD's approval doesn't seem to be true. GLD says SAGA needs 65% shareholder approval, so 35.1% will kill a proposal, but GLD only controls 23% per the SAGA disclosure (24% per GLD's claim).”
Is that 23% they control before or after SAGA updated their share count to (not certain on the # off top of my head) approx 48 million recently?
Was that share count raise even legal considering the deal isn’t completed or SEC approved?!
How can you exact any parts of a pending deal before it’s finalized and especially one that can’t be valid until the SEC themselves approves it?!
The deal technically isn’t dead yet.
There are two things that can occur short term to end this spac deal.
(1) If GLD is correct and the deadline expired in August then the SAGA deal is dead.
(2) Unless SAGA can have this case thrown out Monday and still hold the shareholder extension vote somehow next week, then the spac deal is dead. Without the extension vote next week, there is no way they can meet the deadline a few days after and therefore they must dissolve.
Basically, it’s going to take a miracle for SAGA to remain and this deal to go forward.
And even if that miracle happened, they’re going to need another as well, bc of the fact they issued those insider shares prior to a deal being completed and being approved by the SEC. So this would have to later clear the SEC as well. The SEC takes one look at this thing even if it makes it that far and decides some illegal or shady behavior went on, they will void it themselves.
So you’re looking at multiple miracles if this thing survives.
Of course there’s the off chance Charles comes to his senses and backs out of this voluntarily. The fact he accepted 2.5 million shares as well as Chandra and his brother tells me he’s not on the up and up like many thought.
Bottom line, if SAGA doesn’t get to make that extension vote next week before the deadline, which isn’t looking likely, it’s over. They have no other extensions left and no other options to extend.
Wasn’t any point to buying SAGA shares up to this point anyway. What sense did it make when the dividend ENZC shares were 1/5 the equivalent.
Now that SAGA is going to be forced to dissolve and this spac deal is over, Idk how anyone wouldn’t take that tender offer if you already have SAGA shares. They’ll be worth nothing when it gets delisted and dissolved.
In Kelli Austin’s letter to the judge she stated that they could not find a lawyer to represent them at the hearing in enough time and requested that they delay yesterdays hearing until a later time. She also stated that they needed to have the extension vote next week or basically SAGA is done for and would be delisted from Nasdaq, bc without next weeks shareholder vote to extend, they will not make the deadline of the end of next week to have either completed the business combination or voted to extend until November 2024. So she requested that the judge delay the hearing on the TRO until after next week so they could still get the vote in. She claimed she was going to have difficulty making it bc her husband needed a ride home from the hospital post surgery. She claimed her lawyer she normally uses was going on a trip out of the country and her other lawyer wasn’t authorized in Delaware. She claimed Barry of SAGA could not represent them bc he was Jewish and wouldn’t make it home in time Friday. Her letter sounded very strange and like she was using any excuses possible to get the hearing delayed (in my opinion) but who really knows. You can tell at a minimum they all knew SAGA would be screwed if this hearing happened and the TRO was granted and they were desperate for a delay beyond the shareholder vote to extend next week. Letter was linked here a few times.
The judge denied that request and granted the TRO at the hearing. Which he basically did by default bc no representation for SAGAs behalf even showed up!
What others don’t seem to understand is this basically ends SAGA. They cannot now make the deadline this month to have the business combination completed and without next weeks vote to extend until November 2024, they will have to dissolve per the spac conditions. That’s why they were so desperate to get this vote in next week, bc without it the deal is dead and they are forced to dissolve and no longer exist.
Not only that but the lawsuit is claiming that the deadline date they’ve given for later this month is incorrect in the first place and states that they’ve already been in default of the spac deadline since August.
Now, that means that SAGA is basically done for, but there could be other problems for ENZC (hopefully not) bc the lawsuit also alleges (like some of us here were also discussing recently), that the 2.5 mil SAGA shares were issued to the ENZC management insiders illegally bc the spac deal (1) was not even completed and finalized yet and (2) was not SEC approved either. How could they have paid them the SAGA shares awhile without a deal being finalized and SEC approved? That’s what many of us said was illegal and made no sense when that info came out last month. So the plaintiffs are now also requesting that the judge orders all communication between SAGA and ENZC turned over to them as part of the lawsuit. This could definitely get ugly.
Where we go from here is anyone’s guess but these are the facts and yesterday I linked some Stocktwits ENZC board posts with the Pacer info screenshots that prove all this is factual and happening as I’ve stated.
DUDE, theres no vote happening now. What don’t you understand?!? It was next week just in time before the deadline to either vote to extend or dissolve the spac.
Now with this lawsuit that alleges their time already expired in August, EITHER WAY, they can’t make the vote in time now this month even if they later won the suit. It’ll be too late either way. That’s why SAGA attempted last minute this week to have the judge delay this so they could still hold the vote next week but he sided against them. Now, as part of the suit, they also have to answer to why ENZC execs already were paid SAGA shares in a deal that was not yet finalized, voted to extend or SEC approved.
Don’t you understand this spac deal is over with?!
Right lol. But I think this was their only extension vote they were allowed. Now it’s just concerning thinking what direction Charles takes this thing.
They are talking there about the shareholder vote that was coming next week to extend the time to finalize the spac deal until November 2024. The one year extension vote we’ve been talking so much about here the last few weeks.
What GLD is saying though is that they don’t even have the right to hold that shareholder vote bc their time to extend expired back in August, NOT this month in November like SAGA had claimed all along.
The problem for SAGA is that they’re done for either way. They cannot make the deadline now regardless bc this lawsuit will take things past the end of this month. So that’s why this whole SAGA thing is over with as far as ENZC is concerned. It’s not going to happen now.
Then why did ENZC execs receive their SAGA shares awhile, but common shareholders didn’t? Makes zero sense, especially for a deal that wasn’t finalized or SEC approved. That’s likely why it’s now a topic of this latest lawsuit. The lawsuit also alleges that SAGAs window to close a spac merger was back in August. If that’s correct, this whole thing was already void and they knew it. Even if the window for SAGA to close a spac merger was end of this month, that’s clearly not possible now, which is why this spac deal with SAGA is dead.
Dude, SAGA is done. Granting the TRO today ended this whole thing. They cannot vote next week and therefore will be beyond the deadlines to complete a business combination. It’s over.
That’s why a buyout is the best option here. Idk what they can get for the entire pipeline but it’s sure as hell a lot more than we’re at right now.