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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.
There were shares issued. It’s part of the lawsuit. And we’ve discussed this for weeks here wondering how the insiders got their 2.5 mil each awhile when the deal wasn’t even approved or finalized yet.
Lol good one
Lmfaoooooooooooo
I sincerely hope this was sarcasm
The SAGA deal is dead.
https://stocktwits.com/EsquireTradingCo/message/551700090
Judge granted the TRO and decided in favor of GLD.
No one for SAGAs behalf showed up. “Did not appear”. Good job Kelli. You sure earned all those shares of each company.
GLD is now also requesting all communication between ENZC and SAGA involving the share issuance to ENZC and SAGA execs prior to the spac deal even being SEC approved and finalized.
Good job Charles! You sure f**ked us with that monumental shaft.
This makes less sense the more info comes out. People need to remember also that the SEC has the ultimate say in this spac deal regardless of the new lawsuit. If this lawsuit doesn’t kill this deal, then I’d have to wonder if the SEC will. What are they going to think when they see that the spac deal was not even finalized or approved, yet ENZC’s management were already paid out their 2.5 million SAGA shares awhile?!? I really don’t understand how they were legally handed their shares while the deal was still pending. Makes zero sense.
I wouldn’t say SAGA was a Hail Mary. It was just too good for Charles to pass up considering it’s likely the only deal they were going to get which paid $25 million in new Nasdaq shares to each of them in addition to funding. How else can you just issue yourself 2.5 million shares each of a $10 stock?!
This reeks more and more like nothing but an insider enrichment scheme. With a disguised reverse split “dividend” thrown in to make it look good on the surface to shareholders and so that it would be approved.
I questioned for weeks now how it makes zero sense that they issued the ENZC insiders their 2.5 million SAGA shares awhile, when the spac deal wasn’t even finalized yet.
They made sure the first order of business wasn’t the science or the loyal shareholders. Nope! It was to pay themselves the $25 million in SAGA shares each.
Now you’re saying they were called out on it and both didn’t respond? Looks even shadier. They brought this lawsuit and these problems on themselves.
Idk to be honest, not a lawyer. You’re saying their goal is just getting the payment they’d be due were SAGA to fail to find a spac merger and have to dissolve? And that SAGA should just pay them off in advance to avoid the lawsuit playing out, which would destroy SAGA regardless due to the timeframe / deadlines involved?
Go over on stocktwits ENZC board. They have it all explained and screenshots of the letters to the judge etc.
https://stocktwits.com/EsquireTradingCo/message/551625023
Holy shit, what an absolute circus.
Anyone else seeing these?!
What the judge decides at 3pm will determine which way this goes by end of day if the news is out before 4pm close.
I won’t deny that, if I had the funds ready in my brokerage today I’d be buying more right now. The other problem is we haven’t even seen what the judge decides at 3pm and whether this whole SAGA thing is over with or not. So it can go a lot lower.
Lmfao. Thanks for some comedy in the midst of this disaster today.
After all his preaching and philosophical bullshit, culminating with his “we won” was like the classic example of showboating and claiming victory before crossing the finish line as someone else passes you by and actually wins.
There will be another fluff, cleverly worded PR on the way soon. After today, prob very soon. Just like the pumpers who are currently working on new social media posts to deflect and spin as usual.
What was “made up” here recently? Curious. I’ve asked before when you made the accusation and you have yet to ever give a valid example.
You’re right. A “good” lawyer would.
Lmao “dissing”. Everything talked about today is the reality here. I don’t think you’ve ever done any actual dd here. My guess is you just used it to flip back and forth with your little algo software. You clearly don’t understand what’s going on today that’s for damn sure.
You don’t get it do you? If the judge even allows this to go past todays hearing and beyond next week SAGA is officially done.
.01’s.
Un
Real…
Unreal. New 3 year lows. We were at a higher pps before the December 2020 merger even happened. Yet our management just carries on in silence. I honestly think this whole spac deal was an insider enrichment scheme. They just wanted their payday and $25 million each in SAGA shares was going to do it. Charles has officially failed his duty as CEO and failed his fiduciary duty to shareholders. This is getting truly ugly.
Hey Chandra, we won though right?
Kinda crazy that a judges decision at 3pm today will decide the fate of this stock for the near future. Anyone else nervous?
Curious why you guys refuse to discuss the other part of what he mentioned with the Kelli Austin shadyness?
Zero proof of that
Shh, those are things you aren’t allowed to ask or discuss.
Just more bad news / delays / who knows in a long line of the same that just never seem to end here. It’s really time for Charles to sell this company off to someone who can run it properly. If all the warning signs are there with SAGA and red flags that go with it, he should be pulling out of this deal. Otherwise he looks complicit in all this bs.
Interesting tidbit going back to the original ENZC / SAGA PR in April.
“The purchase agreement between ENZC and Sagaliam requires that the sponsor agree not to sell its founder shares for a period of six 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.”
Awfully coincidental that they set the lock up period for founders shares to the end of the exact 6 month timeframe that the make whole provision window expires and we are paid our dividend shares.
So basically they can begin selling their prior shares the second we get paid the dividend and right when we no longer have the make whole provision protecting us from the SAGA share price dropping.
Who wouldn’t get confused at this point? Especially with the questionable connection between ENZC and SAGA regarding Kelli Austin. This thing is a bigger shitshow than a daytime soap opera.
If there isn’t a deceptively positive spin ready for a topic, then it won’t be acknowledged or discussed. Or you’ll just be blocked, mocked, called a basher or doxxed for asking, discussing or questioning anything negative. Don’t you dare question a thing! That’s how that all goes these days surrounding this thing.
Sitting right at the 3 year lows. And there’s the yield sign on otcmarkets. This company is a f**king joke.
Clearly you weren’t part of this board since 2020. I had years of positive posts here.
And like I just said, Charles has already had to deal with the red flags for 3 years mostly due to Harry Z’s past. All the lawsuits, failed partnerships (if the conspiracy that Savov destroyed the Lonza one we had lined up is accurate) etc. Most of the problems were bc of Harry’s past dealings. That’s why this SAGA thing is even more frustrating bc Charles clearly doesn’t seem to have learned his lesson and is going forward with another major move that already has many red flags. If he’s competent at all here as CEO, he’d pull the plug on this thing and fast. If he doesn’t then I really have to start considering that Charles is not on the up and up either so to speak. The only reason it makes sense they’d push forward and continue with this thing is they are in it for the money and they want to get that $25 million dollar SAGA share payout each. You don’t have this many problems and red flags before a deal is even inked and continue forward with it.