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Thanks Timing and Molly.
Stay safe!
Hey Molly,
Like I mentioned before, they release all information publicly now. So I hear about things at the same time everyone else does.
That Bioclonetics Investor FB group CC created to share news is dead now. Info hasn’t been shared since December when he laid out the options for Wefunder and Start Engine investors.
Since I chose to hold on to my my convertible note, my money is tied up until a buyout or series A fundraiser occurs. So I’m in it for the long haul. That’s why I’m not concerned with the daily swings.
Good luck to all!
Sorry, since the two merged, anything substantial is released to everyone via PRs. The last thing shared with us was the three options for Wefunder and Start Engine investors. Investors were asked to declare by 1/15 if they wanted to convert their investment for the newly created preferred D series shares.
Those who didn’t declare will hold on to their note and wait for a series A round of financing or buyout.
TJ,
I’m in the same boat as you. If I choose the series D shares, then I’ll eventually get ENZC shares. The number of shares I’ll get is roughly the same amount I bought in September. The only difference is I bought my ENZC shares at a fraction of what I invested through Wefunder.
I’m going to hold on to my SAFE with the hope that it’ll convert to equity down the road. CC told another investor that all three options have a “road to some value in the future.” I’m putting my trust in him that we won’t be stuck with our SAFE should we choose that option.
Good luck!
Nope. Last email I got was in the evening of 12/21. Still long, still strong and hella patient.
GLTA the longs
Hey Dr. H,
This is copied and pasted straight from CC's email.
Option 1:
You may hold your convertible note until a conversion event occurs, namely there is a future Series A financing round or where Enzolytics is acquired. At the end of this report, I have summarized when such a conversion event would occur and how the investor’s investment would be impacted.
Ending part of email referenced above:
For purposes of considering Option 1, we provide this general information. Please consult your financial advisor for further information. In our case, convertible notes (a SAFE) were issued to each investor with a valuation CAP of $15 Million (in some cases the valuation CAP provided was $10M). This CAP offers the possibility for appreciation in the following way.
The CAP is a ceiling on the value of our Company (i.e., a maximum dollar amount) for purposes of determining the conversion price of the note at the time of a later Series A round of funding — meaning that in a future Series A financing where financing is provided by an outside source in exchange for shares in our company, if the pre-investment valuation of our company is higher than the CAP, a note holder (you) would receive a proportionally larger number of shares than the later investor. For example, if in a Series A investment, our company were valued at $30M, a SAFE Note investor would receive twice the number of shares issued to the later investor ($30M/$15M = 2 times). And, if the Company is valued even higher at the time of a Series A financing, the SAFE note investor would be issued proportionally more shares. Also, if the Company is acquired, the initial investor’s investment would appreciate proportionally with the acquisition price as compared to the CAP - meaning if the Company were acquired for $30M, then an investment would double and so forth.
He doesn't hint that an acquisition is imminent. He just wanted to outline the 3 ways Wefunder and Start Engine investors could make money. The acquisition or series A financing is just one way.
In a follow up post to an investor made on our Facebook group for Wefunder/Start Engine investors, CC clarified that a change of control must also occur at the time of the acquisition.
Here's what he said regarding that: In the acquisition, we purposefully arranged the transaction such that upon the acquisition of BioClonetics shares by Enzolytics, and contemporaneously therewith, there was not a change in control in that the shareholders of BioClonetics took and have control of Enzolytics. Thus, we do not consider the acquisition to constitute a "Change of Control."
Also, if CC did not want this info to be shared publicly, I sincerely apologize.
GLTA and Happy New Year to all the shareholders!
Same to you timing and to everyone else.
Happy Holidays!
Hey Timing,
The emails I received refer to the newly created shares as series D shares unless he misspoke. Those are the shares the Wefunder and Start Engine investors would receive.
I’m not sure how that impacts everything, but CC has always stated that he’s always trying to create value for shareholders.
Thanks Timing. Best of luck to you too and to everyone else who shared kind words with me.
I’ll see everyone later. Off to take care of some errands. It’s still morning where I live. Peace everyone.
Dr H, thank you for the kind words and advice. I don’t have the option to cash in my note. I’m in for the long haul anyway. I’d rather swing for the fences and hit a grand slam even if I risk striking out.
GLTY also.
Dogone, I haven’t made a decision yet.
We have until 1/15 to declare. I believe option 1 is the default option if no declaration is made.
Just in case any other Bioclonetics investors share info, I’ll reorder the options to match CC’s emails. I hope my details are accurate. It’s been years since I invested and the valuations might be different.
Option 1: Hold on to my note and wait for a series A round of financing or acquisition. Wefunder= 10 million valuation and Start Engine = 15 million valuation
Option 2: Available only to Start Engine investors. 2% annual return.
Option 3: covert to shares of ENZC
I invested through Wefunder, so I’ll have to choose between 1 and 3.
If any other Wefunder or StartEngine investors are on this board, I’d be interested to see which way you’re leaning. I’m a novice to all of this. Im just an average guy trying to carve out a better life for my family. I did invest knowing that i could lose 100% of my original investment. Even honest companies don’t end up making it because of regulatory hurdles, predatory lenders and other BS.
Take care everyone and good luck to all the non P&D people
Yeah Dogone, I was hoping for a much better conversion rate. If the company does their thing, there should be plenty of money to reward all of the investors regardless of which side they initially invested in.
Timing,
I received the email from CC last night as promised. He said we would find out by 12/21 and he kept his word.
Wefunder and StartEngine investors who want to convert their note to ENZC shares can covert $5 of every dollar invested to 1 preferred share. A year from the conversion, each share will convert to 120 shares of ENZC common stock.
So each 1K invested = 200 preferred shares. One year from now those 200 preferred shares would convert to 24K of ENZC stock.
I believe a total of $675k was invested through Wefunder and Start Engine. If everyone chose this option, these investors would split 16.2 million shares. Those shares might come from the block that was transferred to CC. if that’s correct, then there wouldn’t be any dilution.
I have mixed feelings about this. As a Bioclonetics investor, I feel we should’ve gotten a better deal than what amounts to 24 shares per dollar invested.
However, since I also bought ENZC shares once I found out about the intent to merge, it works better for me as an ENZC investor.
Anyway, Happy Holidays and GLTA!
Thanks. I hope I do also because you guys will be $miling too.
See you all later. I'm out for now.
We'll see.
If I had taken that same amount and invested directly in ENZC, I would have over 10M shares.
Although that thought makes me happy, it's not going to be good for the A/S and O/S.
I'll know for sure soon what my original investment will get me.
Regardless, I have high hopes for this company and will hold my position for years if necessary.
I'm not aware of any shareholder events. Perhaps those were reserved for people who invested north of 25K.
I was only granted access to a private investors group on FB and periodic emails about updates. I only receive updates approximately once per quarter.
Maybe I should've invested more = )
If Bioclonetics designees are cashing in their shares, these are people who previously did work for the company or invested money outside of Wefunder or StartEngine.
I invested in Bioclonetics through Wefunder many years ago. I received an email last week giving me the following two options:
1. Hold on to my convertible note and hope for a buyout or Series A financing round.
2. Opt to have my note exchanged to new series D preferred shares that I will have to hold on to for at least a year before they are converted to common shares. This is not a problem for me since I'm long on this company.
Start Engine investors got a third option to collect their original investment plus 2% annual interest.
By 12/21, we were promised that more terms for those interested in option 2 would be shared. By that date, we'll know how many preferred shares we'll receive per dollar invested + what the eventual conversion rate would be. I think this is when the company will have submitted all of the missing pieces that keeps them from being current.
It's too bad Charles and Co. did not share the intent to merge with ENZC on or around 9/15. That would've given the Bioclonetics investors a chance to buy ENZC shares while they were still sub-penny.
I happened to stumble across the news a couple of days later by chance and bought ENZC shares after the initial pop. Still sub-penny but not trip zeroes.
I'm holding strong until the company starts to reach it's potential. I don't believe being current will do much to move the needle (I hope I'm wrong). On the other hand, the news of funding, licensing/partnership with big pharma or a buyout will make us all a ton of money though.
GLTA!