Enzolytics Inc (ENZC)

[foxi]

We have the running total of every share issued, adding up to O/S.

http://www.otcmarkets.com/otcapi/company/financial-report/323613/content

All these shares (except 32.5 Million from this year) are shown in non-company hands. ENZC as a company was holding none (unless they bought some back in Q3 2022) and Harry is the only insider listed as personally having owned some. To pay Livingston, ENZC must draw from some pool of shares. This implies Livingston was already paid (or very nearly paid) in 2020.

Another clue is Restricted shares - only about 8M shares have become unrestricted during 2022. So if there were shares already paid to Livingston for the settlement, but stuck in Restricted until 2022 pending some SEC or negotiation detail, it was still far less than 115 Million.


Why is this important? Because it implies Livingston could only be a factor today if it was selling previously converted shares it's held onto since 2020.

I agree with you, we don't know when/if Livingston's shares were sold, just converted.


It does seem unusual that Sep 7 date was mentioned outside the quarter. Its significance could be, rather than a final block shares being paid to Livingston, perhaps that was the date ENZC could conclude with certainty the settlement agreement was indeed fulfilled. (ie It could be related to an audit event or some kind of sign-off from parties involved in the agreement.)

Agreed it is impressive how fast the new team has restructured this mess! It still seems a mess. But hey it's getting better. :)


So who's selling now? I mentioned the Unrestricted count growing 675 M in 2021 and that some of these entities (Livingston is on the list too) may have taken profit but not fully liquidated. We know Livingston could only keep 9.99% of O/S at any given time according to the settlement agreement. (4.99% if they want to avoid filing a 13D). I think it's important to look broader than Livingston when trying to guess how many shares we're dealing with in the current selloff. Livingston could still be a factor, but if so, seems it'd most likely be from holding shares acquired back in 2020.

How many are to be sold? Risky to cap expectations at 115M and the declining price can have a compounding effect from rattled investors. Doesn't matter either, if we get news that decisively reverses it. That's the gamble.

Let's see!


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