Enzolytics Inc (ENZC)

[falon]

We have limited information on how the SPAC deal will be broken down.

Here is what is being dealt:

SAGA gets Biogenysis, Inc. and Virogentics, Inc. for $250,000,000.

Formation of Two New Wholly-Owned Subsidiaries

Pursuant to the terms of the Business Combination Agreement, on November 24, 2020, the Company formed two new Texas corporations as wholly-owned subsidiaries for the purpose of licensing certain patented technologies: Biogenysis, Inc. and Virogentics, Inc.

Two Patent License Agreements

On November 30, 2020, Biogenysis, Inc., a wholly-owned subsidiary of Enzolytics, Inc., entered into a Patent License Agreement with Bioclonetics in order to license the U.S. Provisional Patent Application No. 63/078,482, filed September 15, 2020, entitled NOVEL HIV-BINDINGPEPTIDES for treating, preventing and reducing the risks of HIV, including all patents issuing therefrom and any foreign counterparts thereof.

Also on November 30, 2020, Virogentics, Inc., a wholly-owned subsidiary of Enzolytics, Inc., entered into a Patent License Agreement with the Zhabilov Trust in order to license the U.S. Patent No. 7,479538, entitled Irreversibly - Inactivated pepsinogen fragment and Pharmaceutical composition the same for detecting preventing and treating HIV; U.S. Patent No. 8,066982, Irreversibly - Inactivated pepsinogen fragment and Pharmaceutical composition compressing the same for detecting preventing and treating HIV, including all patents issuing therefrom and any foreign counterparts thereof.
https://www.otcmarkets.com/otcapi/company/financial-report/265788/content

What we don't know is the share count for BGEN and VIRO.

We the shareholders own BGEN and VIRO so we will be getting a piece of the pie.

Basically with SPAC deals, the shares from the company being bought out flips over to the new company.

Based on the information released up-to-date IMHO I believe ENZC gets a piece of the new company which is normal with SPACs.

Also what is normal with SPACs is the company's management being bought out usually run the newly formed entity.

How that translate to ENZC individual shareholders is a wait and see.