Enzolytics Inc (ENZC)

[foxi]

SAGA self describes as follows:

We are a blank check company incorporated under the laws of the State of Delaware on March 31, 2021 for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities. Sagaliam intends to continue to pursue the consummation of a business combination with an appropriate target.

"Look at the SAGA financials and it is obvious they don't have access to $250M."

I see ENZC said:

Enzolytics, Inc. (the "Company" or "ENZC"), a drug development biotech company, and Sagaliam Acquisition Corp. (NASDAQ: SAGA) ("Sagaliam"), a special purpose acquisition company ("SPAC"), announced today, April 17, 2023, they have executed a non-binding term sheet for the sale of Biogenysis, Inc. ("BGEN") and Virogentics, Inc. ("VIRO"), operating subsidiaries of Enzolytics. The value of the transaction is $250,000,000 The definitive agreement is being finalized with an expected closing date of May 19, 2023.

It didn't say when or how, or with what instruments, ENZC would be paid.


Could we see a scenario like this?
- ENZC gets paid in SAGA equities, creating assets for ENZC and value for ENZC shareholders.
- The ENZC team continues to run the now-SAGA-owned subsidiaries, essentially fast tracking the medical technology onto Nasdaq under SAGA.
But who knows.