From the June 29, 2023 Press Release Enzolytics, Inc. Reports Amendment to Non-Binding Term Sheet with the Special Purpose Acquisition Company Sagaliam Acquisition Corp.:
As soon as the Agreement is finalized, the Parties will file an 8-K providing the details of the purchase of the subsidiaries. It is anticipated that ENZC will dividend to the existing ENZC shareholders the Saga shares received as the purchase price of the subsidiaries. This will occur on the dividend date in accordance with the individual shareholder's percentage ownership of the Company.
From the July 6, 2023 Virogentics, Inc to Introduce a Dietary Supplement Offers Additional Information on ITV-1 And Diabetic Clinical Trials:
The Company, assisted by Sagaliam Acquisition Corp. ("NASDAQ:SAGA"), is preparing a supplemental information filing to give insight into the SAGA transaction and offer explanations to some of the shareholder questions surrounding the sale of ENZC's operating subsidiaries, Virogentics ("VIRO") and Biogenysis ("BGEN"). The filing is expected to be completed the first of the week of July 10th.
First off the Parties will file an 8-K providing the details of the purchase of the subsidiaries.
A week later The Company, assisted by Sagaliam Acquisition Corp. ("NASDAQ:SAGA"), is preparing a supplemental information filing to give insight into the SAGA transaction and offer explanations to some of the shareholder questions surrounding the sale of ENZC's operating subsidiaries, Virogentics ("VIRO") and Biogenysis ("BGEN")
IMHO the first PR suggested that the closing of the deal was imminent.
However with the second PR preparing a supplemental information filing to give insight into the SAGA transaction and offer explanations to some of the shareholder questions surrounding the sale of ENZC's operating subsidiaries suggest it is going to be awhile before the deal closes otherwise why do a supplemental if the deal is imminent.
Another thing to think about is where did they get the information that shareholder had questions surrounding the sale.
Are they talking about us (retail) or are they talking about some of the Series C Preferred shareholders or somebody(s) else?
Has the company been snooping around message boards?
Finally there will probably be no further information on the dividend other then what they already said. Until they have the actual numbers after the deal close then they will be able to precisely give hard numbers and we probably won't know until they actually declare the dividend.
Exciting times for ENZC...
Bullish
