Enzolytics Inc (ENZC)

[foxi]

The way I'm reading it, ENZC would retain its value in the interim by owning most of the equity of SAGA, until ENZC distributed dividends, assuming regulatory approval for dividends. Make-Whole provision would protect ENZC shareholders if SAGA loses value between now and then, because additional shares could be issued in 6 months to ensure the SAGA deal retains $450M of total value.

Whenever the dividend would happen, ENZC shareholders would own their proportional amount in SAGA shares, ENZC would hold no more equity in SAGA and all of VIRO and BGEN, plus IP and licensing, would belong to SAGA. ENZC would be left with its ticker, its lawsuits, its undeveloped subsidiary RobustoMed, and would probably need a new management team since the current team has announced new roles at SAGA.