Enzolytics Inc (ENZC)

[foxi]

I-Glow, a couple of notes:

(citations for these quotes are available here)
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=172309657

From the latest SAGA 10-K:

At December 31, 2022 and December 31, 2021, there were 515,000 Class A common stock issued and outstanding, excluding 956,337 and 11,500,000 respectively Class A common stock subject to possible redemption.

I don't know the details on "possible redemption", but 45M dividend shares issued to ENZC would be less than 90% of SAGA if 12,456,337 additional SAGA shares were then "redeemed" and added to SAGA's issued and outstanding. Also, in the event of a business combination, existing SAGA investors would be issued new shares because of their "Rights" (SAGA registered its equities as "Units", consisting of both shares and Rights)


Regarding your quote:

"This is an insiders enrichment scheme - the most likely scenario is the company keeps 90% of the SAGA stock."

Interestingly, according to ENZC's latest quarterly, only Series C and Series D Preferred are entitled to receive dividends. Common shares carry no dividend rights.

For common equity, describe any dividend, voting and preemption rights. There is no dividend, or preemption rights with common equity. [...]

The dividend is subject to regulatory approval. (this quote is from ENZC's newest disclosure)

ENZC has disclosed its intention to declare a dividend and subject to and upon approval by the regulatory entities the value of the transaction will be paid to ENZC shareholders as of the date of record.

Curious if that regulatory approval for a dividend is included, or separate, from closing the SAGA acquisition. Things could get complicated if there's time in between.