Enzolytics Inc (ENZC)

[MAGA_PATRIOT]

Thx 29, but I think you misunderstood what I was asking.

I never suggested that Charrles & Co were selling anything, just potentially converting their Series B, because while the Series B carry more voting rights than commons, they do not get dividends. If the majority of ENZC value is moving to SAGA, I'd think that they'd want the dividends for a larger % ownership in SAGA post deal, not to mention that they hold "Super-Majority Voting Rights" with the Series A that they hold.

Anyway, my question is "when" are they required to notify shareholders. For example, I know somebody else brought this up yesterday, and it's a logical conclusion, but lets say that Series B convert at a 10:1 rate (10 commons for every 1 series B). "IF" they (Charles & Co.) are converting some of their Series B, it would 100% increase the OS of commons. When would they be required to disclose that increase to shareholders?

You also asked "what was my worry?" I'd say that my concern pertaining to all of this (possible B conversions) is that come November 20th (Q3 due on 11/15 + typical Charles extension = 11/20) OTCM is going to be updated and our OS is going to change from where it is now, to almost maxed out at 3.9ish Billion.

There were only around 220M shares that moved from restricted to unrestricted last quarter, yet we've traded roughly 1B+ since the end of May/beginning of June. The large majority of those 1B+ have come from OTCN & INTL, both non-Joe-Retail MM's. So where are those shares coming from? I'm sure some of them were the newly unrestricted shares, but what about the rest?

The new required cooling-off period covers the later of: 90 days before trading under a 10b5-1 plan can be activated, or two business days after disclosure in a periodic report of the issuer’s financial results for the quarter in which the plan was adopted.

The Bottom Line
Rule 10b5-1 allows insiders to sell company stock by setting up a predetermined plan that specifies in advance the share price, amount, and transaction date. The insider selling the stock and the broker carrying out the transaction must certify that they are not aware of any material nonpublic information (MNPI).