Enzolytics Inc (ENZC)

[foxi]

Series B converts 1:10 to common.

Latest disclosure, Page 34, says Harry owns 188,450,000 Series B, representing 41.68% of that share class. Converting half of those would create 942M+ common shares.
https://www.otcmarkets.com/otcapi/company/financial-report/379987/content

Incidentally, adding up insiders totals, only 87.61% of that share class is represented. That leaves 12.39% = 56,025,102 Series B = 560M+ potential new common shares in the hands of the other 7 shareholders of record.

If insiders converting from a class that can't receive dividends is the way insiders could capture a dividend, that could use up that 900M shares remaining in ENZC's A/S. (Though in that scenario the converted shares wouldn't necessarily be dumped on the market.) If we see that happen, it could be a signal the SAGA deal is nearing fruition.

Thing is, Common shares of ENZC don't actually have dividend rights.

For common equity, describe any dividend, voting and preemption rights.
There are no dividends, or preemption rights with common equity. The voting rights are one vote for each share held.

If they can bypass their share class rules with a Special Dividend (and I'm not sure that's permissible), why would anyone need to convert? Just include Series B shareholders in the Special Dividend.