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Monday, December 11, 2023 5:16:38 PM
"On September 15, 2023, Enzolytics, Inc. executed and closed the Business Combination Agreement with
Sagaliam Acquisition Corp. (NASDAQ: SAGA) for the sale of the Company’s two operating subsidiaries
Virogentics, Inc. (“VIRO”) and Biogenysis, Inc. (“BGEN”) in a stock purchase transaction valued at $450
million paid in the form or 45 million shares of SAGA. The agreement also provides for a monthly
Administration fee of $30,000.00 for use in regulatory filings and legal matters. As part of the business
combination of Bioclonetics, Inc. and Enzolytics, Inc., the controlling shareholders of Enzolytics, Charles
Cotropia, Joseph Cotropia, Dr. Gurav Chandra and Zhabiov Trust, surrendered 46,800,000 shares of their
combined Series A Preferred Stock (11,700,000 shares each), which represented Enzolytics control block, to
facilitate the SAGA transaction resulting in a change in the majority ownership control in Enzolytics. The
former controlling shareholders retained their officer’s and board member positions. An amendment to the
designation of the Series A Preferred was also approved by the Board as part of the SAGA transaction where
the remaining 13,200,000 Series Preferred shares will be eligible for conversion at a rate of 10 Common
Shares for 1 Series A Preferred share once the designation has been filed and approved by the Delaware
Secretary of State. The current holders and controlling shareholders of Enzolytics, Inc are Zhabilov Trust,
owner of 7,200,000 Series A Preferred shares, and Phil Phelizian, owner of 6,000,000 Series A Preferred
shares. The intention of Enzoytics board is to dividend the SAGA shares received in payment for the operating
subsidiaries to the holders of the equity on a fully diluted basis once the dividend has been approved by the
regulatory authorities. Enzolytics is also anticipating implementing a new business strategy which may include
the acquisition of vetted targets."
https://www.otcmarkets.com/otcapi/company/financial-report/387028/content
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