Enzolytics Inc (ENZC)

[sspalmo]

The document I'm referencing is the "Quarterly Report For the period ending March 31, 2024" prepared by Camelot Nevada Trust (Kelli Austin).
The math checks out, $450 million - $90 million leaves $360 million left for Enzolytics. This explains why under Current Assets it lists $360 million from Investment in SAGA shares on page 28. The point was the transaction should still have been listed on page 23 as $450 million not $360 million. This filing does mention the novation agreement but fails to state the revised number everyone here is using. Where was the novation agreement announced? I don't recall seeing a PR from Enzolytics about it on otcmarkets.com. On Page 23 they do claim "The Company is 100% owner of Biogenysis, Inc".

Page 23

On September 18, 2023, the Company executed and closed a definitive business
combination agreement with Sagaliam Acquisition Corp. selling the operating
subsidiaries Virogenetics, Inc. and Biogenysis, Inc. in a stock transaction valued at
$360 million. This left the Company with no operating subsidiaries. The Company is
currently formulating a new business strategy and searching for target acquisitions.
On March 26, 2024 the Company entered into a novation agreement whereby the ownership
of Biogenysis, Inc. was exchanged for xxxxxxxxxx shares of Sagaliam Acquisition Corp.

Page 32

On September 18, 2023, the Company executed and closed a business combination agreement with
Sagaliam Acquisition Corp, selling 100% of the Company’s ownership in the two operating subsidiaries,
Virogentics, Inc. (“VIRO”) and Biogenysis, Inc. (“BGEN”). Prior to September 18, 2023, Enzolytics was a
biotechnology company, whose products consisted of multiple distinct drug development proprietary
technologies: Immunotherapy, immune modulators, fully human monoclonal antibodies and an artificial
intelligence (AI) platform for health care developments. The Company had clinically tested anti-HIV
therapeutics. Additionally, the Company had created a proprietary cell line that produces fully human
monoclonal antibodies that target and neutralizes the HIV virus. The sales transaction was valued at
$450,000,000 to the shareholders of the operating subsidiaries of the Company with a Make-whole
provision.

https://www.otcmarkets.com/otcapi/company/financial-report/403184/content