Enzolytics Inc (ENZC)

[Valuator2]

I think the Novation Agreement was announced by SAGA (posted on Yahoo Finance) and ENZC referred to it in the Amended 2023 Annual Report on Page 53, Subsequent Events, but I don't recall an ENZC PR about it. BTW, there is an inconsistency in the reporting of the "retirement" of the Series A Preferred as well. The full 60 million is still on the Balance Sheet, Statement of Changes in Equity and the schedule showing stock changes during the year within the report despite narratives describing how they justified the 9 million SAGA shares to management using an exchange of 46,800,000 Series A Preferred stock in September 2023:https://www.otcmarkets.com/otcapi/company/financial-report/401387/content

Shares Outstanding on Date of This Report:
Common: 3,172,974,957
Preferred A: 60,000,000
Preferred B: 442,880,000
Preferred C: 3,452,907
Preferred D: 0
Preferred E: 0

Page 53 Subsequent Events:

On March 26, 2024, the Company entered into a Novation Agreement with Sagaliam Acquisition Corp
(SAGA). This agreement allowed BGEN to return back to ENZC, reduced the purchase price of the
transaction, to $290,000,000 from $450,000,000 in exchange for the operating Subsidiary’s return. All IP
and patents ownership in BGEN licenses return to ENZC. SAGA and ENZC agree to a mutual agreement
allowing ENZC to pursue licensing agreements with potential acquisition targets pursued by SAGA.
On April 10, 2024,

Dr. Gaurav Chandra notified the Company that he declined to lead efforts to develop
and commercialize BGEN’s IP and potential patents by refusing the position of CEO of BGEN. Dr.
Chaundra also rejected his appointment to the Board of Directors of ENZC

JMHO, this is what you get when you don't have an internal qualified CFO to quarterback and coordinate reporting with financials. In this case though, the financials may be more accurate than the reporting if the CCC group's rumored claim that they still have all their shares is true.