Enzolytics Inc (ENZC)

[sspalmo]

The $100,000 is the bond the Judge ordered GLD to put up in the court case. I believe it was a result of requesting a TRO to prevent SAGA from holding a shareholder vote. I don't believe it was negotiated down, but I do believe GLD will be able to have that money returned to them. I believe the GLD case is about a lot more than $500,000. Look at the number of shares GLD owns. I don't know which party wrote the schedule, but it had to be agreed to by both parties. To have a fair trial there needs to be time for things like evidence discovery, witness depositions, expert testimony, etc. The Judge did have to approve the schedule, see courtlistener Item 49 (Item 48 is the proposed order). If the Judge or any of parties involved had a problem with any of the dates they would have modified the proposed order. GLD has nothing to gain by having this case drag on.

The other lawsuit about the "termination fee" due to the failed Saudi deal is a result of SAGA's own Articles of Incorporation. I am not following that case.

What I was referring to is the non-refundable hearing fee of $20,000 to appeal their Nasdaq delisting. This was a non-refundable fee not a bond. SAGA had to have known that they had zero chance of winning an appeal and remaining listed on Nasdaq. If SAGA only had $19 in cash, who put up the $20,000 and why?

Separately, on October 24, 2023, Nasdaq notified the Company that is does not comply with the minimum 400 total holders requirement, as required by Listing Rule 5450(a)(2). Additionally, on August 23, 2023, Nasdaq notified the Company that it did not comply with Listing Rule 5250(c) due to its failure to timely file its Form 10-Q for the period ended June 30, 2023. The Company has also not filed its Form 10-Q for the period ended September 30, 2023. These failures to timely file periodic reports and maintain a minimum of 400 total holders each serve as additional and separate basis for delisting.



Finally, under Listing Rules 5101 and IM-5101-1, Nasdaq may “suspend or delist particular securities based on any event, condition, or circumstance that exists or occurs that makes initial or continued listing of the securities on Nasdaq inadvisable or unwarranted in the opinion of Nasdaq.” In light of the Company’s disregard for Nasdaq rules, as evidenced by its multiple violations of Nasdaq’s shareholder approval rules, ongoing failure to disclose material information and timely file periodic reports, and failure to comply with Nasdaq’s SPAC rule, Nasdaq has determined that the continued listing of the Company’s securities on Nasdaq is inadvisable and believes the delisting is appropriate to protect investors and the public interest.



In that regard, unless the Company requests an appeal of this determination as described below, trading of the Company’s securities will be suspended at the opening of business on December 14, 2023, and a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market.



The Company may appeal Staff’s determination to a Hearings Panel, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. Hearings are typically scheduled to occur approximately 30-45 days after the date of the hearing request. A request for a hearing regarding a delinquent filing will stay the suspension of the Company’s securities only for a period of 15 days from the date of the request. When the Company requests a hearing, it may also request a stay of the suspension, pending the hearing. The request should include an explanation of why an extended stay is appropriate. A Panel will review the request for an extended stay and notify the Company of its conclusion as soon as is practicable but in any event no later than 15 calendar days following the deadline to request the hearing.



Requests for a hearing and for an extended stay should be submitted electronically through our Listing Center, and must be received no later than 4:00 Eastern Time on December 12, 2023. Please note that if a request is not received by that date and time, trading in the Company’s shares will be suspended on the second business day following the deadline. The request for a hearing should be accompanied by confirmation of a wire transfer of the fee for a hearing. The fee for a hearing is $20,000. Please send your non-refundable hearing fee in accordance with instructions on the attached Hearing Fee Payment Form.

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001855351/000149315223044465/form8-ka.htm