Enzolytics Inc (ENZC)

[sspalmo]

Unless I'm reading it incorrectly, the "two investors" each made a loan for $125,055 for a total of $250,110 in May. Then in June "two investors" (may or may not be the same ones from May) each made a loan for $375,000 for a total of $750,000. These loans were made to Enzolytics after the announcement of the SAGA deal. It's odd that they needed to take a $750,000 loan to fund BioGenysis and Virogenetics just six weeks after taking a $250,110 loan for the same purpose. I also find it odd that the day after taking the $750,000 loan the purchase price of the subs by SAGA changes from $250,000,000 to $450,000,000.

On May 12, 2023 and May 15, 2023, two investors loaned $125,055 each at 10% interest due May 12, 2024
and May 15, 2024 and June 15, 2024 to fund BioGenysis, Inc. and Virogentics, Inc.
On June 28, 2023, two investors loaned $375,000 each at 10% interest due June 28, 2024 and June 28, 2024
to fund BioGenysis, Inc. and Virogentics, Inc

Enzolytics, Inc. (the "Company" or "ENZC"), a drug development biotech company, and Sagaliam Acquisition Corp. (NASDAQ:SAGA) ("Sagaliam") (together the "Parties") announced today they have agreed to an amendment to the executed non-binding term sheet for the sale of Biogenysis, Inc. ("BGEN") and Virogentics Inc. ("VIRO"), operating subsidiaries of the Company, amending the combined purchase price to $450,000,000.00. In addition, the Parties have agreed to a Make Whole calculation six months after close to ensure the value to be received by ENZC. The Parties will now focus on completing the business combination agreement as soon as possible.

https://www.otcmarkets.com/stock/ENZC/news/Enzolytics-Inc-Reports-Amendment-to-Non-Binding-Term-Sheet-with-the-Special-Purpose-Acquisition-Company-Sagaliam-Acquisi?id=406065