The two newly created subsidiaries certainly don't generate any revenue and SAGA has problems with the SEC.
And ENZC will have more problems after the ridiculous pump about SAGA acquiring the two empty and non-revenue generating subsidiaries that ENZC created were going to be acquired for $250M - it is hilarious that anyone believed that nonsense.
And then we have the following:
"Sagaliam (NASDAQ:SAGA) announced this afternoon that Arabian Entertainment Company (AEC) intends to terminate their proposed merger, just a few months after their deal announcement.
On February 23, 2023, the company notified Sagaliam that since the SPAC did not receive subscription agreement commitments before December 15, 2022, it has chosen to terminate the merger."
Plus, SAGA hasn't generated any revenue.
The press release is called securities fraud because there never was going to be a $250M acquisition - SAGA doesn't have access to that much capital.
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