SAGA doesn't have a business so there can't be a business combination. The SAGA deal was for pumping purposes only. SAGA had a deal with AEC and it was terminated because SAGA couldn't come up with $12.5 Million.
"Also, ENZC and SAGA are continuing to negotiate terms for the potential business combination taking into consideration the increase in ENZC's market value over the last few weeks since the initial disclosure of the transaction."
Look at the SAGA financials and it is obvious they don't have access to $250M.