We are talking about 4.5 million shares trading, no institution would be wasting their time trying to hold it under .05 with likely 2.25 million are retail. Retail is screwing with Retail. Welcome to the club.
Good morning MAGA. On a lunch break. For everyone out there. All of the information is there if you are willing to do some DD and look at how SPAC mergers, PIPE funding and the "operating subsidiaries of the Company" BGEN and VIRO. SPACs:
I have heard here that "SAGA doesn't have the $450M". I could have told you that. I have also heard that VIRO and BGEN are "shells". No they are not. They are, "operating subsidiaries of the Company". SAGA is the shell. I posed the question a few posts ago that we should be wondering and excited about who will be providing the funding for the "purchase". That's a lot of money for someone to put up, or is it? Depends on "who" that is. Also if you look at how PIPEs work you will see that might be why the 68M shares went unrestricted. There could be more dilution to follow. Also keep in mind that, during a PIPE transaction, the diluted shares are offered to investors at a reduced rate in order to fund the transaction.
There has also been a lot of speculation as to what happens to shareholders when the "sale" is complete. It is covered in the faq section of the first link:
"What happens to SPAC shares after a merger? When the merger is completed, SPAC shares remain listed on the same exchange and trade like any other stock. However, the ticker symbol and company name are changed to reflect the new combined entity."
Why would ENZC "sell" VIRO and BGEN to SAGA? ENZC is a public company. BGEN and VIRO are not. They could put together an IPO, however, as noted in the DD above the quickest way to get the two subsidiaries listed publicly is to conclude a SPAC merger.
There have been numerous SPAC transactions. Virgin Atlantic owner Richard Branson raised $450M through a SPAC merger for Virgin Galactic:
"On Monday 28 October 2019, Virgin Galactic listed into the New York Stock Exchange, trading under the ticker symbol 'SPCE', the first publicly traded space tourism company (i.e., company whose primary business is space tourism). The company raised $450 million through a SPAC merger listing, and company's market value after listing was more than $2.4 billion."
I think many are getting confused with the semantics of "sale" and "merger". Again, I will be the first to tell you that SAGA does not have the $450M, but, in order for the deal to happen someone does. This is not a smoke and mirrors transaction. Both SAGA and ENZC either believe, or have, the investor(s) out there to put up the $450M and pass it through the shell company, SAGA. When it happens it will be the quickest way to get the majority of ENZC's business to list publicly, possibly on a bigger board.
There is still Virgin Atlantic. There is also Virgin Galactic. There is still Yum. There is also Taco Bell and KFC.
Read through the above links. There are plenty more out there. It is my belief that ENZC is close to actually delivering on some milestones and that is attracting investors to the SPAC merger. We shall see. In the meantime I also believe that the bounce a few weeks ago, which was great for a trader like me, was organic. I also think that the current share price will remain static until more details of the merger come out due to the possible dilution of reduced price shares for the PIPE funding. I hope this helps. If you have metrics and a process this will all make sense. Trust the process you have and invest/trade accordingly. Now for the fun part of the camp. Three hours of 7v7 scrimmaging!!! Have a great day everyone. Cheers, Coach
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