MAGA, your example implies there is a stock exchange of ENZC shares for SAGA shares, otherwise you wouldn't be calling it a loss in net value of your holdings with an increase in the value of ENZC's sp.
Now we'd see a loss of $6K for every 100K ENZC shares we own. Deal doesn't look anywhere near as good, right?
I'm not reading any exchange of stock in the deal outlined in any of the PR's or the supplemental.
IMO, it's structured as a sale with compensation to ENZC in the form of SAGA stock, so the SAGA stock is an added value ($9,000 in your example) to the price of ENZC's stock, ie, it's a bonus if distributed to shareholders. So, if ENZC sp increases from $.048 to $.15, there's a gain of $10,200 per 100k ENZC shares. Total value per 100K shares would go from $13,800 to $24,000 in your example.