JMHO, assuming this deal closes...It's possible that the restriction on the sale of SAGA's stock received by ENZC will only exist while owned by ENZC.
Meanwhile, during those 6 months, I assume ENZC's assets will increase by the value of the SAGA stock it acquires as a result of the sale (probably booked as an asset-using historical cost basis-and as a revenue @ $450 mill-due to structure as a sale). The ENZC stock value (pps) may fluctuate depending on any new business development it generates/conducts and on the value of the SAGA stock on the NASDAQ market. JMHO.
When the SAGA stock is distributed to ENZC shareholders as a dividend, ENZC shareholders (as a group) will own (1) their ENZC shares and (2) their prorata share of SAGA (about 90% ownership after the business combination, structured as a sale, but possibly adjusted downward if the $450 mill is not funded prior to the sale). JMHO.
After that dividend distribution, ENZC's stock value will depend on its remaining activities, which appears to include a yet to be revealed new business plan that is referenced not only in ENZC PR's but also specifically within the Agreement with SAGA along with 30 months of funding from SAGA, ie, there is some comfort that there will be a new business plan for ENZC. JMHO.
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