Replies to post #190399 on Enzolytics Inc (ENZC)

[Dyno89]

DUDE, theres no vote happening now. What don’t you understand?!? It was next week just in time before the deadline to either vote to extend or dissolve the spac.

Now with this lawsuit that alleges their time already expired in August, EITHER WAY, they can’t make the vote in time now this month even if they later won the suit. It’ll be too late either way. That’s why SAGA attempted last minute this week to have the judge delay this so they could still hold the vote next week but he sided against them. Now, as part of the suit, they also have to answer to why ENZC execs already were paid SAGA shares in a deal that was not yet finalized, voted to extend or SEC approved.

Don’t you understand this spac deal is over with?!

[falon]

I agree however according to the lawsuit SAGA illegally gave shares to ENZC and ENZC leadership.

Although no vote occurred ENZC cannot vote shares intended for their shareholders.

On a date not known, but sometime prior to October 11, 2023, Sagaliam issued
36,000,000 Class A shares to Enzolytics. If the transfer is not cancelled, Enzolytics therefore
possesses 88 percent of the beneficial ownership of shares in Sagaliam, giving Enzolytics supermajority control over any shareholder vote.
On a date not known, but sometime prior to October 11, 2023, Sagaliam also
issued 2.5 million Class A shares the Zhabilov Trust, Charles Cotropia, Dr. Gaurav Chandra and
Dr. Joseph Cotropia. If the transfer is not cancelled, those parties therefore hold a total of 6.17
percent of the total shares of Sagaliam. Upon information and belief, Zhabilov Trust, Charles
Cotropia, Joseph Cotropia and Guarav Chandra are all shareholders and insiders of Enzolytics.

Did anyone get proxy materials? Hell no

These Aholes included us in their scheme and didn't send no proxies.

I suspect the SEC make take some action as a lot of their rules were broken and the SEC don't like FALSE and MISLEADING STATEMENTS and SAGA is probably already on SEC's Enforcement Division radar with their late or lack of mandatory reporting.

This was some CROOKED shit and some heads should roll.

What constitutes an SEC violation?
Manipulation of investment prices. Making false or misleading statements about a company, including in SEC filings. Offering fraudulent or unregulated securities. Anything else that could be considered fraudulent conduct.

What happens if you violate SEC rules?
In addition, the SEC can seek civil monetary penalties, or the return of illegal profits (called disgorgement). The court may also bar or suspend an individual from serving as a corporate officer or director.

I did a search for SEC suing for not sending out proxies and could not find any however I did come across a SEC suit against a SPAC and its' target:

https://www.willkie.com/-/media/files/publications/2021/07/secbringsspacenforcementactionagainstspac.pdf