If I am reading this correctly, they are canceling the currently issued Series A (46,800,000) and at the same time issuing the remainder of the Authorized Series A (13,200,000) with a conversion rate of 10 common for 1 series A. I still have not found anything on who Phil is. I believe this the first mention of him. In my opinion he has nothing to do with Neomorph, I see no mention of him when clicking on the leadership link. There is a Linkedin link in the lower left which brings the user to their Linkedin page. A link on there says view all 57 employees, I don't have an account so I can check to see if he is listed there.
"On September 15, 2023, Enzolytics, Inc. executed and closed the Business Combination Agreement with Sagaliam Acquisition Corp. (NASDAQ: SAGA) for the sale of the Company’s two operating subsidiaries Virogentics, Inc. (“VIRO”) and Biogenysis, Inc. (“BGEN”) in a stock purchase transaction valued at $450 million paid in the form or 45 million shares of SAGA. The agreement also provides for a monthly Administration fee of $30,000.00 for use in regulatory filings and legal matters. As part of the business combination of Bioclonetics, Inc. and Enzolytics, Inc., the controlling shareholders of Enzolytics, Charles Cotropia, Joseph Cotropia, Dr. Gurav Chandra and Zhabiov Trust, surrendered 46,800,000 shares of their combined Series A Preferred Stock (11,700,000 shares each), which represented Enzolytics control block, to facilitate the SAGA transaction resulting in a change in the majority ownership control in Enzolytics. The former controlling shareholders retained their officer’s and board member positions. An amendment to the designation of the Series A Preferred was also approved by the Board as part of the SAGA transaction where the remaining 13,200,000 Series Preferred shares will be eligible for conversion at a rate of 10 Common Shares for 1 Series A Preferred share once the designation has been filed and approved by the Delaware Secretary of State. The current holders and controlling shareholders of Enzolytics, Inc are Zhabilov Trust, owner of 7,200,000 Series A Preferred shares, and Phil Phelizian, owner of 6,000,000 Series A Preferred shares. The intention of Enzoytics board is to dividend the SAGA shares received in payment for the operating subsidiaries to the holders of the equity on a fully diluted basis once the dividend has been approved by the regulatory authorities. Enzolytics is also anticipating implementing a new business strategy which may include the acquisition of vetted targets." https://www.otcmarkets.com/otcapi/company/financial-report/387028/content
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