Replies to post #197648 on Enzolytics Inc (ENZC)

[foxi]

Each of the ENZC preferred share classes A-F appear to have voting rights:

https://www.otcmarkets.com/otcapi/company/financial-report/398912/content

If I did the math correctly, the voting rights of other classes don't matter because Preferred A voting rights adjust to always have a minimum 51% weight "to approve any action" (page 5) and include a crazy formula which amplifies them further:

For purposes of determining the number of votes, each one (1) share of the Series A Preferred shall have voting rights equal to (x) 0.019607 multiplied by the total issued and outstanding common stock eligible to vote at the time of the respective vote (the “Numerator”), divided by (y) 0.49, minus (z) the Numerator.

13,200,000 outstanding Preferred A
3,187,974,957 outstanding Common Stock

((0.019607 * 3,187,974,957) / .49) - (0.019607 * 3,187,974,957)
= ~65,057,916 votes per "each one (1) share of the Series A Preferred"
= 858,764,488,526,824 votes collectively, which probably trumps all the other voting classes. :P

I believe Preferred A are a control group and not convertible to common.

Older info but I sliced and diced the different share classes back here:
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=168639909


Interestingly, common shares DO NOT have dividend rights (Page 4 of the filing linked above):

There is no dividend, or preemption rights with common equity. The voting rights are one vote for each share held.

Without dividend rights there is no obligation for the company to issue a dividend.
(But they might in goodwill, if they can get regulatory approval.)