They can't claim $360 Million because the SAGA stock was delisted and as a SPAC the price was $10 - but this is odd because SAGA isn't trading on the OTC.
From a March 7, 2024 a SAGA Press release:
"The Company intends to work with OTC Markets to facilitate the continued trading of the Company’s shares on the OTC Markets."
But more bad news.
When a stock is delisted from a major exchange like Nasdaq, it typically takes around 10 calendar days for it to start trading over-the-counter (OTC) on platforms like the OTC Bulletin Board (OTCBB) or the Pink Sheets.
The process is as follows: After being notified of delisting, the company has 10 calendar days to file a Form 25 with the Securities and Exchange Commission (SEC), which is the official notification of removal from listing and registration. Once the Form 25 is filed, the stock is officially delisted and can begin trading OTC on the next business day.
The 25-NSE was filed on 04/09/2024 - so it is well past 10 days.
So much for the $360 Million in assets.
"Investment in SAGA shares: $360,000,000"
Actually the statement doesn't sense - ENZC is stating that they invested in SAGA stock and it is now worth $360 Million.
ENZC is headed for disaster.
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