Replies to post #198235 on Enzolytics Inc (ENZC)

[sspalmo]

SAGA is a SPAC not a company. They violated their articles of incorporation and should have begun the disbursement process when they missed an extension deadline filing and payment. In my opinion what you wrote does not apply to a SPAC. If someone can show otherwise, I would love to see it.

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.

How does a SPAC that was supposed to disburse and has been delisted from the NASDAQ exchange then go on to be allowed to continue trading on the OTC at any level? There was never any $360 million, but Enzolytics does claim to have $360 million worth of shares. Those shares currently do not trade on any exchange, so in my opinion they are worthless, but they do list them as a Current Asset valued at $360 million.