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Enzon (OTCQB: ENZN) and Viskase (OTC Pink: VKSC) amended their merger agreement on Oct 24, 2025. Under the Amendment, Viskase stockholders will own 55% and Enzon stockholders 45% of the combined company.
Key changes include using the 20-day VWAP to convert Series C preferred into Enzon common, a 1-for-100 reverse stock split of Enzon common before closing, a reduction in Enzon's required closing cash, and an extension of the termination deadline to Mar 31, 2026. Icahn Enterprises Holdings amended its support agreement to deliver consents and exchange its Series C preferred prior to closing. Enzon expects combined company NOLs to be preserved.
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