Enzon Pharmaceuticals, Inc. (ENZN)
Chart Events
Performance Outlook
| Previous Close | 0.5555 |
| Open | 0.5299 |
| Bid | 0.3800 x 3000 |
| Ask | 1.4100 x 200 |
| Day's Range | 0.5250 - 0.5300 |
| 52 Week Range | 0.0200 - 0.8500 |
| Volume | 26,454 |
| Avg. Volume | 113,055 |
| Market Cap | 39.326M |
| Beta (5Y Monthly) | N/A |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -0.0350 |
| Earnings Date | Feb 21, 2019 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | Sep 30, 2019 |
| 1y Target Est | 14.00 |
Fair Value
Related Research
- GlobeNewswire
Enzon Pharmaceuticals, Inc. CEO Andrew Rackear to Retire; Richard L. Feinstein, Enzon’s CFO, to Assume Position of CEO and Remain CFO
CRANFORD, N.J., Jan. 04, 2021 (GLOBE NEWSWIRE) -- Enzon Pharmaceuticals, Inc. (OTC:ENZN) announced today that Andrew Rackear has communicated to the Board his intent to retire from his role as the Company’s Chief Executive Officer effective February 26, 2021. Andy joined Enzon in 2010 as Vice-President and General Counsel and has served as CEO since 2016. Upon Andy’s retirement, Richard L. Feinstein, Enzon’s Chief Financial Officer, will also assume the role of Chief Executive Officer and Secretary, as well as remain the Company’s Chief Financial Officer. Mr. Rackear will be available as a consultant to the Company following his retirement, as may be needed. “On behalf of the Board of Directors, I would like to thank Andy for his leadership and commitment to the company during his over 10 years with Enzon. Andy has led Enzon through its transition from a pharmaceutical company to a lean organization, and now with the completion of our rights offering, poised for future growth,” said Randolph Read, Chairman of the Enzon Board.“It has been an honor and privilege leading Enzon through its transformative journey. Following the recent rights offering, the company is in a strong financial position. Under the leadership of the Board and Rick, I have no doubt that Enzon has an impressive and exciting future,” Rackear said.About Enzon PharmaceuticalsEnzon is positioned as a public company acquisition vehicle, where it can become an acquisition platform and more fully utilize its net operating loss carryforwards and enhance stockholder value.Cautionary Statement Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements that are purely historical, are forward-looking statements, which can be identified by the use of forward-looking terminology such as the words “believes,” “expects,” “may,” “will,” “should,” “potential,” “anticipates,” “plans,” or “intends” and similar expressions.Such forward-looking statements are based upon management’s present expectations, objectives, anticipation, plans, hopes, beliefs, intentions or strategies regarding the future and are subject to risks and uncertainties that could cause actual results, events or developments to be materially different from those indicated in such forward-looking statements. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, including the Company’s ability to use the net proceeds of the rights offering to position itself as a public company acquisition vehicle, and the possibility that the anticipated benefits of the rights offering will not be realized. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. No assurance can be given that the future results covered by the forward-looking statements will be achieved. All information in this press release is as of the date of this press release and Enzon does not intend to update this information.For further information, please contact: Andrew Rackear, Chief Executive Officer Enzon Pharmaceuticals, Inc. 20 Commerce Drive (Suite 135) Cranford, New Jersey 07016 (732) 980-4500
- GlobeNewswire
Enzon Pharmaceuticals Announces Results of Rights Offering
Looking to Next Step – Acquisition OpportunitiesCRANFORD, N.J., Oct. 21, 2020 (GLOBE NEWSWIRE) -- Enzon Pharmaceuticals, Inc. (the “Company” or “Enzon”) (OTC:ENZN) announced the results of its rights offering following the expiration of the subscription period on October 9, 2020 at 5:00 p.m. New York City Time. Under the rights offering, 40,000 units were available for purchase and holders of Enzon’s common stock received one transferable subscription right for each share of common stock owned. For every 1,105 subscription rights held, stockholders were entitled to purchase one unit at the subscription price of $1,090 per unit. Each unit consisted of one share of newly designated Series C preferred stock and 750 shares of Enzon’s common stock, all as described in the registration statement on Form S-1 (as amended) and related prospectus, filed by Enzon with the U.S. Securities and Exchange Commission.Based on the results received from Continental Stock Transfer & Trust Company, the subscription agent for the rights offering, stockholders exercised subscription rights to purchase 6,694 units in the rights offering (of which 5,971 units were purchased by Icahn Capital LP). Pursuant to the previously announced investment agreement, Icahn Capital also purchased all of the 33,306 units that remained unsubscribed for at the expiration of the rights offering that other holders elected not to exercise.Following the completion of the rights offering, the Company has 40,000 shares of Series C preferred stock outstanding and 74,214,603 shares of common stock outstanding.Randolph Read, Chairman of the Board, commented, “We are very pleased with the successful completion of our rights offering. The company now has over $48 million of cash available as we look for acquisition opportunities that will help us to utilize our net operating loss tax carryforwards and in the process maximize shareholder value.”Georgeson LLC acted as the information agent in connection with the rights offering. Thompson Hine acted as legal advisor in connection with the rights offering.Important InformationFor additional information on the rights offering, please see the prospectus included in Enzon’s registration statement on Form S-1 and related amendments. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.Cautionary Statement Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements that are purely historical, are forward-looking statements, which can be identified by the use of forward-looking terminology such as the words “believes,” “expects,” “may,” “will,” “should,” “potential,” “anticipates,” “plans,” or “intends” and similar expressions.Such forward-looking statements are based upon management’s present expectations, objectives, anticipation, plans, hopes, beliefs, intentions or strategies regarding the future and are subject to risks and uncertainties that could cause actual results, events or developments to be materially different from those indicated in such forward-looking statements. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, including the Company’s ability to use the net proceeds of the rights offering to position itself as a public company acquisition vehicle, and the possibility that the anticipated benefits of the rights offering will not be realized. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. No assurance can be given that the future results covered by the forward-looking statements will be achieved. All information in this press release is as of the date of this press release and Enzon does not intend to update this information.For further information, please contact: Andrew Rackear, Chief Executive Officer Enzon Pharmaceuticals, Inc. 20 Commerce Drive (Suite 135) Cranford, New Jersey 07016 (732) 980-4500Randolph Read, Chairman of the Board Enzon Pharmaceuticals, Inc. 20 Commerce Drive (Suite 135) Cranford, New Jersey 07016 (732) 980-4500
- GlobeNewswire
Enzon Pharmaceuticals Announces Key Dates for Rights Offering
CRANFORD, N.J., Sept. 15, 2020 (GLOBE NEWSWIRE) -- Enzon Pharmaceuticals, Inc. (the “Company” or “Enzon”) (OTC:ENZN) announced today the record date and expected subscription period for its previously-announced rights offering to raise proceeds of approximately $43 million. The proceeds from the rights offering will be utilized to position the Company as a public company acquisition vehicle, where it can become an acquisition platform and more fully utilize its net operating loss tax carryforwards and enhance stockholder value. The Company filed Amendment Number 1 to its Registration Statement on Form S-1 providing 5:00 p.m., New York City time, on September 23, 2020 as the record date. Subject to the Registration Statement becoming effective on or about September 18, 2020, the Company intends to commence the rights offering on September 23, 2020.Under the rights offering, holders of Enzon’s common stock will receive one transferable subscription right for each share of common stock owned. For every 1,105 subscription rights held, stockholders will be entitled to purchase one unit at the subscription price of $1,090 per unit. Each unit consists of one share of newly designated Series C preferred stock and 750 shares of Enzon’s common stock, all as described in the Registration Statement.Although the subscription rights are transferable there can be no guarantee that a market will develop during the subscription period or that stockholders will be able to buy or sell additional subscription rights. Accordingly, unless a stockholder is able to acquire additional subscription rights during the subscription period, a stockholder must own shares of common stock as of the record date, or acquire shares of common stock prior to the record date, in multiples of 1,105 in order to receive subscription rights enabling it to purchase units, as no fractional units, preferred stock or common stock will be issued. In connection with the rights offering, Icahn Capital LP has agreed to purchase all units that remain unsubscribed for at the end of the subscription period. Upon the sale of all 40,000 units available for purchase in the rights offering, the Company will have 40,000 shares of Series C preferred stock outstanding and an aggregate of 74,214,603 shares of common stock outstanding following the rights offering.The expected calendar for the rights offering, unless extended or modified by Enzon, is as follows: * September 23, 2020 at 5:00 PM, New York City Time: Record Date * September 24, 2020: Estimated Distribution Date; Subscription Period Estimated to Begin * October 9, 2020 at 5:00 PM, New York City Time: Subscription Period Ends * October 16, 2020: Estimated Date of Distribution of Preferred and Common StockImportant InformationFor additional information on the Rights Offering, please see the prospectus included in Enzon’s registration statement on Form S-1 and related amendments, which has not yet become effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements that are purely historical, are forward-looking statements, which can be identified by the use of forward-looking terminology such as the words “believes,” “expects,” “may,” “will,” “should,” “potential,” “anticipates,” “plans,” or “intends” and similar expressions.Such forward-looking statements are based upon management’s present expectations, objectives, anticipation, plans, hopes, beliefs, intentions or strategies regarding the future and are subject to risks and uncertainties that could cause actual results, events or developments to be materially different from those indicated in such forward-looking statements. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, including the Company’s ability to cause the registration statement related to the rights offering to become effective, the Company’s ability to use the net proceeds of the rights offering to position itself as a public company acquisition vehicle, the possibility that the anticipated benefits of the right offering will not be realized, and the possibility that the Company’s existing investors may not exercise their rights or purchase unsubscribed units as expected. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. No assurance can be given that the future results covered by the forward-looking statements will be achieved. All information in this press release is as of the date of this press release and Enzon does not intend to update this information.For further information, please contact: Andrew Rackear, Chief Executive Officer Enzon Pharmaceuticals, Inc. 20 Commerce Drive (Suite 135) Cranford, New Jersey 07016 (732) 980-4500
