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Enzon Pharmaceuticals, Inc. (ENZN)

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0.1818+0.0064 (+3.67%)
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Previous Close0.1754
Open0.1800
Bid0.3800 x 3000
Ask1.4100 x 200
Day's Range0.1754 - 0.1850
52 Week Range0.0200 - 0.2700
Volume118,486
Avg. Volume82,909
Market Cap13.493M
Beta (5Y Monthly)0.41
PE Ratio (TTM)N/A
EPS (TTM)-0.0260
Earnings DateFeb 21, 2019
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateSep 30, 2019
1y Target Est14.00
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  • Enzon Pharmaceuticals Announces Results of Rights Offering
    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

  • GlobeNewswire

    Enzon Pharmaceuticals, Inc. Announces Postponement of 2020 Annual Meeting

    CRANFORD, N.J., Sept. 02, 2020 (GLOBE NEWSWIRE) -- Enzon Pharmaceuticals, Inc. (the “Company” or “Enzon”) (OTC:ENZN) today announced that its 2020 annual meeting of stockholders (the “Annual Meeting”) originally scheduled to be held on Thursday, September 17, 2020, has been postponed and will now be held on Friday, December 18, 2020. Once determined by the Company’s Board of Directors, the Company will announce the record date, time and location of the 2020 Annual Meeting.  The Company decided to postpone the 2020 Annual Meeting due to timing considerations related to certain corporate actions recently announced by the Company. About Enzon Pharmaceuticals, Inc.The Company manages its sources of royalty revenues from existing licensing arrangements with other companies primarily related to sales of certain drug products that utilize Enzon’s proprietary technology.Additional Information and Where to Find ItThe Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from stockholders in connection with the 2020 Annual Meeting. The Company will file a proxy statement with the Securities and Exchange Commission in connection with the 2020 Annual Meeting. The proxy statement, any other relevant documents and other material filed with the Securities and Exchange Commission concerning the Company will be, when filed, available free of charge at www.sec.gov and on the Company’s website at www.enzon.com, and stockholders may request copies, free of charge, by writing to the Company at Attn: Corporate Secretary, Enzon Pharmaceuticals, Inc., 20 Commerce Drive, Suite 135, Cranford, New Jersey 07016. Stockholders are urged to read the proxy statement and any other relevant documents filed when they become available before making any voting decision because they will contain important information.Cautionary Statement Regarding Forward-Looking StatementsThis press release contains, or may contain, 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 known and unknown risks and uncertainties that could cause actual results, events or developments to be materially different from those indicated in such forward-looking statements. Such risks and uncertainties include those identified in the “Risk Factors” section of the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q and other filings the Company makes with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended. 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