Enzon Pharmaceuticals, Inc. (ENZN) announced that it has extended the deadline for its exchange offer relating to Series C Non-Convertible Redeemable Preferred Stock. Holders of these preferred shares now have until March 16, 2026, to swap them for Enzon common stock, unless the offer is extended further.
As of March 10, only 340 shares of Series C preferred Stock had been tendered, representing less than 1% of the 40,000 shares outstanding. The company emphasized that previously tendered shares remain valid, and no further action is required from those holders.
The exchange ratio is based on the liquidation preference of each preferred share divided by $7.38 per share of common stock, following Enzon's reverse stock split. The offer terms remain unchanged from the prospectus filed with the SEC earlier this year.
This extension is part of Enzon's broader strategy to simplify its capital structure and position itself as a platform for acquisition.
ENZN has traded between $0.02 and $0.13 over the past year. The stock is currently trading at $0.06 up 20%.
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