Icahn-affiliated entities reshape Viskase Holdings (ENZN) stake in merger

Rhea-AI Filing Summary

Viskase Holdings, Inc. reported insider ownership changes tied to a merger and reverse stock split, not open-market trading. An entity affiliated with Carl C. Icahn disposed of 39,277 shares of preferred stock in a transaction to the issuer, exchanged for 5,658,396 shares of common stock in connection with the merger of the company and Viskase Companies, Inc.

Additional common shares were received in the merger and adjusted for a 1-for-100 reverse stock split effected on March 25, 2026. Following these transactions, entities associated with Icahn indirectly held 13,426,451 shares of common stock through American Entertainment Properties Corp, with Icahn and related entities disclaiming beneficial ownership beyond any pecuniary interest.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider ICAHN CARL C, ICAHN ENTERPRISES HOLDINGS L.P., ICAHN ENTERPRISES G.P. INC.

Role 10% Owner | 10% Owner | 10% Owner

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	7,407,489	$0.00	--
Disposition	Preferred Stock	39,277	$0.00	--
Grant/Award	Common Stock	5,658,396	$0.00	--

Holdings After Transaction: Common Stock — 13,426,451 shares (Indirect, Please see footnotes); Preferred Stock — 0 shares (Indirect, Please see footnotes)

Footnotes (1)

1. Disposed of in exchange for 5,658,396 shares of common stock of the Issuer in connection with the merger of the Issuer and Viskase Companies, Inc. (the "Merger"). Following the closing of the Merger on March 26, 2026, the combined company was renamed "Viskase Holdings, Inc." Reflects the Issuer's 1-for-100 reverse stock split effected on March 25, 2026. Received in exchange for 150,810,078 shares of Viskase Companies, Inc. in connection with the Merger. This Form 4 is being filed by, and on behalf of, Mr. Carl C. Icahn, Icahn Enterprises Holdings L.P. ("Icahn Enterprises Holdings") and Icahn Enterprises G.P. Inc. ("Icahn Enterprises GP" and, collectively with Mr. Icahn and Icahn Enterprises Holdings, the "Reporting Persons"). Shares held directly by American Entertainment Properties Corp ("AEP"). AEPC Holdings LLC owns 100% of the equity of AEP. Icahn Enterprises Holdings owns a 100% interest in AEPC Holdings LLC. Icahn Enterprises L.P. owns a 99% limited partner interest in Icahn Enterprises Holdings. Carl C. Icahn is the indirect holder of approximately 87% of the issued and outstanding depositary units representing limited partnership interests in Icahn Enterprises L.P. Icahn Enterprises GP is the general partner of and owns a 1% general partner interest in each of Icahn Enterprises Holdings and Icahn Enterprises L.P. Icahn Enterprises GP is 100% owned by Beckton Corp ("Beckton"). Beckton is 100% owned by Mr. Icahn. Each of AEP, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton and Mr. Icahn disclaims beneficial ownership of the Issuer's shares of common stock except to the extent of his or its pecuniary interest therein, if any.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ICAHN CARL C

(Last) (First) (Middle)

C/O ICAHN ASSOCIATES HOLDING LLC

16690 COLLINS AVENUE, PH-1

(Street)

SUNNY ISLES BEACH FLORIDA 33160

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Viskase Holdings, Inc. [ ENZND ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/25/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Preferred Stock	03/25/2026		D(1)		39,277	D	(1)	0	I	Please see footnotes(4)(5)(6)
Common Stock	03/25/2026		A(1)		5,658,396	A	(1)	6,018,962(2)	I	Please see footnotes(4)(5)(6)
Common Stock	03/26/2026		A(3)		7,407,489	A	(3)	13,426,451	I	Please see footnotes(4)(5)(6)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

ICAHN CARL C

(Last) (First) (Middle)

C/O ICAHN ASSOCIATES HOLDING LLC

16690 COLLINS AVENUE, PH-1

(Street)

SUNNY ISLES BEACH FLORIDA 33160

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ICAHN ENTERPRISES HOLDINGS L.P.

(Last) (First) (Middle)

16690 COLLINS AVENUE, PH-1

(Street)

SUNNY ISLES BEACH FLORIDA 33160

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

ICAHN ENTERPRISES G.P. INC.

(Last) (First) (Middle)

16690 COLLINS AVENUE, SUITE PH-1

(Street)

SUNNY ISLES BEACH FLORIDA 33160

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

Explanation of Responses:

1. Disposed of in exchange for 5,658,396 shares of common stock of the Issuer in connection with the merger of the Issuer and Viskase Companies, Inc. (the "Merger"). Following the closing of the Merger on March 26, 2026, the combined company was renamed "Viskase Holdings, Inc."

2. Reflects the Issuer's 1-for-100 reverse stock split effected on March 25, 2026.

3. Received in exchange for 150,810,078 shares of Viskase Companies, Inc. in connection with the Merger.

4. This Form 4 is being filed by, and on behalf of, Mr. Carl C. Icahn, Icahn Enterprises Holdings L.P. ("Icahn Enterprises Holdings") and Icahn Enterprises G.P. Inc. ("Icahn Enterprises GP" and, collectively with Mr. Icahn and Icahn Enterprises Holdings, the "Reporting Persons"). Shares held directly by American Entertainment Properties Corp ("AEP").

5. AEPC Holdings LLC owns 100% of the equity of AEP. Icahn Enterprises Holdings owns a 100% interest in AEPC Holdings LLC. Icahn Enterprises L.P. owns a 99% limited partner interest in Icahn Enterprises Holdings. Carl C. Icahn is the indirect holder of approximately 87% of the issued and outstanding depositary units representing limited partnership interests in Icahn Enterprises L.P. Icahn Enterprises GP is the general partner of and owns a 1% general partner interest in each of Icahn Enterprises Holdings and Icahn Enterprises L.P. Icahn Enterprises GP is 100% owned by Beckton Corp ("Beckton"). Beckton is 100% owned by Mr. Icahn.

6. Each of AEP, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton and Mr. Icahn disclaims beneficial ownership of the Issuer's shares of common stock except to the extent of his or its pecuniary interest therein, if any.

	/s/ Carl C. Icahn	03/27/2026
	/s/ Ted Papapostolou, for Icahn Enterprises Holdings L.P., By: Ted Papapostolou, its Chief Financial Officer and Secretary	03/27/2026
	/s/ Ted Papapostolou, for Icahn Enterprises G.P. Inc., By: Ted Papapostolou, its Chief Financial Officer and Secretary	03/27/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did ENZN report in this Form 4?

The Form 4 for Viskase Holdings (ENZN) reports an insider group disposing of 39,277 preferred shares to the issuer and acquiring common shares through a merger, all at a stated price of $0.00 per share, indicating non-market, structural transactions.

How many Viskase Holdings (ENZN) common shares are indirectly held after these transactions?

After the reported transactions, entities associated with Carl C. Icahn indirectly held 13,426,451 shares of Viskase Holdings common stock. This total reflects shares received in the merger with Viskase Companies, Inc. and the company’s 1-for-100 reverse stock split on March 25, 2026.

Were the ENZN insider transactions open-market buys or sells?

The ENZN insider transactions were not open-market trades. They involved a disposition of preferred stock to the issuer and awards of common stock in connection with a merger and reverse split, all reported at $0.00 per share, reflecting structural, non-cash adjustments.

How is Carl C. Icahn connected to the ENZN shareholdings?

The Form 4 states shares are held directly by American Entertainment Properties Corp. A chain of entities links this to Icahn, who indirectly controls interests, but he and related entities disclaim beneficial ownership beyond any pecuniary interest in the ENZN common shares.

What role did the merger play in ENZN’s insider share changes?

The merger between Viskase Holdings and Viskase Companies, Inc. drove the insider share changes. Preferred shares were exchanged for common shares in the combined company, which was then renamed Viskase Holdings, Inc., and the resulting holdings were adjusted for a 1-for-100 reverse split.

Did the ENZN filing mention a reverse stock split?

Yes. The filing notes that Viskase Holdings effected a 1-for-100 reverse stock split on March 25, 2026. The reported common share amounts for the insider group reflect this reverse split, adjusting prior holdings into the new share count structure.