If You Invested in VISKASE HOLDINGS INC (ENZN)

Enzon Pharmaceuticals, Inc. (ENZN) is a Delaware corporation whose common stock trades on the OTC market (identified in recent disclosures with the OTCQX/OTCQB tiers). According to its own public statements in merger-related communications, Enzon, together with its subsidiary, is positioned as a public company acquisition vehicle that has sought to become an acquisition platform. This means the company focuses on using its public-company status and corporate structure to pursue transactions rather than operating as a traditional, fully integrated pharmaceutical manufacturer.

Enzon is categorized under the industry description Biological Product (except Diagnostic) Manufacturing within the broader Manufacturing sector. Historically, the company has been associated with pharmaceuticals, but in its more recent public filings and press releases, Enzon emphasizes its role as an acquisition platform and its use of corporate tools such as a Section 382 Rights Agreement and merger structures.

Business focus and acquisition platform role

In its merger announcements with Viskase Companies, Inc., Enzon describes itself as a public company acquisition vehicle that has sought to become an acquisition platform. This positioning is reflected in its entry into an Agreement and Plan of Merger with Viskase and the creation of a wholly owned subsidiary, EPSC Acquisition Corp., to facilitate that transaction. The company’s activities include negotiating merger terms, managing exchange ratios between different classes of securities, and structuring transactions that take into account Enzon’s net operating losses and other tax attributes.

Enzon’s public disclosures also describe its use of a Section 382 Rights Agreement, originally adopted in 2020 and subsequently amended multiple times. The company has repeatedly adjusted the Final Expiration Date of the rights issued under this agreement through a series of amendments, as reported in its Form 8-K filings. Management has stated in these filings that extending or modifying the expiration date is viewed as being in the best interests of the company and its stockholders. These actions indicate a focus on managing ownership changes in a way that may help preserve certain tax benefits, including net operating losses, for potential use by a combined company following a merger.

Merger agreement with Viskase Companies, Inc.

Enzon has entered into a definitive Agreement and Plan of Merger with Viskase Companies, Inc., under which Viskase will merge with and into a wholly owned subsidiary of Enzon in an all-stock transaction. According to the June 20, 2025 announcement, the combined company is expected to operate under the name “Viskase Holdings, Inc.” and to trade on an OTC market tier. The merger structure involves converting each share of Viskase common stock into a specified number of shares of Enzon common stock, based on an exchange ratio defined in the Merger Agreement.

Subsequently, on October 24, 2025, Enzon and Viskase entered into an amendment to the Merger Agreement and an amendment to a related support agreement with Icahn Enterprises Holdings L.P. and its affiliates. The amendments, as described in Enzon’s Form 8-K and joint press release, adjust several key terms, including:

• Changing the exchange ratio so that current Viskase stockholders will own 55% of the combined company following the merger.
• Basing the exchange ratio for Enzon’s Series C Non-Convertible Redeemable Preferred Stock on the 20-day volume weighted average price of Enzon common stock prior to execution of the amendment.
• Reducing the minimum amount of cash Enzon must have at the closing of the merger.
• Requiring Enzon to effect a 1-for-100 reverse stock split of its common stock before the effective time of the merger.
• Extending the date by which either party may terminate the Merger Agreement if the merger has not occurred, to March 31, 2026.

Enzon has stated in its public communications that it believes the merger, as revised by the amendment, will result in its net operating losses and other tax benefits being maintained and available for use by the combined company following the transaction. The amendments were recommended by special committees of independent directors at both Enzon and Viskase and were then approved by the boards of directors of each company.

Corporate governance and rights agreement

Enzon’s Form 8-K filings describe a Section 382 Rights Agreement initially entered into in August 2020 with Continental Stock Transfer & Trust Company as rights agent. The company has reported a series of amendments to this agreement, adjusting the Final Expiration Date of the rights on multiple occasions. These amendments include extensions and subsequent revisions to the expiration date, culminating in a Sixth Amendment dated December 23, 2025, which changed the Final Expiration Date to January 31, 2026.

In each amendment disclosure, Enzon notes that, aside from the change to the Final Expiration Date, the Rights Agreement remains otherwise unmodified. Management has explained that these changes are viewed as being in the best interests of the company and its stockholders. The repeated adjustments, and the reference to Section 382, indicate a focus on managing potential ownership changes in a way that may help protect certain tax attributes.

Regulatory reporting and investor information

Enzon files periodic and current reports with the U.S. Securities and Exchange Commission (SEC), including Forms 10-K, 10-Q, and 8-K. In connection with the proposed merger with Viskase, Enzon has stated its intention to file a registration statement on Form S-4 that will contain a consent solicitation statement and prospectus. Company communications emphasize that this registration statement will include financial information about the combined company and that investors and stockholders should review these materials carefully when they become available.

Enzon’s merger-related filings also describe the role of Icahn Enterprises Holdings L.P. and certain of its affiliates, which have entered into a support agreement with Enzon and Viskase. Under this agreement, those affiliates have agreed to deliver written consents approving the merger and related matters with respect to the shares of Enzon common stock they hold, and to exchange their Series C Preferred Stock for Enzon common stock prior to the closing of the merger, based on specified terms.

Status and sector context

While Enzon is classified under the biological product manufacturing industry and the manufacturing sector, its recent disclosures emphasize its function as a public company acquisition vehicle and its role in the proposed combination with Viskase. The available information focuses on corporate transactions, rights agreements, and regulatory filings rather than on specific pharmaceutical products or operational manufacturing activities. Investors researching ENZN should review Enzon’s SEC filings and merger-related documents for detailed, up-to-date information on the company’s structure, transaction terms, and strategic direction.

Key points for ENZN stock research

• Enzon Pharmaceuticals, Inc. is a Delaware corporation whose stock trades on the OTC market.
• The company describes itself as a public company acquisition vehicle that has sought to become an acquisition platform.
• Enzon has entered into a definitive all-stock merger agreement with Viskase Companies, Inc., with Viskase merging into a wholly owned Enzon subsidiary.
• Amendments to the Merger Agreement adjust exchange ratios, cash requirements, and the outside date for closing, and require a 1-for-100 reverse stock split of Enzon common stock prior to the merger.
• Enzon maintains a Section 382 Rights Agreement, amended several times to modify the Final Expiration Date of the rights.
• Company communications highlight the potential use of Enzon’s net operating losses and other tax benefits by the combined company following the merger.