(RTTNews) – Shares of Enzon Pharmaceuticals, Inc. (ENZN) fell 25% after the company announced that its previously approved 1-for-100 reverse stock split will become effective on March 24, 2026, at 4:30 pm ET. The company’s common stock is expected to begin trading on a reverse stock split-adjusted basis on OTCQB at market open on March 25, 2026.
Following the split, every 100 shares of Enzon’s issued and outstanding common stock will be combined into one share. The par value per share will remain unchanged. No fractional shares will be issued; instead, stockholders entitled to fractional shares will receive a proportional cash payment.
Enzon’s common stock will temporarily trade under the symbol “ENZND” for 20 trading days. Continental Stock Transfer & Trust will serve as the exchange agent. Registered stockholders holding shares electronically in book-entry form will not need to take action, while those holing shares in brokerage accounts will see their positions automatically adjusted.
The reverse stock split was undertaken to make available authorized shares of common stock needed in connection with the anticipated closing of Enzon’s previously announced merger with Viskase Companies, Inc., and the related issuance of common stock tied to the company’s outstanding exchange offer for its Series C Non-Convertible Redeemable Preferred Stock.
The exchange offer is expected to expire at 5:00 pm ET on March 24, 2026, with the merger closing soon thereafter.
ENZN has traded between $0.02 and $0.13 over the past year. The stock is currently trading at $0.05, down 25.22%.
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