ENZON PHARMACEUTICALS, INC. 8-K

What Happened

• Enzon Pharmaceuticals, Inc. filed an 8-K on March 24, 2026 announcing a 1-for-100 reverse stock split of its common stock, effective 4:30 p.m. ET on March 24, 2026 (the "Effective Time"). The company also entered into the Eleventh Amendment to its Section 382 Rights Agreement on March 23, 2026 to move the Final Expiration Date of the rights to noon, New York City time, on March 26, 2026. A press release about the Reverse Stock Split was issued March 24, 2026 and a Certificate of Amendment reflecting the split was filed with Delaware on March 23, 2026.

Key Details

• Reverse split ratio: 1-for-100; par value unchanged. Effective Time: 4:30 p.m. ET, March 24, 2026.
• Adjusted trading: Common stock expected to trade on an adjusted basis on the OTCQB at market open on March 25, 2026; temporary symbol "ENZND" for 20 trading days.
• Fractional shares: No fractional shares will be issued; holders entitled to fractions will receive a proportional cash payment.
• Rights agreement: Eleventh Amendment (dated March 23, 2026) extends the Final Expiration Date of the Section 382 Rights to noon, March 26, 2026; the Rights Agreement is otherwise unchanged.
• Corporate step: The Reverse Stock Split is required to be completed prior to the completion of the contemplated merger between Enzon’s wholly owned subsidiary and Viskase Companies, Inc.

Why It Matters

• For shareholders, the 1-for-100 reverse split will reduce the number of outstanding shares and increase the per‑share basis (shares will be consolidated), which can affect liquidity, trading price per share and share count metrics. Fractional-share cash-outs will change holdings for holders with small positions.
• The extension of the Section 382 Rights expiration through March 26, 2026 preserves the current rights framework for a short additional period while the company completes corporate steps tied to the planned merger.
• Investors should note the temporary ticker change and adjusted trading start date (Mar 25, 2026) and monitor subsequent filings or announcements for final merger details and any further corporate actions.