Enzon Pharmaceuticals, Inc. (OTCQB: ENZN) extended the expiration date of its Series C Non‑Convertible Redeemable Preferred Stock exchange offer to one minute after 11:59 p.m. Eastern Time on March 9 2026. The extension, announced on February 27 2026, does not alter the exchange ratio or any other terms of the offer, which was filed with the SEC and became effective on January 30 2026.
Only 12 of the 40,000 Series C shares outstanding—less than 0.001%—had been tendered as of February 26 2026. The low participation rate suggests that many preferred shareholders are waiting for the outcome of the pending merger with Viskase Companies, Inc. before deciding whether to convert. The extension gives them additional time to evaluate the merger’s impact on the value of the preferred shares and the potential upside of the combined entity.
The merger, expected to close prior to March 31 2026, will transition Enzon into Viskase Holdings, Inc. and is designed to preserve Enzon’s net operating loss carryforwards for the combined company. The deal has been amended on October 24 2025 to adjust ownership percentages and exchange ratios, and the company has extended its Section 382 Rights Agreement to March 11 2026 to protect its tax assets. A 1‑for‑100 reverse stock split, approved on February 11 2026, was required to meet the merger’s share‑price threshold and to simplify the capital structure before the transaction.
By extending the exchange offer, Enzon is providing preferred shareholders with more flexibility while it finalizes the merger. The move also signals the company’s intent to streamline its capital structure and to align shareholder interests ahead of the transition to Viskase Holdings. The extension is a routine procedural step in the merger process, but it is material because it directly affects the rights and potential value of the preferred shareholders and the timing of the merger’s completion.
The announcement reflects Enzon’s ongoing efforts to manage its capital structure and tax assets in preparation for the Viskase merger, and it provides preferred shareholders with additional time to decide whether to convert their shares into common stock before the transaction closes.
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