Enzo Biochem completes merger with Bethpage Parent, delists from OTCQX

Enzo Biochem, Inc. (OTCQX:ENZB), a company with a market capitalization of $36.59 million and annual revenue of $27.47 million, announced Wednesday that it has completed its previously disclosed merger with Bethpage Parent, Inc., according to a press release statement and regulatory filing with the Securities and Exchange Commission. InvestingPro analysis suggests the company was undervalued at the merger price, with several positive indicators including strong liquidity metrics and a healthy balance sheet.

Under the terms of the merger agreement, effective Wednesday, Bethpage Merger Sub, Inc., a wholly owned subsidiary of Bethpage Parent, merged with and into Enzo Biochem. As a result, Enzo Biochem became a wholly owned subsidiary of Bethpage Parent.

Shareholders of Enzo Biochem common stock received $0.70 in cash per share, without interest and subject to applicable withholding taxes, for each share held immediately prior to the merger’s effective time. Restricted stock units held by board members or those vested but unsettled were also converted into the right to receive cash based on the same per-share consideration. Unvested restricted stock units and outstanding options to purchase shares were canceled without payment. Outstanding warrants to acquire shares were canceled and converted into the right to receive an amount as set forth in related warrant cancellation agreements.

Following the completion of the merger, Enzo Biochem’s common stock ceased trading on the OTCQX tier of the OTC Markets prior to the opening of trading on Wednesday. The company stated it intends to file a Form 15 with the SEC to deregister its common stock under Section 12(g) of the Securities Exchange Act of 1934 and suspend related reporting obligations.

The merger also resulted in a change in control of Enzo Biochem. At the effective time, all members of the company’s board of directors—Steven J. Pully, Bradley L. Radoff, Jonathan Couchman, and Kara Cannon—ceased to serve as directors or committee members.

Additionally, the company’s certificate of incorporation and bylaws were amended and restated in accordance with the merger agreement and New York law.

All information is based on a press release statement and the company’s Form 8-K filing with the Securities and Exchange Commission.

In other recent news, Enzo Biochem shareholders have approved a merger with Bethpage Parent, Inc. This decision was made at a special meeting where holders of approximately 65.58% of the company’s outstanding common stock participated. The merger agreement, initially dated June 23, 2025, outlines that Bethpage Merger Sub, Inc., a wholly owned subsidiary of Bethpage Parent, will merge with and into Enzo Biochem. This development marks a significant step for Enzo Biochem as it aligns with Bethpage Parent. These recent developments could be pivotal for the company’s future trajectory.

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