Carl Icahn's Entities Consolidate 93.7% Control of Viskase Holdings Post-Merger, Appoint Affiliates to Board

summarizeSummary

Carl Icahn and his affiliates have finalized the merger of Viskase Companies into Viskase Holdings, Inc., resulting in their ownership of 93.7% of the combined entity and the appointment of three Icahn-affiliated directors.

check_boxKey Events

• Merger Completion

  Viskase Holdings, Inc. (formerly Enzon Pharmaceuticals) completed its merger with Viskase Companies, Inc. on March 26, 2026, as previously announced.

• Ownership Consolidation

  Carl Icahn and his affiliated entities now collectively own 13,426,451 shares, representing 93.7% of Viskase Holdings' common stock, following the merger.

• Board Appointments

  Three individuals affiliated with Icahn Enterprises L.P. and Icahn Capital LP were appointed to the Issuer's board of directors in connection with the merger closing.

• Share Exchange Details

  Icahn's entities exchanged 39,277 shares of Preferred Stock for 5,658,396 common shares and received an additional 7,407,489 common shares as merger consideration for their Viskase Companies stake.

auto_awesomeAnalysis

This Schedule 13D/A confirms the closing of the previously announced transformational merger between Viskase Holdings (formerly Enzon Pharmaceuticals) and Viskase Companies. The transaction significantly consolidates ownership, with Carl Icahn's entities now holding 93.7% of the outstanding common stock. This near-total control by a prominent activist investor fundamentally alters the company's governance and strategic direction, potentially leading to further corporate actions such as a going-private transaction or delisting. The appointment of three Icahn-affiliated individuals to the board further solidifies their influence.