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Enzo Offers Shares to Lawyers to Pay Legal Fees

Jul 02, 2012

NEW YORK (GenomeWeb News) – Enzo Biochem has issued 275,000 shares of its common stock to its law firm as payment for legal fees, the New York-based company disclosed in a document filed on Friday with the US Securities and Exchange Commission.

In its SEC document Enzo said that the offering, which closed on June 27, was made to pay $500,000 it owed its legal counsel Greenberg Traurig. Based on the $1.73 closing price of Enzo's stock on June 26, the aggregate value of the shares issued in the offering was $475,750, Enzo said.

Last month, the company said that third-quarter revenues were flat year-over-year at $25.9 million, while net loss widened to $3.4 million, or $.09 per share.

In afternoon trading, shares of Enzo on the New York Stock Exchange,were down 2 percent to $1.64.

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