On March 25, 2026, Enzon Pharmaceuticals, Inc. announced the successful completion of its exchange offer related to its Series C Non-Convertible Redeemable Preferred Stock. This strategic move is expected to enhance the company's financial flexibility and improve its capital structure. The exchange offer was aimed at providing existing preferred stockholders with an opportunity to exchange their shares for new securities, which may offer better terms or conditions. The completion of this exchange is a significant step for Enzon as it seeks to optimize its financing arrangements and strengthen its balance sheet. The company has indicated that the proceeds from this exchange will be utilized to support ongoing operational needs and potential growth initiatives. This development is viewed positively by investors, as it reflects Enzon's proactive approach to managing its capital and enhancing shareholder value. The press release detailing this announcement is available as Exhibit 99.1 in the filing. Enzon Pharmaceuticals continues to navigate the complexities of the pharmaceutical industry while focusing on strategic financial management.

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