SCHEDULE: Icahn Group Boosts Viskase Holdings Stake Post-Merger

Icahn-affiliated entities increased their beneficial ownership in Viskase Holdings to 93.7% following the completion of the Viskase Companies merger and a preferred stock exchange.

Summary

• Viskase Holdings, Inc. completed its previously announced merger with Viskase Companies, Inc. on March 26, 2026.
• Reporting Persons (Carl C. Icahn, Icahn Enterprises Holdings L.P., and Icahn Enterprises G.P. Inc.) exchanged 39,277 shares of Preferred Stock for 5,658,396 shares of Viskase Holdings Common Stock on March 25, 2026.
• In connection with the merger, Reporting Persons received an additional 7,407,489 shares of Viskase Holdings in exchange for 150,810,078 shares of Viskase Companies.
• The aggregate beneficial ownership by Reporting Persons now stands at 13,426,451 shares, representing 93.7% of the 14,331,713 outstanding Common Stock as of March 26, 2026.
• Robert Flint, Colin Kwak, and Dustin DeMaria were appointed to the Issuer's board of directors, all affiliated with Icahn Enterprises.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, primarily due to the successful completion of a strategic merger and the increased, highly concentrated ownership by a prominent activist investor group, which often signals a clear strategic direction and potential for value creation, albeit under tight control.

Positives

• Completion of the previously announced merger with Viskase Companies, Inc. brings strategic clarity.
• Increased ownership by the Icahn group to 93.7% may signal strong conviction in the company's future and potential for strategic value creation.

Future Outlook

The filing primarily reports on completed transactions and changes in ownership and board composition, rather than providing explicit forward-looking statements or guidance on future performance.

Industry Context

StockSavvy.ai notes that the completion of the merger and the significant increase in Icahn's beneficial ownership solidify the control of Viskase Holdings by Icahn Enterprises. This move is consistent with a trend of activist investors consolidating control over companies they believe are undervalued or require strategic restructuring, aiming to drive long-term value through direct operational influence.

Comparison to Industry Standards

• StockSavvy.ai observes that a 93.7% beneficial ownership stake by a single group, such as Icahn Enterprises, is exceptionally high and far exceeds typical institutional ownership percentages in publicly traded companies.
• For instance, major institutional investors like BlackRock or Vanguard rarely hold more than 10-15% in large-cap companies, while even in smaller-cap or distressed situations, a 90%+ stake is indicative of near-complete control, often preceding a potential take-private transaction or significant strategic overhaul.
• This level of concentration is comparable to situations where a private equity firm has acquired a controlling interest, rather than a typical public market investment.

Management Changes

Corporate Governance

Related Party Transactions

• Exchange of 39,277 shares of Preferred Stock for 5,658,396 shares of Common Stock by Reporting Persons (Icahn affiliates) pursuant to the IEH Support Agreement.
• Exchange of 150,810,078 shares of Viskase Companies for 7,407,489 shares of Issuer Common Stock by Reporting Persons (Icahn affiliates) in connection with the merger.
• Appointment of Robert Flint (Chief Accounting Officer of Icahn Enterprises L.P.), Colin Kwak (head trader at Icahn Capital LP), and Dustin DeMaria (Senior Analyst at Icahn Enterprises L.P.) to the board of directors, all affiliated with the Reporting Persons.

Stakeholder Impact

• Shareholders: Existing minority shareholders will now be part of a company overwhelmingly controlled by Icahn Enterprises, potentially impacting liquidity and future strategic decisions.
• Management: New board members affiliated with Icahn Enterprises will likely exert significant influence over strategic and operational decisions.

Key Dates

Recommendation

The filing confirms the completion of a significant merger and the consolidation of control by Icahn Enterprises, which was largely anticipated. While the increased ownership by a strong activist investor could be seen as positive for long-term value creation, the near-complete control (93.7%) by one entity significantly reduces the public float and liquidity, making it less attractive for new public market investors. Existing shareholders should hold to see the strategic direction under Icahn's consolidated control, but new 'buy' recommendations are difficult given the limited public market dynamics.

Keywords

Viskase Holdings, Icahn, Merger, Share Exchange, Beneficial Ownership, Corporate Governance, Board Appointment, SEC Filing, Schedule 13D