Management Change/Compensation (Form 8-K)

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Director Resignations

On April 29, 2026, Peter K. Shea notified the Company of his decision to resign as a member of the Board of Directors (the "Board"), including from his service on the Company's Audit Committee. Mr. Shea's resignation was not due to any disagreement with the Company or the Board on any matter relating to the operations, policies or practices of the Company.

The Company would like to thank Mr. Shea for his dedication, commitment, and leadership as a member of the Board of the Company, as Chairman of the Company's Audit Committee, and as a member of the Board of the Company's subsidiary, Viskase Companies, LLC, during his tenure.

Also, on April 29, 2026, Randolph C. Read notified the Company of his decision to resign as a member of the Board. Mr. Read's resignation was not due to any disagreement with the Company or the Board on any matter relating to the operations, policies or practices of the Company.

The Company would like to thank Mr. Read for his dedication, commitment, and leadership as the Chairman of the Board of Enzon Pharmaceuticals, Inc. ("Enzon") prior to the completion of the business combination transaction between Enzon and Viskase, as well as his continued service on the Board of the Company following completion of the transaction.

Director Appointments

On April 30, 2026, the Company appointed each of Mr. Thomas D. Davis, the Company's Chief Executive Officer, and Mr. Craig Pettit to serve as members of the Board to fill the vacancies created by the resignations of Messrs. Peter Shea and Read.

Mr. Davis, age 70, has served as the President and Chief Executive Officer of Viskase since December 2025. Prior to joining Viskase, Mr. Davis served as the President of North America at Kalle GmbH, a manufacturer of casings and nets for food packaging and technical applications, from July 2020 to July 2025. Prior to joining Kalle, Mr. Davis served as President and Chief Executive Officer of Viskase from 2007 to 2019 and also as Chairman from 2012 until 2019. Before joining Viskase in 2007, Mr. Davis served as President and Chief Executive Officer of Specialty Foods Group, Inc., a producer of premium meat products (January 2000 to December 2006). He also served in various executive positions with Smithfield Foods, Inc. (December 1996 to December 1999), and in various operational and financial roles with John Morrell & Company from 1980 until it was acquired by Smithfield Foods in 1995. Mr. Davis also served on the Board of Directors of Welbilt, Inc. from 2018 until 2019, which was partially owned indirectly by Mr. Carl C. Icahn. Mr. Davis holds a B.S. in Chemistry from The State University of New York at Plattsburgh and an MBA from Benedictine University.

There were no arrangements or understandings pursuant to which Mr. Davis was appointed to the Board. Since the beginning of the last fiscal year, there have been no related party transactions between the Company and Mr. Davis that would be reportable under Item 404(a) of Regulation S-K other than Mr. Davis's employment by the Company, which is governed by the terms of an employment agreement effective as of December 1, 2025 as previously filed by the Company with the SEC. Mr. Davis will not receive any additional compensation in connection with his appointment as a director.