BioAmber Inc fka BIOAQ

[CSCS]

Shareholders are safe
CEO Richard Eno took his postion and became a board member of Bio-amber in Sept 2017. Previously Richard was Senior Partner and Member of the North America Management Team at Roland Berger where he led evaluation of M&A opportunities and subsequent merger integration. The selection of Mr. Eno caps a search process facilitated by Spencer Stuart, a global executive search firm which specializes in placing senior management personnel.
A month earlier in August 2017 Richard was quoted at the World Congress on Industrial Biotechnology expressing how industrial biotechnology, like Bioamber, is far out pacing the chemical industry.

Rick Eno, senior partner at Roland Berger (Munich, Germany), noted that bio-based chemicals are, on principle, attractive to large chemical companies, but the uncertainty around commercializing the technologies makes them uncomfortable. “The number one issue on chemical executives’ minds today is growth. The chemical industry grew between 1% and 2% in volume last year. Industrial biotechnology is growing 10% per year.

Richard was chosen as the CEO to accomplish the restructuring of Bioamber.
Richard is quoted in Febuary 2018 talking to a reporter about focusing plans on a second larger plant in Sarnia.
The share price has purposely been dropped in favor of the past and current Executive Officers, Management and the Board of Directors who have stock Options,warrants or rights. According to the company's ammended 2017 10K filed in April 2018.
As of Febuary 28,2018.
The companies Executive Officers and Directors collectively hold 2,011,921 of common stock.
The companies Executive Officers and Directors collectively hold 7,266,648 outstanding options, warrants and rights.
The companies Executive Officers and Directors collectively hold 1,821,993 outstanding securities remaining for future issuance under equity compensation plans.
The weighted-average exercise price of all outstanding warrants, options and rights is $5.55 PPS
Richard Eno was granted his intial 500,000 shares of common stock at FMV of the companies stock on the date it was granted which was $0.48 PPS
Richard Eno was granted his next 500,000 shares of common stock at FMV of the companies stock on April 2, 2018 which was $.04 PPS
According to Mr Eno's initial employment agreement it was stated that he shall also be granted additional stock in the 1st Quarter of each fiscal year. The 2018 Q1 was conveniently not filed.
This agreement also states that for any reason the company terminates the employment of Richard for any reason other than his death or for cause in the six months "following" a "transaction" involving the change of control of the company, Richard shall be entitles to 1) 24 months base salary 2) Targeted bonus for that period 3) Immediate vesting of all his stock options
According the the companies Employment agreements in 2017 10K(A)
Richard's agreement has changed and removed "transaction" and replaced it with "change of control"
Jame Millis who served as Bioamber's Chief Technology Officer, in the event of a change of control, may elect to continue as an employmee. If James doesnt continue as an employee, he is bound to a post termination confidentiality covenant for 10 years.
Jame Millis is also confirmed as the Lead for a merger involving Bioamber
Mario Settino also has the same entitlement to receive immediate vesting and exercisability of all his stock options "before or following" a change in control.
In the 2017 10K(A) there is mention of Rule 10b5-1 Sales Plans. The rule governs insider sales of securites. The company specifically mentions that they anticipate some or all of our officers, directors, and employees may establish trading plans in the future. The then further comments that they undertake no obligation to update or revise the information pertaing to the Rule 10b5-1 Sales Plans.
The Initial SISP failed on purpose to keep the share price down for the transactions to complete and immediately vest all Executives and Board members options, warrants and rights.
They took the share price from $0.075 PPS on July 27th down to $0.014 on July 30th by releasing a Update on Sale Process stating the initial SISP failed and they would continue to seek a deal with Qualified bidders through a SISP in a Liquidation scenario.
On August 28,2018 Kurt Briner, Robert Frost, Ellen Richstone and Kenneth Wall each resigned.
On August 29,2018 Raymond Land resigned.
On August 31,2018 after the "LCY/VISOLIS" bid was accepted, Richard Eno, Mike Hartmann, Jame Millis and Mario Settino each VOLUNTARILY resigned.
Upon resisgning and approving a transaction or change of control all stock options warrants and rights were vested immediatly for around $0.02 PSS!!
On September 12, 2018 when the stock was starting to climb again and hit $0.04 PPS, suddenly volume shot through the roof without any material event to stop the stock in its tracks. The stock went on a decline in volume and $ since that date.
$0.04 PPS is the same price as Richard Eno's 500,000 share grant he received on April 4,2018

The "transactions" or change of Control with LCY and Visolis will benefit the ultimate shareholders, executives and directors drastically once it is complete.

DD can be found in my previous posts

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