BioAmber Inc fka BIOAQ

[1manband]

My query is why is this stock still being traded and price is still going down and up ?

As that article by the SEC states, they have no power to suspend or stop trading in a bankrupt stock. The "Q" added to the end of the symbol is supposed to warn investors, but often it doesn't because so many investors have no clue about bankruptcy and how it works.

That is why the stock hasn't gone to $0.00001 yet. Many small investors don't understand how to read the documents or the legal process, and that BIOAQ shares will be cancelled.

This kind of trading is not unusual. In many bankrupt stocks, they continue to actively trade, even go up in price, AFTER the court has cancelled the shares but before FINRA has deleted the ticker. One minute they are buying stock thinking the low price is a "good deal", and the next they lose 100% as the ticker is deleted (often announced during the trading day, BTW).

Since the common shares are cancelled LAST in the bankruptcy process, everything else will legally have to be completed before the shares disappear. The claims that "if the shares were going to be cancelled it would have happened by now" are completely false. That is not how the legal process works.

The bankruptcy is in its final stages. They still have some creditor claims to sort through, and are awaiting collection on the recently sold inventory, which should be received in February, but otherwise it is all over. Once those are taken care of, most likely sometime in February or March, the case will be closed and the common shares cancelled.

Anyone holding BIOAQ shares will lose 100% of their remaining investment.