Shareholders will lose 100% of their investment in this stock. Guaranteed.
For those that are following the twitter bots who continue to post about another transaction in the pipeline, here's a clue:
There really are no assets in this company. They really sold all of them.
There really are no operations in this company. They couldn't make anything to sell if they wanted to, which is OK because:
There really are no employees in this company. They laid them all off.
There really is no management for this company. No executives, and no board of directors.
All of those are well documented facts.
The debt was a little more than $80M, more if you counted the other obligations. The net recoveries for the 2 secured creditors is roughly $5.8M, so we'll just call the remaining debt about $75M.
The NOL's are really worthless. You'd have to continue operations in order for any of them to be useful (and it would be limited), and BioAmber has no operations to continue (see above, they were sold).
So, an acquiring company would be buying nothing, no assets, no operations whatsoever, and become responsible for the $75M remaining debt. That is ridiculous to even consider a company making such a purchase and intentionally misleading to suggest that anyone would.
Even so, if there were a company stupid enough to do that, they'd have to "make the deal" with the monitor, get approval from the bankruptcy courts of both countries, file with the SEC, and approach shareholders with a tender offer for the shares since there is no board of directors or other management to negotiate with. Any of that happening? Nope.
Don't let confirmation bias lead you to believe that there's something happening that isn't. This company will disappear once the Delaware court is done with it. No company has ever emerged from a bankruptcy with liquidation of all the assets and where the debt was not covered with the proceeds. Ever.
