The shares are not cancelled. They hold equity in a company that is completely out of business, has been liquidated so it owns nothing of value whatsoever, has no employees, has no cash, and still has the remainder of its debt. The company only exists on paper. But those shares still exist and still own all that debt.
The shares are dead, though, they cannot and will never be traded again. The CUSIP was suspended because of the liquidation and bankruptcy, and the ticker was cancelled. They'll sit right there in the accounts they're in as a reminder of the folly of investing in a bankrupt company.
There are two remaining opportunities for cancellation. One comes when the state of Delaware voids the company charter, which happens after the taxes and annual report owed to the state of Delaware are 1 year delinquent. The delinquency started in March of 2019.
The other opportunity is revocation by the SEC. They were on the service list for the closing order of the bankruptcy, but I'd be surprised if they took the time to read about the results. However, BioAmber was an SEC reporting company, and they're severely delinquent in filing financial reports, last one was for period ending 12/31/17. When the SEC figures that out, the stock will very likely end. How long that takes is anybody's guess, the SEC wakes up every now and then and kicks multitudes of delinquent filers to the curb, then goes back to sleep.
The investment made in the shares is lost, however. Completely.
I swear I’ll never use the phrase “you can’t make this stuff up” ever again after being on the OTC. Apparently you can.
AI
