I am not sure I have all the facts exactly correct, but the gist is that Bioamber has been an odd investment case ever since HC Wainwright did a 3m share offering in 2017 that had penny warrants attached. As a result of this misguided deal, the stock tanked from $5/sh to $0.50 in a matter of months, due to shorting that was backstopped by the warrants. Being below $1/sh for a month triggered an NYSE delisting.
Subsequently, a class-action lawsuit was filed for false financial statements/projections. The total value of these shares in question in the class action period, I believe was less than $5m (spread across hundreds of investors). My opinion is that this class action was more about delaying the restructure/"second transaction", perhaps with the hope that BIOAQ investors would simply lose interest in the stock and any hope of getting paid.
I believe Eno was brought in after this toxic death spiral financing was completed with Wainwright. Bankrupting BIOAQ entities was the only path by which shareholders could break free of the toxic warrants that were part of the financing. Though, if Eno was part of the team that agreed to the Wainwright deal, it is surprising, as a CFA, he should have known better.
Anyhow, it does seem that nothing can happen- good, bad or other- until after the judge finally signs off on the class action suit. Though I am not sure if she will ever do so, since I believe all parties have been paid out, so it seems no one is able to put pressure on her to finalize. It is encouraging that Iron Eagle has posted a doc that would have her signature afixed some time in _____, 2021.
This is by far the oddest investment story I have ever been a party to, having very little experience in investing in Q-shares, but having followed the company since 2016 or so and watching all the odd proceedings as they occured after BIOA became traded as BIOAQ. This was either a very elaborate scam (PWC did not seem to be a fair actor), or there is underlying value for shareholders (certainly something between $0.05/sh, $1.46/sh (book value at "bankruptcy"), or more?).
If someone has more accurate data on these series of unfortunate events, great, I am just trying to sketch out the bizarre nature of what all transpired 2-5yrs ago span that has led us to this "no man's land" place we are now.
