BioAmber Inc fka BIOAQ

[TheRealMrPirate]

You write very well, that's my fault, I should have been more clear.

To make a profit, BioAmber's succinic acid production needed the price of oil to stay above $40/bbl -- not $62/bbl as Mr. Pirate suggested. Unfortunately, during 2015 and 2016, the price dipped quickly from over $100/bbl. to under $35/bbl. in 2016. At the same time, the price of corn sludge rose during 2016, peaking in the summer of 2017

My reference to $62 was very vague. Whilst $40bbl would have technically turned a profit, Bioamber's margins were in the toilet. Their fixed production break even at the time was in the low $30's if I can remember correctly. However, to maintain a margin that would have been beneficial to their balance sheet they needed $62 or higher for the industry to make that Bio choice over petroleum based succinc.
As far as history and whether the view of the management change was positive or not, the outcome is the same. The restructuring, further financing, the SISP sales processes were still failures. The company was liquidated and all assets were sold - ALL. That is a clearly documented fact, through the process, on court documents & public record on released SEC filings.

These assets comprised all of the Company’s assets, save and except for the cash, accounts receivable and inventory of the Company, and also excluded certain U.S. based office equipment. The purchaser did not seek the assignment of the Company’s contracts, which meant that certain intellectual property under license from third parties was also not transferred to the purchaser.

Unfortunately, the outcome of liquidation is insolvency.

SEC - "BioAmber Inc" - https://www.sec.gov/Archives/edgar/data/1534287/000119312518309191/d645901dex991.htm