As a courtesy, let me respond to your message, and let it be my last comment on this matter.
For Eno NOT to have taken advantage of the initial 500K grant would have been irrational. He vested all in the first month; he likely would have exercised some of his vested shares before years end. He could not have foreseen the outcome of what transpired in 2018. Period.
BioAmber had a couple years of bad revenue results due to factors outside the company's control, namely, the rise in oil prices and the fall in corn prices. This could not be expected to continue, especially if one understood the cause of the oil price rise, and Eno had a background to know. In short, BioAmber's technology still had a future, and it was a "protected" technology.
We may postulate that Eno was hired to EITHER exercise a Board-of-Director plan to save BioAmber via a merger with another company OR come up with his own plan to attain the same goal. Events in the last half year of 2017 indicate that such was the case. He certainly met with Visolis during this period, likely even LCY. Bids or complaints about the CCAA process during 2018 from other interested parties were regarded as "without merit" ... uh ... by PWC. So it seems he had a plan.
Eno set up a Shareholder Meeting likely to explain what was going to happen. It's reasonable to believe the plan included a merger with Visolis/LCY ... before the Taiwan case against LCY resulted in a guilty verdict. Perhaps KKR was involved from the start. (I don't know.) Then, any number of other reasons, the Shareholder meeting was canceled.
So ... Between September 1, 2017 and March 1, 2018, the future plans for BioAmber appeared to be on schedule. For Eno to decide NOT to exercise ANY of his 500K options would be irrational. Actually, if memory serves, it was only AFTER March 1, 2018 that Comerica Bank called in its debt, placing BioAmber on a different path than the path Eno started with in September 2017. Comerica's action was a trigger for a completely different set of circumstances than those Eno had planned for.
For your statement, "Eno purchased NO Shares of stock. He owned NO shares," is a requirement for the conclusion that some have made that BioAmber shares have no present value. It is a statement of faith. Here's one problem: It would take Eno from March 1, 2018 to March 1, 2021 for him to vest ALL the shares in his second grant of 500K shares, vesting monthly from March 1, 2018. Yet his share count is listed on documents far earlier than March 1, 2021.
How do you account for this?
Do you best.
Let Mr Eno make a public statement validating your assertion. My comments on this matter end here.
