Howdy, Trader! Let me just answer one question you ask, namely: "Why'd they go bankrupt?"
You've been following the discussion since 2018, right? Why do you ask this question? (No this is not my answer.)
First, we know that, in principle, a cheaper product that is a substitute for a more expensive one has a good chance to make it in the market, barring any skullduggery by established companies who want the new product to fail.
I know you must know the answer to your question, so why pose it? It's like asking, "How did the Chinese economy rise so quickly after the turn of the Millennium?" You gotta know a few facts.
Our discussion here arose in the context of the "Peak Oil" assumptions in the last half of the 20th century and the "Global Warming" debate ... ultimately modified to "Climate Change," with "warming" assumed to be the reason for the change ... so corporations running the world could continue to make money with the status quo ... Well, surely you see that point: BioAmber's technology is a cheaper substitute for legacy energy products and for its use as a biodegradable substitute for other petroleum-based chemicals, which are NOT biodegradable.
We also know what occurred in 2016 and 2017 that squeezed BioAmber's expected revenues. The prices of oil which had been over $100/bl dropped precipitously to under $40/bl and the price of corn sludge rose, giving debtors a reason for calling in debts. This is exactly what Dallas, TX-based oil-country bank, Comerica, did. Then the price of oil rose over 50% again through the present, except for 2020, the "pandemic" year. Meanwhile, the price of corn at $3.6/tn doubled in 2021 and thereafter.
During 2017 it was not possible to predict future prices for those products that succinic acid is a substitute for. Personally, I had faith in the technology, as do many others. Eno must have thought that the future was brighter, assuming calling a Shareholder Meeting would outline a plan to move forward. That's specifically the reason why he was hired: develop an efficient plan for moving forward. By Jan 2018 the price of oil was back over $60/bl. Comerica had not called in its debt until March. There was reason to believe that the tide was turning in BioAmber's favor.
The bankruptcy debate, then, is essentially moot. Those whose holdings are still listed in their broker's reports know that BioAmber, Inc.'s, BK filing was "Dismissed" not discharged. On the other hand, PWC through the Canadian CCAA process does not seem to have been totally honest in its reporting. In addition, in this forum, events we all know about are interpreted in contradictory ways, or out right denied. One example: the issue whether Eno bought 400K shares at the end of July 2018 or not. Or another, the implicit violation of the CCAA process by revealing then deleting two bidders on the Website.
I think we're at the stage where we can say, "Think what you want." What is clear today is that BioAmber's technology lives on, and so apparently does BioAmber, Inc. I don't think these two facts are debatable.
