“So... This is going to do a R/M... “
No it won’t. Not now, not ever for many reasons not the least of which include:
1) FINRA would NEVER process a reverse merger corporate action for a ticker that has undergone liquidation and they never have. The ONLY possibility came and went with the initial SISP. But as PwC clearly describe NOBODY expressed any interest in the acquisition, reorganization or recapitalization of BIOAQ. It is why it went to Liquidation.
2) The reason there was no interest in the SISP was quite simple, the company had over $50 million in liabilities and what turns out to be assets worth less than $5 million. Nobody was going to assume that amount of net liabilities for what is essentially nothing more that a ticker symbol.
3) Should LCY Bio want to go public, they can do so a variety of ways that can be done that are relatively simple, required assuming no liabilities and would not require having to “share” anything with the legacy shareholders of their target ticker. A company who desires to go public via RM can do so for between $250K and $400K and have no liabilities to assume.
There has been ZERO disclosure in any Court filing, any company filing or any report from the Monitor that there is any transaction involving a reverse merger. This notion has simply been planted and taken root because the reality is as bad as it is. The common shareholders are getting no recovery. Hope needed to be generated even if only on the back of something that simply won’t happen.
The cancellation of stock is now inevitable. It is only a question of when, and it will only happen after everything else associated with the bankruptcy is complete and it will come without any warning.
And when the stock is eventually cancelled, nobody can say they weren’t warned.
In the meantime they can wait for the phantom RM that will never be announced and will never happen.
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