BIOAQ IS in Bankruptcy. It is in Chapter 15 Bankruptcy in the United States Bankruptcy Court for the District of Delaware. Since BIOAQ is a Delaware Corporation, the Canadian courts have no jurisdiction over the parent corporation or its common stock.
FINRA was informed because there is absolutely no question that the common shares will be cancelled upon the conclusion of the US Bankruptcy case. It is possible that FINRA will determine that it is in the best interest of the market to delete the ticker prior to the conclusion of the case.
Which means BIOAQ common shares may go completely worthless sooner rather than later.
Excellent deduction. And it will continue to trade in laughable numbers till the bankruptcy is terminated. And it is still in bankruptcy title 11 chapter 15 . As plainly spell out in the documents the Delaware court has the last say . Key words COMPANY PRECEDINGS . Now the KERP fantasy is all the secured creditors are paid . Apparently nobody has told PWC .
Distribution and termination of CCAA Proceedings 46. Once all of the foregoing matters are resolved, the Monitor will seek an order of the Court to distribute the remaining net proceeds of the Company to the respective Secured Claimants according to their security and priority. Recognition of this order will also be sought in the Company’s proceedings under Chapter 15 of Title 11 of the United States Code in the U.S. Bankruptcy Court for the District of Delaware.
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