Per the press release (and all the Monitor Reports and signed APA, blah blah blah), Bioamber Inc. (the one shares are attached to), Bioamber Canada and Bioamber Sarnia were liquidated. And of course, yes, nothing for shareholders.
Hmmm that’s not what it states here. Clearly states that the “Company” is comprised of all three BioAmber Inc, BioAmber Sarnia Inc and BioAmber Canada Inc collectively have been liquidated lol. Gotta love the SEC filings
Montreal, Canada, October 25, 2018. PricewaterhouseCoopers Inc., LIT, in its capacity as the court-appointed Monitor (in such capacity, the “Monitor”) of BioAmber Inc. (OTCPK: BIOAQ), BioAmber Canada Inc., and BioAmber Sarnia Inc. (collectively, the “Company”) in their proceedings under the Companies Creditors’ Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”), provides the following update on the Company’s liquidation process. On October 22, 2018, the Company completed the sale of certain of its assets to LCY Biotechnology Inc. (previously 9384-3076 Québec Inc.). 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.
So as you can see in the link I posted it is not just BioAmber Sarnia. It clearly shows that the “Company” was liquidated and the company is comprised of BioAmber Inc, BioAmber Sarnia Inc and BioAmber Canada Inc. They have all been liquidated and that is what resulted in no residual value for shareholders. It’s not an opinion it’s an SEC filing that I posted. So now that you can see that what is there left for a company to want to come in and purchase? The only thing left is the shares and about $80 mil of debt so why would anyone want that?
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