LCYB did not purchase the entire company. They did however purchase all of the assets of value that they wanted. Nobody even bid for the shares or the contracts of former BioAmber. Not one LOI was turned in with a deposit that included the shares or contracts.
LCYB purchased all the assets of Value but did not want the shares or the contracts.
Yep lessons will be learned as Upfront meant all the monies paid upon closing as it was stated. The deposit with the LOI and balance due Upfront at closing which is what happened.
Nothing is coming to shareholders ever. Just as stated there was NO residual value for equity investors (shareholders) of the company. Coming up on 3 years and still no second transaction lol
Oct. 25, PWC issued a press release in its capacity as the court-appointed monitor for BioAmber announcing that the company completed the sale of certain of its assets to LCY Biotechnology as of Oct. 22. “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,” said PWC in the release. “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.”
The transaction was approved by the Quebec Superior Court of Justice on Sept. 18 and by the U.S. Bankruptcy Court for the District of Delaware on Aug. 9. PWC said the liquidation of BioAmber’s assets will result in little to no residual value for non-secured creditors and no residual value for equity investors.
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