Special Meeting of Stockholders Adjourned to May 18, 2018
May 1, 2018
MONTREAL, May 1, 2018 /CNW Telbec/ - BioAmber Inc. (OTCPK: BIOA) announced today that its Special Meeting of Stockholders scheduled for and convened on April 27th, 2018 (the "Special Meeting"), was adjourned, with the adjournment itself being the only business conducted at the meeting.
The adjournment is to allow for the solicitation of additional votes in favour of the proposals contained in the proxy statement that BioAmber filed with the Securities and Exchange Commission on March 30, 2018, as amended on April 16, 2018, (i) to increase its authorized shares of common stock from 250,000,000 to 1,000,000,000, and (ii) to approve a reverse stock split at a ratio of not less than fifty-to-one and not more than three-hundred-to-one, such ratio and the implementation and timing of such reverse stock split to be determined in the discretion of its Board of directors, it being understood that upon such implementation of the reverse stock split, the number of authorized shares of common stock will be reduced proportionally based on the reverse stock split ratio.
The special meeting will reconvene at 10:00 am, local time, on May 18th, 2018, at the company's offices located at 1250 Rene Levesque West, Suite 4310, Montreal, Quebec, Canada.
During the period of adjournment, BioAmber will continue to solicit proxies from its stockholders with respect to the proposals set forth in the proxy statement.
Stockholders who have not already done so are encouraged to vote.
Stockholders who have already voted do not need to recast their votes unless they wish to change their votes.
No changes have been made in the proposals to be voted on by stockholders at the Special Meeting. The Company's proxy statement and any other materials filed by the Company with the SEC remain unchanged and can be obtained free of charge at the SEC's website at www.sec.gov.
Stockholders who need assistance in voting their shares or have questions are encouraged to contact BioAmber's proxy solicitor, MacKenzie Partners, Inc. (Bob Marese or John Bryan – 800-322-2885).
BioAmber (OTCPK: BIOA) is a renewable materials company. Its innovative technology platform combines biotechnology and catalysis to convert renewable feedstock into building block materials that are used in a wide variety of everyday products including plastics, paints, textiles, food additives and personal care products. For more information visit www.bio-amber.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve significant risks and uncertainties about BioAmber. BioAmber may use words such as "anticipate," "believe," "could," "continue," "estimate," "expect," "intend," "may," "should," "will," "would," "plan," "projected" or the negative of such words or other similar words or phrases to identify such forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, whether or not BioAmber will be able to generate sufficient cash flows and obtain the additional financing necessary to continue as a going concern and to grow its business or whether it will need to seek strategic alternatives, including but not limited to a potential business combination or a sale of the company, or reduce and/or cease its operations and/or seek bankruptcy protection, develop its products and respond to competitive pressures, the impact of the termination of BioAmber's joint venture with Mitsui & Co. Ltd. on its ability to maintain and expand its operations at its Sarnia, Ontario facility, market and other conditions, BioAmber's business and financial condition, and the impact of general economic, industry or political conditions in the United States or internationally. For additional disclosure regarding these and other risks faced by BioAmber, see disclosures contained in BioAmber's public filings with the SEC, including the risks discussed under the heading "Item 1.A Risk Factors" in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, and under the heading "Risk Factors" of the recently filed prospectus supplement. You should consider these factors in evaluating the forward-looking statements included in this press release and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof, and BioAmber undertakes no obligation to update such statements as a result of new information.
SOURCE BioAmber Inc.
For further information: BioAmber Investor Contact: Roy McDowall, Sr. VP Business Development, 514-844-8000 Ext. 260, [email protected]; Additional Investor Contact: Bob Marese/John Bryan, MacKenzie Partners, Inc., 800-322-2885