Special Meeting of Stockholders Suspended and Update on Restructuration Process
Jun 7, 2018
MONTREAL, June 7, 2018 /CNW Telbec/ - BioAmber Inc. (OTCPK: BIOA) ("BioAmber" or the "Company") announced today that its Special Meeting of Stockholders which was held on May 18th, 2018 and adjourned and initially rescheduled for June 8th, 2018, has been suspended by the Superior Court of the Province of Quebec, Commercial Division pending further order from such Court as a result of a Court Order issued in Canada on May 24th, 2018 (the "Court Order").
The decisions contained in the Court Order also include, among other matters, (i) that the proceedings commenced by BioAmber Sarnia Inc. and BioAmber Canada Inc. pursuant to the Bankruptcy and Insolvency Act (Canada) are continued under the terms of the Companies' Creditors Arrangement Act (Canada) (the "CCAA Proceedings"), (ii) that PricewaterhouseCoopers Inc. is appointed to act as monitor in connection with the CCAA Proceedings, and (iii) the approval of a sale and investor solicitation process that was filed with the Court in support of the motion presented on May 24th, 2018.
The Company also intends to apply to the relevant court having jurisdiction in the United States of America for an order which will aid and complement the Court Order for recognition and application to BioAmber of the CCAA Proceedings as "Foreign Main Proceedings" in the United States of America.
BioAmber undertakes no obligation to provide further updates with respect to any subsequent steps, events and/or transactions relating to the CCAA Proceedings, except as may be required under applicable securities laws.
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 its operations or whether it will need to reduce and/or cease its operations. 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, except as may be required under applicable securities laws.
SOURCE BioAmber Inc.
For further information: BioAmber Investor Contact: Mario Settino, Chief Financial Officer, 514-844-8000 Ext. 140, firstname.lastname@example.org; For information about participation in the Sales and Investor Solicitation Process for BioAmber, please contact: PricewaterhouseCoopers Corporate Finance LLC, Christine Pouliot, Partner, Managing Director, 514-205-5123, Christine.email@example.com or Marc-Olivier McCraw, Assistant Vice President, 514-205-5086, Marcfirstname.lastname@example.org