In Montreal, biobased succinic acid producer BioAmber says shares of common stock have been conditionally approved for listing on the Toronto Stock Exchange. BioAmber expects the common shares to launch on the TSX this week. They will trade under the trading symbol BIOA.
“Canadian investors have shown a strong interest in renewable companies and we have attracted a growing shareholder base in Canada,” says Fabrice Orecchioni, BioAmber president and COO. “A TSX listing will complement our existing NYSE listing by adding greater liquidity and depth of distribution for our investors.” BioAmber’s first commercial-scale plant, a 30,000 metric ton year joint venture facility with Mitsui & Co., began operating in Sarnia, Ontario in late 2015.
BioAmber also says its previously issued special warrant was automatically exercised on Friday, April 28, for 2,224,199 common. The special warrant was issued by way of a private placement on December 30, 2016, at a price of $4.00 per underlying share issuable upon the exercise thereof, resulting in gross proceeds of $8,896,796. The proceeds were placed in escrow and are being released to the company concurrently with the automatic exercise of the special warrant.