Montreal, Canada — Biosuccinic acid company, BioAmber is planning a further share offering on the New York Stock Exchange.
Underwriters have agreed to purchase a minimum of 2m shares of common stock in the company along with warrants to purchase another 1m shares of common stock, according to a BioAmber press release.
The offer price is expected to be US $4.75 and the company expects to raise approximately $10m. Bio amber said it is planning to use funding from this additional flotation to fully or partially repay its debt facility with Bridging Finance and the remainder for working capital and other general corporate purposes. The company says it has approximately Can$25 m ($19 m) outstanding under this facility.
The company has said that it is also amended its bylaws which may "discourage, delay or prevent a merger, acquisition or other change in control."
Additionally, BioAmber, said that "these provisions may also prevent or delay attempts by shareholders to replace or remove our current management or members of our board of directors."
The articles have been changed to prevent shareholders act acting by written consent or calling special meetings and imposes limitations on the removal of directors and notice requirements for shareholder motions.
Currency conversion XE.com 24 January 2017
