BioAmber gets non-compliance notice from stock exchange

BioAmber gets non-compliance notice from stock exchange

9:39 AM, 14th September 2017
BioAmber logo

MONTREAL, CANADA: BioAmber Inc said that the New York Stock Exchange (NYSE) has notified the company that it is no longer in compliance with NYSE listing standards because the price of its common stock has fallen below the NYSE’s share price rule. The NYSE requires the average closing price of a listed company’s common stock to be at least $1 per share over a consecutive 30 trading-day period. The 30 trading-day average closing price of the stock was $0.90, as of 6 September.

BioAmber was notified of non-compliance on 8 September. The company has six months from the date of its receipt of the NYSE notice to regain compliance with the minimum share price rule, or until the company’s next annual meeting of shareholders, if shareholder approval is required to cure the price deficiency.

During the cure period, the company’s common stock will continue to trade under the symbol “BIOA,” but will have an added symbol of “.BC” to indicate that the company is below compliance with the NYSE's listing standards.

The NYSE notification does not constitute an event of default under any of the company’s debt obligations, the company said.

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