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Why the Bull Ride May Continue for Bioamber Inc (OTCMKTS:BIOAQ)

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The technical picture for Bioamber Inc (OTCMKTS:BIOAQ) continues to strike a bullish chord. The action has been that of a turnaround story potentially in the making. The company continues to show strong top-line growth, and the stock continues to claw its way higher. As a mark of this bullish flavor, the stock is now trading above its 20-day exponential moving average and its 50-day simple moving average, both common technical markers, and both currently upward sloped.

To help foster this action, the company recently announce the approval of DIP financing. According to its release, this step was “a positive milestone in the continued restructuring of BioAmber. Throughout the process, BioAmber is successfully serving our customer base and continues to supply high-quality bio-succinic acid to companies around the world. We would like to thank our customers for their support and willingness to work with us through this process. With this favorable court decision, we are pleased to be able to continue operations in Sarnia to meet the growing demand we’re seeing from the market,” stated Rick Eno, Chief Executive Officer. “In the longer term, BioAmber has a number of strategic and financial investors evaluating an investment as part of the SISP. We are optimistic that the closing of a transaction will provide our customers long-term supply assurance from the Sarnia facility. We will continue to provide updates throughout the process.”

Bioamber Inc (OTCMKTS:BIOAQ) bills itself as an industrial biotechnology company that produces and sells bio-succinic acid to various chemical market customers primarily in the United States and Canada.

Its proprietary technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstocks into chemicals that are replacements for petroleum-derived chemicals.

The company’s bio-succinic acid is used in various applications, including plasticizers, polyurethanes, personal care products, resins and coatings, de-icing solutions, PET resins, lubricants, polybutylene succinate, fine chemicals, and food additives. Its product pipeline also includes bio-succinic acid derivatives, such as 1, 4 butanediol and tetrahydrofuran used in elastomers, engineering plastics, shoe soles, spandex, and solvents; succinic acid based polyesters for use in automotive interiors, fibers and non-wovens, food packaging, plastic bags and cups, and organic composite boards; and C6 building block chemicals comprising adipic acid, caprolactam, and hexamethylenediamine used in carpets, engineering plastics, textiles and fibers, films, and polyurethanes.

The company was formerly known as DNP Green Technology, Inc. and changed its name to BioAmber Inc. in September 2010. BioAmber Inc. is headquartered in Montreal, Canada.

According to company materials, “BioAmber (OTCPK:BIOAQ) 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.”

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Recent action has seen 78% during the past month in terms of shareholder gains in the company, a rally that has pushed up against longer standing distributive pressure in the stock. Furthermore, the name has registered increased average transaction volume recently, with the past month seeing 75% beyond what we have been seeing over the larger time frame.

As noted in its recent release, the company’s latest round of financing “will enable the execution of the Sales and Investor Solicitation Process (SISP) that commenced on June 1, 2018, as well as the continued operations of the Sarnia manufacturing facility: for the SISP, non-binding letters of intent are now due by June 29, 2018, with binding term sheets being due by July 31, 2018; the stay of proceedings against the petitioners has been extended by the court to July 31, 2018, consistent with the timing of the SISP; a C$3 million DIP financing, provided by Maynbridge Capital, will be disbursed to BioAmber in two tranches: up to CAN$2 million can be disbursed through July 31 and an additional CAN$1 million can be disbursed after July 31, assuming the receipt of an LOI.”

Now commanding a market cap of $9.7M, BIOAQ has a significant war chest ($4.6M) of cash on the books, which must be weighed relative to about $4.9M in total current liabilities. BIOAQ is pulling in trailing 12-month revenues of $14.9M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 754.6%. This may be a very interesting story and we will look forward to updating it again soon. Sign-up for continuing coverage on shares of $BIOAQ stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $BIOAQ, either long or short, and we have not been compensated for this article.

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