Bio-ON, Borsa Italiana suspends the title

<! – ->Bio-ON in the storm. Borsa Italiana has suspended the trading of the shares at AIM Italia. The communique of the body that manages Piazza Affari arrived at 8.57 after becoming effective at 8.55: a few minutes before, therefore, the negotiations began. The pre-opening exchanges already indicated a dramatic start, with a theoretical decline in the order of 50%.

From the Borsa Italiana schedule it emerges that the suspension does not have a fixed term. And that could follow further communications.

But what is the basis of the suspension of Bio-ON shares from Borsa Italiana? The news circulated in the early morning: as reported in the online edition of the daily La Repubblica, three company managers, active in the field of high quality biopolymers, they would have been subjected to interdictory measures, on charges of false accounting and market manipulation. Furthermore, according to the daily report, the seizure of assets amounting to 150 million euros would have been ordered.

Yet another evolution of a story born in the second half of last July (more precisely on the 24th), when the American Quintessential fund (which – it must always be specified for correctness – had assumed speculative positions against the stock) had brought in the light a series of questionable aspects in the work of the company (Bio-ON, here are the reasons for the collapse. And the defense of society). A situation then exploded with the dissemination of the half-year accounts, which showed a sharp contraction in revenues and an increase in the loss for the period (Bio-ON, the accounts for the first half of 2019. Estimates for the year were revised).

What will happen now to the Bio-ON title? Difficult to predict with certainty. In many similar situations, a suspension from trading by Borsa Italiana was the preamble to an irreversible freeze. In this case, probably, everything will depend on the evolution of the investigations that are having as object the vertices of the group.

Bio-ON, just yesterday, had updated on the financial needs for the coming months.

Bio-ON is a company based in Bologna, established in 2007 and listed on the stock exchange since 2014, active in the biotechnology sector. Its mission is to find innovative solutions for the production of 100% biodegradable bioplastics in nature – of the PHA type (polyhydroxyalkanoates) – and made starting from "no food" products such as under agricultural products such as cane and sugar beet, crude glycerol (biodiesel waste), waste from potato processing and exhausted vegetable frying oils.

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