Great Basin Announces Rescheduling of Nasdaq Hearing
May 10 2016 - 4:45PM
Business Wire
Nasdaq has rescheduled hearing for mid-June,
decision expected by mid-July
Great Basin Scientific, Inc. (Nasdaq:GBSN), a molecular
diagnostics company, today announced that it has received notice
from Nasdaq that the date of its hearing before the Nasdaq Listing
Qualifications Panel (the “Panel”) has been rescheduled by Nasdaq
from mid-May to mid-June, and therefore the Company now expects a
decision from the Panel in mid-July.
At the hearing, the Company will present its plan for regaining
compliance with the listing requirements and request an extension
of time within which to do so. Pursuant to the Nasdaq Listing
Rules, the Panel has the discretion to grant the Company an
extension of up to 180 calendar days from the date of the Staff
Determination Letter; however, there can be no assurance that the
Panel will grant the Company’s request for an extension.
“As we have said before, we have two possible ways to return to
compliance,” said Jeff Rona, Chief Financial Officer of Great Basin
Scientific. “’The first would be have our Market Capitalization
rise above $35 million for 10 consecutive business days. The other
would be to achieve positive stockholders’ equity of $2.5 million.
We intend to pursue both paths over the coming six months and we
remain optimistic that the Panel will grant us the added time
needed to execute our plan and come into continued listing
compliance.”
For additional information on the hearing process the Company
refers investors to the Nasdaq FAQ found at:
https://listingcenter.nasdaq.com/Material_Search.aspx?mcd=LQ&cid=107&sub_cid=32&years=0&criteria=1&materials
About Great Basin Scientific
Great Basin Scientific is a molecular diagnostics company that
commercializes breakthrough chip-based technologies. The Company is
dedicated to the development of simple, yet powerful,
sample-to-result technology and products that provide fast,
multiple-pathogen diagnoses of infectious diseases. The Company's
vision is to make molecular diagnostic testing so simple and
cost-effective that every patient will be tested for every serious
infection, reducing misdiagnoses and significantly limiting the
spread of infectious disease.
Forward-Looking Statements
This press release includes forward-looking statement regarding
events, trends and business prospects, which may affect our future
operating results and financial position, including statements
regarding the Company expectation of requesting a hearing with the
Panel, the anticipated timing of the hearing and determination of
the Panel, and the Company’s ability to regain compliance with
NASDAQ listing requirements. Forward-looking statements involve
risk and uncertainties, which could cause actual results to differ
materially, and reported results should not be considered as an
indication of future performance. These risk and uncertainties
include, but are not limited to: (i) our limited operating history
and history or losses; (ii) our ability to develop and
commercialize new products and the timing of commercialization;
(iii) our ability to obtain capital when needed; and (iv) other
risks set forth in the Company's filings with the Securities and
Exchange Commission, including the risks set forth in the company's
Annual Report on Form 10-K for the year ended December 31, 2015.
These forward-looking statements speak only as of the date hereof
and Great Basin Scientific specifically disclaims any obligation to
update these forward-looking statements, except as required by
law.
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Media:ICRKate Ottavio Kent,
203-682-8276Kate.Ottavio-Kent@icrinc.comorInvestor
Relations:CorProminenceScott Gordon,
516-222-2560gbinfo@corprominence.comorICRDavid Clair,
646-277-1266David.Clair@icrinc.com