Great Basin Announces Reverse Stock Split of Common Stock
September 14 2016 - 5:30PM
Business Wire
Great Basin Scientific, Inc. (Nasdaq:GBSN), a molecular
diagnostics company, announced today that a 1-for-80 reverse split
of its common stock will be effective at 12:01 am EDT on September
16, 2016. The Company’s common stock will open for trading on the
Nasdaq Capital Market on September 16, 2016 on a post-split basis.
At the effective time of the reverse stock split, every 80 shares
of the Company’s issued and outstanding common stock, par value
$0.0001, will be consolidated into one newly-issued and outstanding
share of common stock, par value of $0.0001.
The reverse stock split will reduce the Company’s outstanding
common stock from approximately 78.4 million shares to
approximately 1.0 million shares. Proportional adjustments will be
made to the Company's outstanding preferred shares, stock options,
warrants, and equity incentive plan. The reverse stock split will
affect all holders of the Company’s common stock uniformly, and
will not affect any stockholder’s percentage ownership interest in
the Company or proportionate voting power.
Stockholders who have existing stock certificates will receive
written instructions by mail from the Company's transfer agent,
American Stock Transfer & Trust Company, LLC. Stockholders who
hold their shares in brokerage accounts (“street name”) are not
required to take any action to affect the exchange of their shares.
Such stockholders will be contacted by their brokers with
instructions. To the extent the reverse stock split would result in
a stockholder owing a fractional share, such stockholder will have
the number of post-reverse split shares to which they are entitled
rounded up to the next whole number of shares. No stockholders will
receive cash in lieu of fractional shares.
Additional information regarding the Company's reverse stock
split is available in the definitive proxy statement filed by the
Company with the U.S. Securities and Exchange Commission on August
22, 2016.
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. More information can be found on the
Company's website at www.gbscience.com.
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 but not limited
to statements regarding the timing and effect of the reverse stock
split and statements regarding the Company’s general development
plans of sample-to-result technology and products. Forward-looking
statements involve risks 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 of 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 and Quarterly Report on Form 10-Q for the quarter
ended June 30, 2016. 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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version on businesswire.com: http://www.businesswire.com/news/home/20160914006392/en/
Investor Relations:Great Basin ScientificBetsy Hartman,
385-215-3372ir@gbscience.comorMedia:ICRNirav Suchak,
646-277-1257Nirav.Suchak@icrinc.com