Great Basin Announces Reverse Stock Split

SALT LAKE CITY–(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.