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.
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