Great Basin Scientific, Inc. (NASDAQ:GBSN), a molecular diagnostics company, announced today that it held a special meeting of stockholders at which the stockholders approved a reverse stock split of the Company's common stock, and the issuance of shares of common stock above the NASDAQ limit of 20% upon conversion of the Company’s senior secured convertible notes and the elimination of the exercise floor price in the Company’s series D warrants pursuant to the rules of The Nasdaq Capital Market. A third-party proxy management firm tabulated the proxy votes for the special meeting. A detailed description of each proposal and the results of the votes are as follows:
Proposal 1 - Approval for a reverse stock split of the Company's common stock, par value $0.0001, at a ratio of between 1 for 20 and 1 for 35. Final determination for the undertaking of the reverse stock split, including the record date and the ratio, will be determined by the board of directors in the near future. If the board of directors determines to proceed, on the date selected by the board of directors, the shares of common stock will begin trading based on the reverse split ratio selected by the board. The reverse stock split proposal was approved by a vote in favor of the proposal by 53.7% of the Company’s issued and outstanding shares of common stock, and, of the shares represented at the meeting and voted on the proposal, approximately 74.5% voted in favor of the proposal;
Proposal 2 - Approval for (i) the issuance of shares of common stock upon conversion of the Company’s outstanding senior secured convertible notes, issued pursuant to a securities purchase agreement between the Company and the purchasers of such convertible notes dated December 28, 2015, above the current cap on the issuance of shares of 20% of the Company’s issued and outstanding shares on the date the convertible notes were issued and (ii) the elimination of the exercise floor price in the Company’s series D warrants, in each case pursuant to the rules of The Nasdaq Capital Market. Proposal 2 was approved by a vote in favor of the proposal of 41.7% of the Company’s issued and outstanding shares of common stock, and, of the shares represented at the meeting and voted on the proposal, approximately 77.1% voted in favor of the proposal.
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.
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 effective date of the reverse stock split and the Company being positioned for long-term success. 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.
Kate Ottavio Kent, 203-682-8276
Scott Gordon, 516-222-2560
David Clair, 646-277-1266