Great Basin Scientific (GBSN) Announces Receipt of Nasdaq Delisting Notification
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Great Basin Scientific, Inc. (Nasdaq: GBSN) announced that it received a delisting warning from Nasdaq after 30 consecutive days of its common stock trading below the $1 minimum bid price, making it non-compliant with Nasdaq Listing Rule 5550(a)(2). The Company will have until February 27, 2017 to regain compliance by maintaining a minimum bid price of $1 for a minimum 10 consecutive days at any time within the next 180 days.
Great Basin Scientific has already taken definitive steps to comply with the Listing Rule, in that it is seeking shareholder approval for a reverse stock split during the Annual Meeting of Stockholders being held Monday, September 12, 2016. While Company management is confident it can meet Nasdaq compliance and continue trading its common stock on the Nasdaq Capital Market, there can be no assurances that it will be able to do so.
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. This press release is not a solicitation of proxies for the Annual Meeting being held on Monday, September 12, 2016. Shareholders are encouraged to review the proxy statement and additional materials related thereto, including the 2016 Annual Report to Shareholders on Form 10-K, which have previously been mailed to shareholders, prior to voting on the matters before the shareholders at the Annual Meeting. These materials are also available at are available at http://materials.proxyvote.com/39013L.
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