Great Basin Scientific (GBSN) Plans 1-for-80 Reverse Split

September 14, 2016 5:31 PM EDT

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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.

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