SALT LAKE CITY, Dec. 28, 2016 (GLOBE NEWSWIRE) -- Great Basin Scientific, Inc. (OTCQB:GBSND), a molecular diagnostics company, announced today that it has effected a 1:300 reverse split of its common stock, par value $0.0001. The Company’s common stock will begin trading at the open of today’s market on a split-adjusted basis under new CUSIP number 39013L809, under the temporary symbol GBSND. The symbol will revert to GBSN in 20 business days, or on January 24, 2017.
The Company also announced today that its Certificate of Incorporation has been changed to increase the number of authorized common stock from 200,000,000 shares to 1,500,000,000 shares, par value $0.0001, respectively.
The reverse stock split, which was granted approval by the Financial Industry Regulatory Authority (FINRA) following a special shareholder vote, impacts all holders of the Company’s common stock uniformly, and does not affect any stockholder’s percentage ownership interest in the Company or proportionate voting power. The reverse split reduces the number of common stock from 199.0 million shares to approximately 663,334 shares outstanding.
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 December 5, 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 statements regarding the Company’s continuing business efforts related to its products, including but not limited to, statements regarding the effect date of the reverse stock split and increase in authorized shares, the Company’s development plans and other similar statements. 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 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 fiscal year ended December 31, 2015 and Quarterly Report on From 10-Q for the quarter ended September 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.