Great Basin Scientific, Inc. (OTCQB: GBSND) is a molecular diagnostics company, which operates out of Salt Lake City, Utah. Shares of the molecular science company have seen volatile price action on Wednesday, December 28, 2016, and are currently down 42.90% through early trading. The company’s temporary stock symbol “GBSND” has started trading today and, therefore, does not have any average daily volume over the past month. However, volume of 117,730 shares or dollar volume of $203,672, has already exchanged hands this morning.
Shares of Great Basin Scientific, Inc. are diving on Wednesday, after the company completed a reverse stock split and increased the number of authorized shares. The reverse split consisted of 1:300, with a par value of $0.001. Furthermore, Great Basin Scientific, Inc. increased its authorized share count from 200 million to 1.5 billion shares, with a par value of $0.0001. In addition, the shares outstanding were reduced from 199 million to 663,334 shares. Here is the full press release detailing of the reverse split:
Great Basin Scientific, Inc. Press Release:
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, Inc.
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.