Great Basin Receives Positive Nasdaq Listing Determination
June 24 2016 - 8:30AM
Business Wire
Great Basin Scientific, Inc. (NASDAQ:GBSN), a molecular
diagnostics company, announced today that on June 23, 2016, the
Nasdaq Listing Qualifications Panel (the "Panel") issued a
determination granting the Company's request for the continued
listing of its common stock on The Nasdaq Capital Market
("Nasdaq").
The Company's continued listing on Nasdaq is subject to, among
other things, the Company evidencing compliance with its plan to
meet the minimum $35 million market value of listed securities
requirement by October 10, 2016. In order to satisfy the market
value of listed securities requirement, the Company must evidence a
market capitalization of at least $35 million for a minimum of 10
consecutive business days on or before October 10, 2016. The
Company is taking definitive steps to timely evidence compliance
with the terms of the Panel's decision; however, there can be no
assurance that it will be able to do so.
“We presented our detailed plan for compliance on June 16, 2016
and are pleased that the Panel has quickly granted us the
additional time to regain compliance,” said Jeff Rona, chief
financial officer of Great Basin. “We are moving aggressively to
implement our plan and are optimistic it will result in compliance
with the Market Value of Listed Securities requirement before the
end of this extension period.”
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.
Forward-Looking Statements
This press release includes forward-looking statement regarding
continued listing of the Company’s shares on the Nasdaq, the
Company fulfilling the steps in its compliance plan in accordance
with the requirements of the terms of the Panel’s decision, the
Company meeting the $35 million market value of listed securities
requirement by October 10, 2016 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 the
company’s Quarterly Report on Form 10-Q for the quarter ended March
31, 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.
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Media:ICRKate Ottavio Kent,
203.682.8276Kate.Ottavio-Kent@icrinc.comorInvestor
Relations:CorProminenceScott Gordon,
516.222.2560gbinfo@corprominence.comorICRDavid Clair,
646.277.1266david.clair@icrinc.com