GREAT BASIN SCIENTIFIC, INC. (NASDAQ:GBSN) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement. |
As previously disclosed in the Current Report on Form 8-K filed
with the U.S. Securities and Exchange Commission on June 29,
2016, on June 29, 2016, Great Basin Scientific, Inc. (the
Company) entered into a Securities Purchase Agreement (the 2016
SPA) in relation to the issuance and sale by the Company to
certain buyers as set forth in the Schedule of Buyers attached to
the 2016 SPA (the 2016 Note Buyers) of $75 million aggregate
principal amount of senior secured convertible notes (the 2016
Notes) and related Series H common stock purchase warrants (the
Series H Warrants).
On March 1, 2017, the 2016 Note Buyers voluntarily agreed to
remove restrictions on the Companys use of an aggregate of
approximately $1.1 million in cash previously funded to the
Company and authorized the release of those funds from the
restricted accounts of the Company for each 2016 Note Buyer in
accordance with that certain Master Control Account Agreement
previously entered into by and among the Company, UBS Financial
Services Inc. and the collateral agent.
On March 1, 2017, the Company and one of the 2016 Note Buyers
entered into an agreement (the Note Redemption Agreement), to
which the Company agreed to redeem $430,621 of the 2016 Note (the
Redemption Note) held by such 2016 Note Buyer for an aggregate
redemption price of $430,621 (the Redemption Price), which will
satisfy such Redemption Note in full.The Company will pay the
Redemption Price for the Redemption Notes from cash held in the
restricted accounts of the Company. After the redemption,the
principal amount of the remaining 2016 Notes will be reduced from
$33.8 million to $33.4 million.
The foregoing is a summary description of the material terms of
the Note Redemption Agreements and is qualified in its entirety
by the form of Note Redemption Agreement, attached as Exhibit
10.1 to this Current Report on Form 8-K and incorporated by
reference to this Item 1.01.
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Item 3.03 Material Modification to Rights of Security |
The information disclosed in Item 1.01 of this Current Report on
Form 8-K is incorporated by reference into this Item 3.03.
Item 9.01Financial Statements and Exhibits
Exhibit Description
10.1*Form of Note Redemption Agreement
* Filed herewith
About GREAT BASIN SCIENTIFIC, INC. (NASDAQ:GBSN)
Great Basin Scientific, Inc. is a molecular diagnostic testing company. The Company is focused on the development and commercialization of its molecular diagnostic platform designed to test for infectious diseases, especially hospital-acquired infections. Its commercially available tests are clostridium difficile (C. diff) and Group B Strep. Its system includes an analyzer and a diagnostic cartridge. Each analyzer contains a module into, which individual test cartridges are placed. Its other diagnostic assays in the late stages of product development include a pre-surgical nasal screen for Staphylococcus aureus (SA), food borne pathogen panel, panel for candida blood infections, test for pertussis and a test for Chlamydia tracomatis (CT)/Neisseria gonorrhea (NG). The Company also has a pipeline of assays in an early stage of development, including respiratory testing and sepsis (blood infection) panels. It markets a platform of molecular testing in small to medium sized hospitals. GREAT BASIN SCIENTIFIC, INC. (NASDAQ:GBSN) Recent Trading Information
GREAT BASIN SCIENTIFIC, INC. (NASDAQ:GBSN) closed its last trading session 00.0000 at 0.0602 with 6,203 shares trading hands.