GREAT BASIN SCIENTIFIC, INC. (NASDAQ:GBSN) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
Forbearance Agreement
On August 16, 2017 as previously disclosed on Form 8-K, Hudson Bay Master Fund Ltd. (“Hudson Bay”) delivered an Event of Default Redemption Notice in accordance with the terms of Section 4(b) of the Series A Senior Secured Convertible Note dated April 17, 2017.On August 21, 2017 The Company and Hudson Bay entered into a Forbearance Agreement, wherein Hudson Bay agreed to forbear from exercising any of the remedies during the 15 day Forbearance Period, but solely with respect to the Specified Event of Default; provided, however, that such forbearance shall not apply to, and does not limit, the right of the Holder to charge Interest at the Default Rate in accordance with the Note at any time after the date of the delivery of the August Redemption Notice.In exchange for the forbearance, the Company has provided Hudson Bay with a release of any and all claims that the Company may have against Hudson Bay.
The foregoing description of the terms and conditions of the Forbearance Agreement is qualified in its entirety by reference to the agreement, a copy of which is filed as Exhibit 10.1 to this report.
Extension of Series J Warrants Termination Date
On August 21, 2017, the Company unilaterally extended the Series J Warrants Termination Date (as defined in the Series J Warrants) to December 31, 2017, as permitted bySection 3(g)(iii) of the Series J Warrants. All other terms of the Series J Warrants remain in effect without modification.
Item 9.01Financial Statements and Exhibits.
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ExhibitNumber |
Exhibit Title or Description |
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10.1* |
Forbearance Agreement dated August 21, 2017 by Hudson Bay Master Fund Ltd. and Great Basin Scientific, Inc. |
*Filed herewith.
Great Basin Scientific, Inc. ExhibitEX-10.1 2 gbsn-ex101_52.htm EX-10.1 gbsn-ex101_52.htm Exhibit 10.1 HUDSON BAY MASTER FUND LTD.c/o Hudson Bay Capital Management LP777 Third Avenue,…To view the full exhibit click here
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.