GREAT BASIN SCIENTIFIC, INC. (NASDAQ:GBSN) Files An 8-K Entry into a Material Definitive Agreement
Item1.01 Entry into a Material Definitive Agreement.
2016 Note Waiver
As previously disclosed on the Current Report on Form 8-K filed
with the SEC 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).
On February 14, 2017, the Company and certain 2016 Note Buyers
holding enough of the 2016 Notes and Series H Warrants to
constitute the required holders under Section 9(e) of the 2016
SPA and Section 19 of the 2016 Notes entered into waiver
agreements (each, a Note Waiver Agreement and collectively, the
Note Waiver Agreements) to waive, effective as of the February
14, 2017,Section 4(n)(ii) of the SPA solely with respect to (x)
the Company filing a registration statement on Form S-1 for an
offering of its securities (the Proposed Offering) and (y) the
Company’s consummation of the Proposed Offering as set forth in
such registration statement.
The foregoing is a summary description of the material terms of
the 2016 Note Waiver Agreements and is qualified in its entirety
by the form of the Note Waiver Agreement attached as Exhibit 10.1
to this Current Report on Form 8-K and incorporated by reference
to this Item 1.01.
Item9.01 Financial Statements and Exhibits
| EXHIBIT | DESCRIPTION | |
|
10.1 |
Form of Waiver Agreement |
Forward-Looking Statements
This Current Report on Form 8-K may be deemed to contain
forward-looking statements, including forward-looking statements
about the filing of a registration statement on Form S-1 and the
consummation of the Proposed Offering to such registration
statement. Forward-looking statements are subject to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. For more information on other risk factors affecting the
Company generally, please refer to the risk factors set forth in
the Companys most recent periodic reports on Form 10-K and Form
10-Q. The forward-looking statements contained in this Current
Report on Form 8-K are made as of the date hereof and the Company
assumes no obligation to update such statements.
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.
