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 June29, 2016, on June29, 2016, the Company 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)
exercisable to acquire 56,250,000 shares of common stock.
On December 2, 2016, 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 to waive (i) the breach by the Company of Section
4(n)(ii) of the SPA solely with respect to (x) the Companys
filing of an amendment to the Registration Statement on Form S-1
(No. 333-213144 ) related to an offering of Units, (y) the
Companys filing of subsequent amendments to the Registration
Statement on FormS-1 (No. 333-213144) to complete the offering of
Units and (z) the Companys consummation of the offering of Units
to the Registration Statement on Form S-1 (No. 333-213144) no
later than February 28, 2017 and (ii) the event of default
arising under Section 4(a)(x) of the 2016 Notes due to the
Companys failure to comply with Section 4(n)(ii) of the 2016 SPA
as described in the immediately preceding clause (i) above.
The foregoing is a summary description of the material terms of
the 2016 Note Waiver Agreement with respect to the 2016 Notes and
is qualified in its entirety by the form of the 2016 Note Waiver
Agreement, attached as Exhibit 10.2 to this Current Report on
Form 8-K and incorporated by reference to this Item1.01.
Item3.03 Material Modifications to Rights of Security
Holders
The information disclosed in Item1.01 of this Current Report on
Form 8-K is incorporated by reference into this Item3.03.
Item9.01 Financial Statements and Exhibits
| EXHIBIT | DESCRIPTION | |
| 10.1 |
Form of Waiver Agreement for the 2016 Notes |
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 1,860,757 shares trading hands.
