GREAT BASIN SCIENTIFIC, INC. (NASDAQ:GBSN) Files An 8-K Material Modification to Rights of Security HoldersItem 3.03 Material Modifications to Rights of Security Holders
As previously disclosed, on April 17, 2017, Great Basin Scientific, Inc. (the “Company”) entered into new 2017 Series B Senior Secured Convertible Notes (the “Series B Notes”), for an aggregate principal amount of $6.2 million. The notes are not convertible at the option of the holder until October 17, 2017 at a fixed conversion price of $3.00 per share. The Series B Notes may be mandatorily converted into shares of the Company’s common stock at any time at the Company’s sole option, subject to the satisfaction of customary equity conditions, at the mandatory conversion price then in effect.
On April 21, 2017, $1.5 million was released from the restricted cash accounts and returned to the Series B Note holders thereof. to the terms of the Series B Notes, the holder’s principal amount of the Series B Notes was reduced on a dollar for dollar basis for each dollar of restricted cash released to the holder. Accordingly, the principal amount of the remaining Series B Notes was reduced from $2.9 million to $1.4 million, which remains available for conversion at the Company’s sole discretion to the terms of the Series B 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 3 shares trading hands.