SALT LAKE CITY, Feb. 26, 2015 /PRNewswire/ -- Great Basin Scientific, Inc. (“Great Basin”) announced today that it has launched a “best efforts” follow-on offering of up to 2,724,000 units at $8.80 per Unit. Each unit consists of one share of Series E preferred stock and eight Series C warrants. Each share of Series E preferred stock will be convertible into four shares of common stock and each Series C warrant will be exercisable into one share of common stock at an exercise price of $2.55 per share. The Units will automatically separate into the Series E preferred stock and Series C warrants on August 25, 2015, provided that the Units will separate earlier if at any time after March 27, 2015 the closing price of Great Basin’s common stock is greater than $4.00 per share for 20 consecutive trading days. Upon the closing of the offering, the Units will be listed on The Nasdaq Capital Market under the ticker symbol “GBSNU”.
Dawson James Securities, Inc. is serving as the sole book runner for the offering. The offering will be made only by means of a prospectus. Copies of the preliminary prospectus related to the offering may be obtained from Dawson James Securities, Inc., Attention: Prospectus Department, 1 North Federal Highway, 5th Floor, Boca Raton, FL 33432, mmaclaren@dawsonjames.com or toll free at 866.928.0928.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Great Basin
Great Basin is a molecular diagnostics company that commercializes breakthrough chip-based technologies. The Company is dedicated to the development of simple, yet powerful, sample-to-result technology and products that provide fast, multiple-pathogen diagnoses of infectious diseases. The Company’s vision is to make molecular diagnostic testing so simple and cost-effective that every patient will be tested for every serious infection, reducing misdiagnoses and significantly limiting the spread of infectious disease. More information can be found on the company’s website at www.gbscience.com.
Forward-Looking Statements
Certain statements in this press release may be deemed to be forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, Great Basin’s ability to complete the proposed public offering of its Units described above, or to complete the maximum amount of such “best efforts” offering. Forward-looking statements involve risk and uncertainties, which could cause actual results to differ materially. These risk and uncertainties include, but are not limited to: (i) our limited operating history and history or losses; (ii) our ability to develop and commercialize new products and the timing of commercialization; (iii) our ability to obtain capital when needed; and (iv) other risks set forth in the Company’s filings with the Securities and Exchange Commission, including the risks set forth in the company’s Form 10-K for the year ended December 31, 2014. These forward-looking statements speak only as of the date hereof and Great Basin specifically disclaims any obligation to update these forward-looking statements, except as required by law.
Media Contact:
Tony Russo, Ph.D. or Todd Davenport, Ph.D.
Russo Partners, LLC
212.845.4251
tony.russo@russopartnersllc.com
todd.davenport@russopartnersllc.com
Investor Relations Contact:
Bob Yedid
ICR
646.277.1250
bob.yedid@icrinc.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/great-basin-scientific-inc-announces-commencement-of-public-offering-300041932.html
SOURCE Great Basin Scientific
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