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 Great Basin Announces Conversion of Remaining Series C Warrants
Company reports 75.5 million shares of Common Stock Issued and Outstanding
Salt Lake City, January 21, 2016 - Great Basin Scientific, Inc. (NASDAQ: GBSN), a molecular
diagnostics company, announced today that as of 5 p.m. the Company has converted all
outstanding Series C Warrants into shares of its common stock and therefore now has 75.5
million shares of common stock issued and outstanding, and has no remaining unconverted
Series C Warrants.
Today, January 21, 2016, Great Basin converted the remaining 1,221,587 Series C Warrants. It
settled 1,416 warrants with cash and settled the remainder by issuing 13.7 million shares of
Great Basin common stock. The Company did not issue any of the Pre-funded Rights to acquire
its common stock. Please see Exhibit A for a detailed capitalization table, which reflects the
Company’s capitalization as of 5 p.m., January 21st.
Shares of common stock will be delivered to Series C warrant holders when the warrant holder
surrenders his or her Series C warrants along with a completed Series C Warrant mandatory
exercise form which is available on the Company’s website at
http://client.irwebkit.com/gbscience.
About Great Basin Scientific
Great Basin Scientific 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.
Forward-Looking Statements
This press release includes forward-looking statements regarding the exercise and exchange of
Series C warrants, the Company having sufficient authorized, unreserved and unissued shares
to settle all Series C warrants upon mandatory conversion, and the potential issuance of prefunded rights upon mandatory conversion of the Series C Warrants. Forward-looking statements
involve risk and uncertainties, which could cause actual results to differ materially, and reported
results should not be considered as an indication of future performance. These risk and
uncertainties include, but are not limited to: (i) our limited operating history and history of 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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2015. These
forward-looking statements speak only as of the date hereof and Great Basin Scientific
specifically disclaims any obligation to update these forward-looking statements, except as
required by law.
The shares of common stock and pre-funded rights issuable upon exercise of the Series C
Warrants have not been and will not be registered under the United States Securities Act of
1933, as amended (the “Securities Act”) or any applicable state securities laws and may not be
offered or sold absent such registration or pursuant to an available exemption from such
registration requirements. This press release does not constitute an offer to sell or a solicitation
of an offer to buy securities nor shall there be any sale of any of the securities in any jurisdiction
in which such offer, solicitation, or sale would be unlawful.
Exhibit A
Capitalization Table January 21, 2016 (in million of shares)
Authorized Shares
200
Common Stock Issued and Outstanding*
75.5
Pre-funded Rights to Acquire Common Stock
0
TOTAL Shares Outstanding (including pre-paid rights)
75.5
Shares Reserved for Convertible Note Holders and Related Derivatives
120
Shares Reserved for Other Derivatives, including Series E Preferred Stock
0.2
Unreserved and Unissued Shares
4.3
Series C Warrants
0
Series E Convertible Preferred Stock**
0.1
* Includes approximately 1 million shares of common stock to be delivered upon the
surrender the 92,069 converted Series C Warrants that remain to be surrendered as of
this date
th
**Each share of Series E Convertible Preferred Stock is convertible into 4/60 of one
share of common stock—were all Series E Convertible Preferred Stock to be converted
into common shares, the Company would issue 5,890 shares of its common stock to the
holders of the Series E Convertible Preferred Stock.
Media Contact:
Kate Ottavio Kent
ICR
203.682.8276
[email protected]
Investor Relations Contact:
David Clair
ICR
646.277.1266
[email protected]
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