Salt Lake City – June 24, 2016 – Great Basin Scientific, Inc. (NASDAQ: GBSN), a molecular diagnostics company, announced today that on June 23, 2016, the Nasdaq Listing Qualifications Panel (the “Panel”) issued a determination granting the Company’s request for the continued listing of its common stock on The Nasdaq Capital Market (“Nasdaq”).
The Company’s continued listing on Nasdaq is subject to, among other things, the Company evidencing compliance with its plan to meet the minimum $35 million market value of listed securities requirement by October 10, 2016. In order to satisfy the market value of listed securities requirement, the Company must evidence a market capitalization of at least $35 million for a minimum of 10 consecutive business days on or before October 10, 2016. The Company is taking definitive steps to timely evidence compliance with the terms of the Panel’s decision; however, there can be no assurance that it will be able to do so.
“We presented our detailed plan for compliance on June 16, 2016 and are pleased that the Panel has quickly granted us the additional time to regain compliance,” said Jeff Rona, chief financial officer of Great Basin. “’We are moving aggressively to implement our plan and are optimistic it will result in compliance with the Market Value of Listed Securities requirement before the end of this extension period.”
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.
This press release includes forward-looking statement regarding continued listing of the Company’s shares on the Nasdaq, the Company fulfilling the steps in its compliance plan in accordance with the requirements of the terms of the Panel’s decision, the Company meeting the $35 million market value of listed securities requirement by October 10, 2016 and other similar statements. 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and the company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016. 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.