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SALT LAKE CITY --(BUSINESS WIRE)-- Great Basin Scientific, Inc. (NASDAQ:GBSN), a molecular diagnostics company, announced today that it has authorized management at its discretion to settle certain cashless exercises of its Series C Warrants using cash rather than shares, as allowed under the terms of the Series C Warrants. The Series C Warrants were issued as part of the Units of the Company that recently separated and de-listed from NASDAQ.
"Great Basin remains on plan with all 2015 and early 2016 product and customer objectives, and given that progress and our growing confidence in timing of the revenue growth it will bring, we are confident our balance sheet has adequate strength for us to use cash for certain settlements of cashless exercises of the Series C Warrants," said Ryan Ashton , co-founder and Chief Executive Officer. "We believe our recent stock performance represents a technical inefficiency related to unit separation, not the underlying fundamentals of the Company's performance. As a result, the Company will seek to find an appropriate balance of cash and stock in settling these cashless exercises of the Series C Warrants in a way that is in the best long-term interests of our stockholders and the Company."
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. More information can be found on the company's website at www.gbscience.com.