Great Basin Scientific Inc. (fka GBSNQ)

[DailyX]

Great Basin Scientific Slides 25% After Exchanging Series E Warrants For About 651,000 Shares

4/4/16, 10:37 AM
01:37 PM EDT, 04/04/2016 (MT Newswires) -- Great Basin Scientific (GBSN) is down more than 25% after the company says it completed an exchange of its Series E Warrants for a reduced number of shares of its common stock.

In the exchange, all of the Series E Warrants, which would have been exercisable for 1.68 million shares of common stock, will be exchanged for 650,160 shares of common stock.

The Series E Warrants were originally issued in conjunction with Great Basin's February 24 public financing. The warrants had a five-year expiration, a strike price of $5.60, were not exercisable for one year from their date of issuance and required stockholder approval. They contained a one-time anti-dilution adjustment that, one year from issuance, would have increased the number of shares underlying the warrants to the lesser of 7% of the shares outstanding or 3.36 million shares. The warrants also contained a price protection provision that would have reduced the strike price of the warrants if Great Basin had issued shares or securities exercisable or convertible for shares at a price below $5.60.

Price: 4.88, Change: -1.64, Percent Change: -25.12

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