Who is selling? These convertible holders.. who else? Just 40% of the trading volume... lmao - making deals with the sellers... $GBSN...
Item 1.01 Entry into a Material Definitive Agreement.
On October 17, 2016, Great Basin Scientific, Inc. (the “Company”) entered into separate agreements (each, an “Amended Leak-Out Agreement”) with each of the buyers (“Buyers”) listed on the Schedule of Buyers attached to that certain Securities Purchase Agreement, dated December 28, 2015, by and among the Company and the Buyers. In each Amended Leak-Out Agreement, the Company and a Buyer agreed that during the period commencing on October 17, 2016 through and including October 21, 2016, neither such Buyer nor any of its affiliates will sell, directly or indirectly, on any trading day more than a fixed percentage (as designated in such Leak-Out Agreement, which, in the aggregate for all Buyers, equals approximately 40%) of the trading volume of our common stock on the Nasdaq Capital Market, unless our common stock is then trading above the lower of (x) $5.50 or (y) 120% of the closing bid price of our common stock as of the trading day immediately preceding such date of determination.
The foregoing is a summary description of the material terms of the Amended Leak-Out Agreement and is qualified in its entirety by the text of the form of Amended Leak-Out Agreement, attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference to this Item 1.01.
