Replies to post #12325 on Great Basin Scientific Inc. (fka GBSNQ)

[christjamin]

Wow..despite this pps drop only 1 millions shares were converted!? Balance to be dumped is above 4 millions.. Wow this management team is incompetent, they telegraphed everything, so The shorts killed the stock before they had time to convert..
Wow, this could get real ugly, unless huge news hit..

[MMMQA]

Let me explain how this works.They converted 1,895,352 C warrants for 1,065,763 common shares so now the O/S is 4,244,374 but the C warrants are pre split they havent divided them by 60 yet,so they actually converted 31,589 C warrants or 33.7 commons for each C share cause they convert at 153.00.The pps for these conversions was 4.54.Now the pps is half that so they still have 181,953 C warrants post split to convert,at 2.25 a share that means they will get 67.5 shares of common per C warrant or 12,190,851 shares of common stock.When the price goes down further say 1.50 they will get 100 shares of common stock for 1 C warrant,because the C warrants always convert for 153.00.If the SP goes to 1.00 they get 153 shares of common and so on and so on.If the SP was at a dollar right now it would mean another 28 million common shares.This is only the first week and down 60% already and they only converted about 13% of the warrants.What do you see in the near future besides more of the same?

[MMMQA]

This is from the 8K in Aug and about a month later the O/S was maxed out from conversions.It is an example of how relentless the conversions are.

The issuer had 7,289,688 shares of common stock outstanding as of August 12, 2015

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This is from the 10Q showing the history of this sort of financing and R/S with this company.This R/S was a 200 to 1 a little over a year ago.

On September 5, 2014, the Company effected a reverse stock split of the Company’s common stock whereby each two hundred shares of common stock was replaced with one share of common stock (with no fractional shares issued). The par value and authorized shares of the common stock were not adjusted as a result of the reverse stock split. All common shares, options, warrants and per share amounts for all periods presented in these financial statements have been adjusted retroactively to reflect the reverse stock split.