Published On: Wed, Mar 15th, 2017

Great Basin Scientific Inc (NASDAQ:GBSN) Gets Stockholder Nod For Reverse Stock Split

Great Basin Scientific Inc (NASDAQ:GBSN) a molecular diagnostics firm reported that during a special meeting of investors held recently, stockholders agreed for a reverse split of the firm’s common stock and a jump in the firm’s authorized shares to 3 billion from 1.5 billion.

The firm’s Board anticipates to set the exact ratio and execute the stock split upon the closure of the Financial Industry Regulatory Authority assessment. Additionally, the firm’s Board may in its sole discretion increase the firm’s authorized shares on or prior to the close of May 2017.

The update

A third-party proxy management company tabulated the proxy votes for this special meeting. Results of the meeting showed two proposals. The first proposal was related to the approval to amend the firm’s Certificate of Incorporation to execute a reverse stock split of the firm’s common stock. This reverse stock split can come at a ratio between 1 for 1,700 and 1 for 2,000 to be operative upon a date on or before May 31, 2017, such date and ratio to be decided by the firm’s Board.

This reverse stock split proposal was accepted by a vote of over 64% of issued and due shares of common stock and Series ‘F’ Convertible Preferred Stock, polling on an as-converted basis, which nominated as a single class.

Great Basin updated on proposal two, which focus on the nod to amend the firm’s Certificate of Incorporation to revise the count of authorized shares of the firm’s common stock to 3 billion shares from 1.5 billion shares, to be implemented on a date on or prior to close of May 2017, such date to be decided by the Board.

The proposal was accepted by a vote of around 64% of the firm’s issued and due shares of common stock and Series ‘F’ Convertible Preferred Stock, elective on an as-converted basis.

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