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Great Basin Reverse Stock Split Takes Effect

NEW YORK (GenomeWeb) – Great Basin Scientific's reverse split of its common stock has taken effect, the firm announced today.

The 1-for-300 reverse split reduced the number of common stock shares from 199 million to 663,334 and was approved by the Financial Industry Regulatory Authority, following a special shareholder vote.

Also, Great Basin increased its number of authorized shares of common stock from 200 million to 1.5 billion shares.

The Great Basin common stock will trade on the Over-the-Counter market under the temporary symbol GBSND until January 24, 2017, at which point it will revert back to GBSN.

In October, the company's shares began trading on the Over-the-Counter market after it failed to meet a Nasdaq listing requirement calling for a minimum market value of $35 million.