Company Update (NASDAQ:GBSN): Great Basin Scientific Inc Receives Positive Nasdaq Listing Determination
Great Basin Scientific Inc (NASDAQ:GBSN), a molecular diagnostics company, announced today that on June 23, 2016, the Nasdaq Listing Qualifications Panel (the “Panel”) issued a determination granting the Company’s request for the continued listing of its common stock on The Nasdaq Capital Market (“Nasdaq”).
The Company’s continued listing on Nasdaq is subject to, among other things, the Company evidencing compliance with its plan to meet the minimum $35 million market value of listed securities requirement by October 10, 2016. In order to satisfy the market value of listed securities requirement, the Company must evidence a market capitalization of at least $35 million for a minimum of 10 consecutive business days on or before October 10, 2016. The Company is taking definitive steps to timely evidence compliance with the terms of the Panel’s decision; however, there can be no assurance that it will be able to do so.
“We presented our detailed plan for compliance on June 16, 2016 and are pleased that the Panel has quickly granted us the additional time to regain compliance,” said Jeff Rona, chief financial officer of Great Basin. “We are moving aggressively to implement our plan and are optimistic it will result in compliance with the Market Value of Listed Securities requirement before the end of this extension period.” (Original Source)
Shares of Great Basin Scientific are up nearly 12% this morning, despite Brexit fears. GBSN has a 1-year high of $6888 and a 1-year low of $1.60. The stock’s 50-day moving average is $2.08 and its 200-day moving average is $20.63.
Great Basin Scientific, Inc. is a molecular diagnostic testing company, which focused on the development and commercialization of its patented, molecular diagnostic platform designed to test for infectious disease, especially hospital-acquired infections. Great Basin Scientific was founded by David C. Ward, Anthony R. Torres and David Spafford on June 27, 2003 and is headquartered in Salt Lake City, UT.