Stock Update (NASDAQ:GBSN): Great Basin Scientific Inc Announces Rescheduling of Nasdaq Hearing
Great Basin Scientific Inc (NASDAQ:GBSN), a molecular diagnostics company, today announced that it has received notice from Nasdaq that the date of its hearing before the Nasdaq Listing Qualifications Panel (the “Panel”) has been rescheduled by Nasdaq from mid-May to mid-June, and therefore the Company now expects a decision from the Panel in mid-July.
At the hearing, the Company will present its plan for regaining compliance with the listing requirements and request an extension of time within which to do so. Pursuant to the Nasdaq Listing Rules, the Panel has the discretion to grant the Company an extension of up to 180 calendar days from the date of the Staff Determination Letter; however, there can be no assurance that the Panel will grant the Company’s request for an extension.
“As we have said before, we have two possible ways to return to compliance,” said Jeff Rona, Chief Financial Officer of Great Basin Scientific. “’The first would be have our Market Capitalization rise above $35 million for 10 consecutive business days. The other would be to achieve positive stockholders’ equity of $2.5 million. We intend to pursue both paths over the coming six months and we remain optimistic that the Panel will grant us the added time needed to execute our plan and come into continued listing compliance.” (Original Source)
Shares of Great Basin Scientific closed flat today at $2.43. GBSN has a 1-year high of $10164 and a 1-year low of $2.38. The stock’s 50-day moving average is $4.15 and its 200-day moving average is $60.41.
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.