SALT LAKE CITY, Oct. 10, 2016 (GLOBE NEWSWIRE) -- Great Basin Scientific, Inc. (Nasdaq:GBSN), a molecular diagnostics company, announced today that its common stock will begin trading on the OTC Market Group’s OTCQB marketplace effective at the open of the market on October 11, 2016. The trading symbol will remain GBSN.
As previously announced, a Nasdaq Hearings Panel had granted the Company an extension of time to demonstrate compliance with the $35 million market value of listed securities requirement for continued listing on The Nasdaq Capital Market, as set forth in Nasdaq Listing Rule 5550(b), through October 10, 2016. The Company was not able to demonstrate compliance by that date. As a result, Nasdaq advised the Company that trading in its common stock would be suspended. In view of this potentiality, the Company had previously filed an application with OTC Markets Group to have the Company’s common stock quoted for trading on the OTCQB marketplace, which was subsequently approved.
The Company will continue to file all applicable reports with the SEC subject to the requirements of the Securities Exchange Act of 1934, as amended.
About Great Basin Scientific
Great Basin Scientific is a molecular diagnostics company that commercializes breakthrough chip-based technologies. The Company is dedicated to the development of simple, yet powerful, sample-to-result technology and products that provide fast, multiple-pathogen diagnoses of infectious diseases. The Company's vision is to make molecular diagnostic testing so simple and cost-effective that every patient will be tested for every serious infection, reducing misdiagnoses and significantly limiting the spread of infectious disease. More information can be found on the Company's website at www.gbscience.com.
About OTC Markets Group Inc.
OTC Markets Group Inc. operates “Open, Transparent and Connected” financial marketplaces for 10,000 U.S. and global securities. To learn how OTC Markets Group creates better informed and more efficient financial marketplaces, visit www.otcmarkets.com. OTC Link® ATS is operated by OTC Link LLC, member FINRA/SIPC and SEC registered Alternative Trading System.
This press release includes forward-looking statement regarding events, trends and business prospects, which may affect our future operating results and financial position, including but not limited to statements regarding the quotation of the Company’s shares of common stock on the OTCQB and the Company’s general development plans of sample-to-result technology and products. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. These risk and uncertainties include, but are not limited to: (i) our limited operating history and history of losses; (ii) our ability to develop and commercialize new products and the timing of commercialization; (iii) our ability to obtain capital when needed; and (iv) other risks set forth in the Company's filings with the Securities and Exchange Commission, including the risks set forth in the company's Annual Report on Form 10-K for the year ended December 31, 2015 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2016. These forward-looking statements speak only as of the date hereof, and Great Basin Scientific specifically disclaims any obligation to update these forward-looking statements, except as required by law.
Source:Great Basin Scientific, Inc.