SALT LAKE CITY--(BUSINESS WIRE)--Great Basin Scientific, Inc. (Nasdaq:GBSN), a molecular diagnostics company, announced today that, as the Company has not yet regained compliance with the Market Value of Listed Securities (MVLS) continued listing requirement, it expects to receive a Staff Determination Letter early next week indicating that it has not yet regained compliance and that the Company would be subject to delisting unless it timely requests a hearing before a Nasdaq Listing Qualifications Panel (the “Panel”).
Accordingly, the Company intends to request a hearing before the Panel upon receipt of the Staff Determination Letter. The Company expects the hearing will be held in mid-to-late May. 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. Great Basin expects that the Panel will issue its decision within 30 days of the hearing date. The Company’s common stock will continue to trade on The Nasdaq Stock Market under the symbol GBSN pending the hearing date and the expiration of any extension granted by the Panel.
“We are absolutely committed to doing all we can to remain Nasdaq listed, and we are already working with our financial advisors and Nasdaq consultant to prepare our plan for coming into compliance,” said Jeff Rona, Chief Financial Officer of Great Basin Scientific. “We are hopeful that our plan will satisfy the Panel, and we are optimistic they will grant us the added time needed to come into continued listing compliance.”
The Company will notify stockholders when it receives the Staff Determination Letter and provide additional information at that time.
For additional information on the hearing process the Company refers investors to the Nasdaq FAQ found at:
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.
This press release includes forward-looking statement regarding events, trends and business prospects, which may affect our future operating results and financial position, including statements regarding the Company’s ability to regain compliance with NASDAQ listing requirements. Forward-looking statements involve risk 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 or 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. 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.