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Great Basin Scientific Prices $6.3M Stock Offering

NEW YORK (GenomeWeb) – Great Basin Scientific announced today that it has priced a public stock offering of 39.2 million units at $.16 per unit.

The company expects gross proceed of about $6.3 million and net proceeds of about $5.6 million, which it plans to use to fund R&D, support and expand its manufacturing capabilities, and for general corporate purposes.

Each unit being offered consists of one share of common stock and one-and-a-half Series E warrants. Each whole Series E warrant will allow the holder to acquire a share of common stock at $.25 per share for a period of five years after they first become exercisable, one year after the date of issuance.

Roth Capital Partners was the sole placement agent for the offering, which is expected to close on Feb. 24.

Great Basin signed a $20.5 million securities purchase agreement with institutional investors in December, in order to raise funding for its ongoing operations. The company has been struggling with a flagging stock price and was notified in October by the Nasdaq Listings Qualifications Staff that its shares failed to meet certain requirements for continued listing on the exchange including a minimum $35 million market value of listed securities and a $1 minimum bid price.

Great Basin's shares were down more than 13 percent to $.19 in morning trading on the Nasdaq.