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Great Basin Scientific Receives Nasdaq Delisting Warning

NEW YORK (GenomeWeb) – Great Basin Scientific said today that it has received another delisting warning from the Nasdaq.

The warning came after the company's stock traded below $1 per share for 30 consecutive days, and follows two previous warnings issued in October 2015 and again in April 2016.

The company was required to show the Nasdaq that it had a plan to regain compliance by raising its market capitalization to at least $35 million for a minimum of 10 consecutive business days on or before Oct. 10, 2016. Great Basin made various efforts to regain compliance and had been granted continued listing by the Nasdaq listing qualifications panel in June.

The firm will now have 180 days to maintain a minimum bid price of $1 for 10 consecutive days. As part of a plan to regain compliance with the listing rules, Great Basin said it will seek shareholder approval for a reverse stock split at an upcoming annual meeting. 

The Salt Lake City-based firm launched an enhanced version of its molecular diagnostics platform earlier this year and secured $75 million in funding commitment in senior convertible notes. Great Basin also reported a 39 percent increase in revenue in the second quarter and 126 percent growth in its installed customer base.

Great Basin's shares were down approximately 13 percent percent to $0.17 in morning trading.