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Great Basin Shareholders Approve Reverse Stock Split

NEW YORK (GenomeWeb) – Molecular diagnostics firm Great Basin Scientific announced today that its stockholders have approved a reverse stock split of the company's shares at a ratio of one for 50 to one for 60.

The ratio and timing of the split will be decided by the company's board of directors, Great Basin said. It added that the split would cure a previously announced authorized share failure, allowing Series C warrants to be exercisable for the next 25 trading days pursuant to the amended terms of the warrants disclosed earlier this week. 

The shareholders did not approve a proposal to increase the number of Great Basin's authorized shares to 950 million from 200 million, the company noted.

During early morning trading on the Nasdaq, shares of Salt Lake City-based Great Basin were up nearly 12 percent at $.0125.