NEW YORK (GenomeWeb) – Great Basin Scientific announced today that its shares will begin trading on the Over-the-Counter Market tomorrow after the company failed to maintain the minimum $35 million market value required for its shares to trade on the Nasdaq.
The Salt Lake City-based molecular diagnostics developer has struggled to meet the Nasdaq's listing requirements for some time. Over the past year, it has received three warnings for its failure to meet the exchange's market value and $1 minimum bid price requirements, the most recent of which came in September.
Great Basin said that it had been granted an extension of time by the Nasdaq to comply with the $35 million market value requirement through today, but that its failure to do so has prompted a suspension of its shares.
The company said that its shares will continue to trade under the symbol GBSN and that it will continue to file all applicable reports to the US Securities and Exchange Commission.
During early morning trading, shares of Great Basin were down about 26 percent at $.10.