Great Basin Announces Effectiveness of Reverse Stock Split of Common Stock

Company has 1.0 million shares of common stock outstanding post-split

SALT LAKE CITY--()--Great Basin Scientific, Inc. (Nasdaq:GBSN), a molecular diagnostics company, announced today that it has effected a 1-for-80 reverse split of its common stock, par value $0.0001. The Company’s common stock will begin trading at the open of today’s market on a split-adjusted basis under new CUSIP number 39013L601. The reverse split reduced the number of shares outstanding from 78.4 million to approximately 1.0 million.

The reverse stock split impacts all holders of the Company’s common stock uniformly, and does not affect any stockholder’s percentage ownership interest in the Company or proportionate voting power.

Additional information regarding Great Basin’s reverse stock split is available in the definitive proxy statement filed by the Company with the U.S. Securities and Exchange Commission on August 22, 2016.

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. More information can be found on the Company's website at www.gbscience.com.

Forward-Looking Statements

This press release includes forward-looking statement regarding events, trends and business prospects, which may affect our future operating results and financial position, including but not limited to statements regarding the timing and effect of the reverse stock split and statements regarding the Company’s general development plans of sample-to-result technology and products. Forward-looking statements involve risks 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 of 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 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2016. 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.

Contacts

Investor Relations:
Great Basin Scientific
Betsy Hartman, 385-215-3372
ir@gbscience.com
or
Media:
ICR
Nirav Suchak, 646-277-1257
Nirav.Suchak@icrinc.com

Great Basin Scientific, Inc.