Great Basin Scientific closes $6.3 million public offering

February 19, 2016 – WEST VALLEY CITY. Great Basin Scientific, Inc, a molecular diagnostics company, today announced it has priced a public offering of 39.2 million units at a public offering price of $0.16 per unit. The Company expects that the gross proceeds of the offering of the units will be approximately $6.3 million. Each unit will consist of one share of common stock and 1.5 Series E warrants. Each whole Series E warrant will entitle the holder to acquire one share of common stock, subject to adjustment, at an exercise price of $0.25 per share for a period of five years following the date they first become exercisable. The Series E warrants will not be exercisable until at least one year from the date of issuance and exercise of the Series E warrants is subject to certain stockholder approval requirements.

Roth Capital Partners served as the sole placement agent for the offering. After the placement agent’s fees and estimated offering expenses payable by the company, the company expects to receive net proceeds from the sale of the units of approximately $5.6 million. The offering is expected to close on February 24, 2016, subject to customary closing conditions including approval of the Nasdaq Capital Market. Great Basin intends to use the proceeds from the offering to fund its research and development, for sales and marketing expenses, to support the manufacture of additional analyzers, to expand its manufacturing capacity, and for general corporate purposes including working capital.

The shares of common stock and Series E warrants are being offered by Great Basin Scientific, Inc. pursuant to a registration statement on Form S-1 (File No. 333-207761) previously filed with and subsequently declared effective by the Securities and Exchange Commission.

Source: Great Basin Scientific, Inc