Great Basin converts $174,000 2017 series B notes, 108 shares of series F preferreds

By Wendy Van Sickle

Columbus, Ohio, June 8 – Great Basin Scientific, Inc. said holders converted $174,000 of its 2017 series B senior secured convertible notes into 158,182 shares of its common stock from June 1 through June 8.

Additionally, on June 1, 108 shares of the company’s series F convertible preferred stock were exchanged for 101,647 shares of common stock at a conversion rate of $1.06 a share.

The 2017 series B notes were converted as a result of a May 12 letter from Great Basin to holders of the convertibles that reduced the conversion price to $1.10 per share from $3.00 per share until July 14.

As of June 8, about $800,000 of the series B convertibles remained outstanding for conversion, and 2,656,315 shares of the company’s common stock were issued and outstanding, according to an 8-K filing with the Securities and Exchange Commission.

Great Basin is a molecular diagnostics company based in Salt Lake City.

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