Great Basin gets Nasdaq letter on potential delisting, plans hearing

By Wendy Van Sickle

Columbus, Ohio, April 13 – Great Basin Scientific, Inc. received an expected Nasdaq staff determination letter dated Wednesday stating that the company has yet to regain compliance with listing requirements and will be subject to delisting unless it requests a hearing before a Nasdaq listing qualifications panel.

Great Basin said in a press release that it has until April 20 to request a hearing and that it intends to do so on that date. The company expects the hearing will be held in mid-to-late May and expects the panel will issue its decision within 30 days of the hearing.

At the hearing, Great Basin will present its plan to regain compliance with the listing requirements and request an extension to do so.

The panel will have the discretion to grant the company an extension of up to 180 days from the date of the staff determination letter.

Great Basin chief financial officer Jeff Rona said in the release that there are two ways the company can return to compliance: to have its market capitalization rise above $35 million for 10 consecutive business days or to achieve positive stockholders’ equity of $2.5 million.

“We intend to pursue both paths over the coming six months, and we remain optimistic the panel will grant us the added time needed to execute our plan and come into continued listing compliance,” Rona said.

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

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