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Great Basin Announces Receipt of NASDAQ Notice of Non-Compliance

SALT LAKE CITY--(BUSINESS WIRE)--Great Basin Scientific, Inc. (Nasdaq:GBSN), a molecular diagnostics company, today announced that on October 14, 2015, the Company received notice from the NASDAQ Listings Qualifications Staff indicating that the Company did not satisfy the minimum $35 million market value of listed securities and $1.00 bid requirements for continued listing on The NASDAQ Capital Market, as set forth in NASDAQ Listing Rules 5550(b) and 5550(a) price, respectively (the “Rules”). In accordance with the NASDAQ Listing Rules, the Company has been provided a grace period of 180 calendar days, through April 11, 2016, to evidence compliance with the Rules. In order to satisfy the Rules, the Company must evidence a market value of listed securities of at least $35 million and a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days (and generally not more than 20 business days) on or before April 11, 2016. The notice has no effect on the listing or trading of the Company’s common stock on The NASDAQ Capital Market at this time.

The Company is considering its options to address the deficiencies, including as previously announced to file a proxy for a special shareholders meeting to solicit a vote on the implementation of a reverse stock split to evidence compliance with the $1.00 bid price requirement.

In the event the...