As previously reported on Form 8-K submitted with the U.S. SEC on June 29, 2016, Great Basin Scientific Inc (NASDAQ:GBSN) finalized the 2016 SPA in relation to the sale and issuance by the firm to certain buyers as shown in the Schedule of Buyers linked to the 2016 SPA of $75 million total principal amount of the 2016 Notes and associated the Series H Warrants.
The details
Earlier in last week, the 2016 Note Buyers willingly agreed to remove limits on the firm’s use of an aggregate of almost $1.1 million in cash initially funded to the firm and approved the release of those reserves from the limited accounts of Great Basin for each 2016 Note Buyer following certain Master Control Account Contract previously finalized by and among the firm, the collateral agent and UBS Financial Services Inc.
On March 1, 2017, the firm and one of the Note Buyers closed the Note Redemption Agreement, to which the firm accepted to redeem $430,621 of the Redemption Note held by 2016 Note Buyer for a total redemption price of $430,621, which will satisfy Redemption Note in full.
Great Basin will compensate the Redemption Price for such Redemption Notes from funds held in its restricted accounts. After the payment, the principal amount of the left 2016 Notes will be lowered to $33.4 million from $33.8 million.
The previous is a summary account of the material terms of the announced Note Redemption Agreements and is eligible in its wholeness by Note Redemption Agreement form. Earlier Great Basin reported about its plan of cost reduction and corporate restructuring. The objective is to redirecting most of the firm’s resources to units that boost revenue growth.
In the last trading session, the stock price of Great Basin jumped over 27% to close at $0.0014. The market cap now stands at $48,370.
