... announced today that a 1-for-60 reverse split of its common stock will be effective at 5:00 pm EST on December 11, 2015. The Company's common stock will open for trading on the Nasdaq Capital Market on Monday, December 14, 2015 on a post-split basis. At the effective time of the reverse stock split, every 60 shares of the Company's issued and outstanding common stock, par value $0.001, will be consolidated into 1 newly issued and outstanding share of common stock, par value of $0.0001.
The reverse stock split will reduce the number of shares of the Company's outstanding common stock from approximately 190.7 million to approximately 3.2 million. Proportional adjustments will be made to the Company's outstanding preferred shares, unit purchase options, stock options, warrants, and equity incentive plan. The number of authorized shares of the Company's common stock will remain unchanged.
Effectiveness of the reverse stock split will also cure the Company's previously announced Authorized Share Failure and at that time the Series C Warrants will become exercisable for the next 25 trading days as previously announced on December 7, 2015.
Read more: http://www.nasdaq.com/press-release/great-basin-announces-reverse-stock-split-of-common-stock-20151211-00197#ixzz3uEbFFlZG
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