Great Basin Scientific Inc (NASDAQ:GBSN), closed its final public offering on March 6, 2015. The company sold 2.72 million units, at $8.80 per unit, to amalgamate gross proceed of $24.8 million in the two offerings. Each stock composes of a single series E preferred stock and eight Series C warrants. Each Series E stock will be deemed convertible to four shares of common stock while a series C warrant is exercisable to one share of common stock. The exercise price has been set to $2.55 per share.
The units would split into its component series automatically, after August 25, 2015, provided that they have not already been separated by the buyer. The splitting of the units can be initiated by the unit holder, after March 27, 2015. The current price for Great Basin Corp.’s trading shares is $2.99, which has gone up by almost 53.34% since its last closure.
Great Basin Scientific Inc (NASDAQ:GBSN) has reported a 50.5% growth in revenue in the last quarter of 2014 while the growth for the whole year stands at 111.2%. The figures are outstanding, given the nature of the company. This is at a time when most scientific research associations, including NASA, are facing budget cuts. It is no wonder that the company announced its IPO (initial public offering) in February of 2015. It has been a great year for the company, and it has decided to take full advantage of that fact to become self-sufficient.
Seeing the initial response from the public, the company decided to make a second public offering, even when the IPO had not been closed. The response as reflected in the numbers above remains outstanding and has given the company much needed finances for future development. Great Basin Scientific Inc (NASDAQ:GBSN) would now certainly have the finances to make great things happen, but we will have to wait and see whether it is of benefit for the buyers in the long run. As for the ones who missed out on this opportunity, you will have to wait till the company decides on another public offering.