Reuters logo
BRIEF-Great Basin Scientific announces corporate restructuring
February 10, 2017 / 2:41 PM / 7 months ago

BRIEF-Great Basin Scientific announces corporate restructuring

Feb 10 (Reuters) - Great Basin Scientific Inc -

* Great Basin Scientific announces corporate restructuring and reduction in principal of 2016 convertible note

* Has streamlined certain manufacturing and administrative processes and will eliminate about 50 employees nationwide

* Says company does not anticipate material pre-tax charges as a result of restructuring and cost reduction plan

* Company also announced today that it has significantly reduced 2016 convertible note to $36 million

* Continuing development of its previously announced assays and expects to commence new clinical trials later in 2017

* Reached agreement with holders of 2016 convertible note to reduce note’s principal by $35.6 million to $36.3 million outstanding as of Feb 9

* Several cost reduction activities will be initiated immediately, with activities expected to be completed by end of current quarter

* Along with other previously implemented cost reductions , expects to remove between $10 million to $12 million from annual cash burn Source text for Eikon: Further company coverage:

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below