Great Basin Scientific priced its 9 million unit offering of class A and class B units at $0.30 and $0.39 per unit, respectively. Shares fell sharply Tuesday, but have since recovered to unchanged. Gross proceeds before expenses are expected to be approximately $2.7 million and will be used to fund research and development, and general corporate purposes.
Each class A unit will consist of one share of common stock and one series J warrant. Each series J warrant will entitle the holder to purchase 2.5 shares of common stock at an exercise price of $0.30 per share, and is exercisable immediately for a period of 60 days following the date of issuance. Class B units are being offered to any purchaser whose purchase of class A units would result in that purchaser owning more than 4.99% or 9.99%, and consists of one pre-funded series K warrant and one series J warrant.