In Form 8-K filed on August 16, 2017, Great Basin Scientific, Inc. stated that it is currently unable to meet its payment obligations to certain of its suppliers and service providers and is currently unable to satisfy its ordinary course working capital requirements. Due to its lack of funds, the Company could not complete the finalization of its financial statements and related disclosures for the quarter ended June 30, 2017, and consequently did not file its Quarterly Report on Form 10-Q. Because of its lack of funds, there can be no assurance that the Company will continue as a going concern. Further, on August 16, 2017 the Company received from Hudson Bay Master Fund Ltd. an Event of Default Redemption Notice of the 2017 Series A Senior Secured Convertible Notes in the original principal amount of $20.3 million. The Note issued to Hudson Bay is in the principal amount of $14.5 million. Hudson Bay has alleged in the Notice that the Company has admitted that it cannot pay its debts as they become due and that the alleged admission constitutes an Event of Default. Read more on distressed companies.
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