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Great Basin Scientific (NasdaqCM:GBSN) said on Thursday that it intends to settle certain cashless exercises of its Series C warrants under the terms of the Series C warrants.
The company added that it has authorised its management at its discretion to settle certain cashless exercises of its Series C warrants using cash rather than shares under the terms of the Series C warrants.
* "Cashless exercises:" These transactions resemble extensions of credit because they enable executives to exercise stock options through a loan from a broker, facilitated by the executives' employer, without laying out any personal funds.
For example, the Act may be interpreted to prohibit cashless exercises of stock options, in which the payment to the company of the option exercise price, including any withholding tax, is deferred until a few days after exercise when funds become available from a simultaneous sale of the exercised shares.