Great Basin Scientific Inc. said Dec. 22 that shareholders approved a reverse split of its common stock, at a ratio of 1-for-300 as determined unanimously by the board of directors.

The shareholders also approved an increase in authorized shares of common stock to 1.50 billion from 200 million, with Dec. 28 set as the effective date for the stock split and share increase.

Subject to the final approval of the Financial Industry Regulatory Authority, the reverse stock split will reduce the company's outstanding common stock to approximately 663,334 shares from 199 million shares.