Glucotrack announces 1-for-60 reverse stock split effective June 16

RUTHERFORD, NJ - Glucotrack, Inc. (NASDAQ:GCTK), a medical technology company developing technologies for diabetes patients, will implement a 1-for-60 reverse stock split effective at market open on Monday, June 16, 2025. The company, currently trading at $0.16 with a market capitalization of $4.58 million, has seen its stock decline nearly 98% year-to-date, according to InvestingPro data.

The company’s shares will continue trading on the Nasdaq Capital Market under the same ticker symbol but with a new CUSIP number: 45824Q804.

The reverse split will reduce Glucotrack’s outstanding common stock from approximately 32.5 million shares to about 542,356 shares. Stockholders’ ownership percentages will remain unchanged except for adjustments due to fractional shares, which will be rounded up to the next whole share.

Glucotrack stockholders approved the measure at their annual meeting on May 22, 2025, authorizing management to implement a reverse split at a ratio not exceeding 1-for-100.

The company indicated the split is intended to help meet Nasdaq’s $1.00 minimum bid price requirement for continued listing and potentially attract institutional investors. Glucotrack faces potential delisting if it fails to comply with any Nasdaq listing rules before September 29, 2025. While InvestingPro analysis shows the company maintains strong liquidity with a current ratio of 4.85 and more cash than debt, it’s currently experiencing rapid cash burn - one of 13 key insights available to Pro subscribers.

The split will occur automatically without requiring action from stockholders. VStock Transfer, LLC is acting as the exchange agent and will send transaction statements to stockholders showing their post-split holdings.

Glucotrack is currently developing a long-term implantable continuous blood glucose monitoring system with a projected sensor longevity of three years that requires no wearable components and minimal calibration, according to the company’s press release statement. Despite trading below its Fair Value, the company’s weak financial health score of 1.33 suggests careful monitoring is warranted. Investors can access detailed financial analysis and real-time alerts through InvestingPro’s comprehensive tracking tools.

In other recent news, Glucotrack, Inc. has announced several key developments. The company has completed multiple transactions involving unregistered sales of equity securities, converting approximately $4.09 million of debt into equity. This conversion was part of a private placement that closed alongside a public offering, resulting in the issuance of common stock and warrants. Additionally, Glucotrack has partnered with OneTwo Analytics to enhance the evaluation of its Continuous Blood Glucose Monitor (CBGM) clinical study data using AI-driven analytics. This collaboration aims to provide deeper insights into diabetes management through advanced data analysis. In boardroom news, Glucotrack has appointed Dr. Victoria E. Carr-Brendel to its Board of Directors, bringing extensive expertise in medical devices as the company advances its CBGM system. Meanwhile, Glucotrack faces a potential Nasdaq delisting due to non-compliance with the minimum bid price requirement, although the company plans to request a hearing to temporarily stay the delisting process. These developments highlight Glucotrack’s ongoing efforts to innovate in diabetes technology while navigating financial and regulatory challenges.

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