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RUTHERFORD, NJ - Glucotrack, Inc. (NASDAQ:GCTK), a developer of medical technologies for diabetes care, has announced the pricing of its public offering at $1.15 per share, aiming to raise approximately $3 million before fees and expenses. The offering of roughly 2.6 million shares is expected to close on or about February 5, 2025, pending customary closing conditions. According to InvestingPro data, the company’s stock has declined nearly 95% over the past six months, with current market capitalization at just $0.83 million. InvestingPro analysis suggests the stock is currently trading below its Fair Value.
Dawson James Securities, Inc. is serving as the sole placement agent for the offering. The offering is pursuant to a registration statement on Form S-3, which the SEC declared effective on October 3, 2024. Interested parties can obtain prospectus copies from Dawson James Securities, Inc. once available. InvestingPro analysis reveals concerning financial metrics, including a current ratio of 0.14 and significant cash burn rate. Subscribers to InvestingPro have access to 13 additional key insights about GCTK’s financial health.
Glucotrack is currently developing a long-term implantable continuous blood glucose monitoring system (CBGM) designed to last three years without the need for an on-body wearable component and minimal calibration. This technology aims to provide a more convenient and less intrusive glucose monitoring option for individuals with diabetes. The company’s development efforts come amid challenging financial conditions, with an EBITDA of -$13.1 million in the last twelve months.
The information contained in this article is based on a press release statement from Glucotrack, Inc. The forward-looking statements in the press release indicate plans for the use of proceeds and expectations for the company’s operations. However, these statements are subject to risks and uncertainties, including market conditions and the ability to meet regulatory approvals and complete clinical trials.
Investors and the public are reminded that forward-looking statements involve risks and that actual results may differ materially from those projected. Glucotrack undertakes no obligation to update forward-looking statements except as required by law.
In other recent news, Glucotrack, a medical technology company, reported the successful completion of its first human clinical study for a novel continuous glucose monitoring system. This marked a significant advancement for the company’s diabetes care technology. In relation to company operations, Glucotrack announced a 1-for-20 reverse stock split, aiming to comply with Nasdaq’s minimum bid price requirement and potentially attract more institutional investors.
In leadership developments, Glucotrack appointed Ted Williams as Vice President of Regulatory Affairs, leveraging his extensive experience to further advance the company’s continuous blood glucose monitoring system. The company also issued a significant number of new shares following the exchange of Series B Warrants by certain holders, a move that could provide additional resources without immediate cash outlay from investors.
However, Glucotrack faces a potential delisting from the Nasdaq Stock Market due to not meeting the minimum bid price requirement. The company is currently evaluating options to address this non-compliance and expects to resolve the issue within the given timeframe. These developments are part of the recent activities shaping the operations and performance of Glucotrack.
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