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Glucotrack, Inc. (NASDAQ:GCTK) announced that its board’s audit committee approved the appointment of CBIZ (NYSE:CBZ) CPAs P.C. as its independent registered public accounting firm for the fiscal year ending December 31, 2025. The decision took effect on July 18, when the company also dismissed its previous auditor, Fahn Kanne & Co. Grant Thornton Israel.
According to a statement in the SEC filing, Grant Thornton’s audit reports on Glucotrack’s financial statements for the past two years did not include any adverse opinions or disclaimers, nor were they qualified or modified for uncertainty, audit scope, or accounting principles, except for an explanatory paragraph regarding substantial doubt about the company’s ability to continue as a going concern.
The filing states that during the fiscal years ended December 31, 2024 and 2023, and through July 18, 2025, there were no disagreements between Glucotrack and Grant Thornton on accounting principles, financial statement disclosures, or auditing procedures that would have required disclosure.
Glucotrack’s management previously identified material weaknesses in internal control over financial reporting, specifically related to general IT controls, insufficient accounting personnel, and inadequate segregation of duties. The audit committee discussed these issues with Grant Thornton and has authorized the former auditor to respond fully to inquiries from CBIZ.
The company noted that neither it nor anyone acting on its behalf consulted CBIZ on any accounting matters or auditing issues prior to the appointment.
Glucotrack provided Grant Thornton with a copy of the related disclosures and requested a letter addressed to the Securities and Exchange Commission stating whether Grant Thornton agrees with the statements made about them in the filing. The company plans to file this letter as an amendment to the Form 8-K upon receipt.
This information is based on a statement released in a Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Glucotrack, Inc. reported positive outcomes from its first human trial of an implantable Continuous Blood Glucose Monitor. The trial, conducted in São Paulo, Brazil, involved participants with diabetes on intensive insulin therapy and achieved a Mean Absolute Relative Difference of 7.7%, meeting all primary and secondary endpoints. Additionally, Glucotrack announced a 1-for-60 reverse stock split, which took effect on June 13, 2025. This move reduced the number of outstanding shares significantly, and proportional adjustments were made to stock options and warrants. Furthermore, the company appointed Dr. Victoria E. Carr-Brendel to its Board of Directors. Dr. Carr-Brendel’s expertise in medical devices and implantable technologies aligns with Glucotrack’s focus on developing its continuous blood glucose monitoring system. These developments reflect Glucotrack’s ongoing efforts to advance its technology and corporate strategy.
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