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Glucotrack, Inc., a medical device company with a market capitalization of $1.78 million, has received a notification from the Nasdaq Stock Market indicating a potential delisting of its securities due to non-compliance with the minimum bid price requirement. The company, which specializes in surgical and medical instruments, was informed on Tuesday that its common stock, currently trading at $0.17, had not met the $1.00 minimum bid price for the last 30 consecutive business days, as per Nasdaq’s Listing Rule 5550(a)(2). According to InvestingPro data, the stock has declined nearly 97% year-to-date.
Despite regaining compliance with Nasdaq’s Listing Rule 5550(b)(1) on November 19, 2024, Glucotrack was under a Discretionary Panel Monitor for one year to ensure long-term adherence to listing requirements. InvestingPro analysis reveals concerning trends, including rapid cash burn and weak profit margins, though the company maintains a healthy current ratio of 4.52. The recent Notice from Nasdaq has prompted Glucotrack to announce plans to request a hearing before the Nasdaq Hearings Panel by April 9, 2025, which will temporarily stay the delisting process.
The company’s common stock continues to be traded on the Nasdaq Capital Market under the ticker symbol "GCTK" while awaiting the Panel’s final decision. Technical indicators from InvestingPro show the stock is currently in oversold territory, with 13 additional key insights available to subscribers. However, there is uncertainty regarding Glucotrack’s ability to regain compliance with the Bid Price Rule or to maintain other Nasdaq listing standards.
Glucotrack’s management has issued forward-looking statements cautioning that there are no guarantees of a favorable outcome from the Nasdaq hearing and appeal process. The company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed on March 31, 2025, contains a detailed discussion of the risks and uncertainties associated with this matter.
This development underscores the challenges Glucotrack faces in maintaining its market position and investor confidence. The information in this article is based on the most recent SEC filing by Glucotrack, Inc.
In other recent news, Glucotrack, Inc. has announced the successful completion of its first human clinical study for a novel continuous glucose monitoring system. The study, which focused on safety and procedural aspects, met its primary endpoint without any serious adverse events, marking a significant milestone for the company. Additionally, Glucotrack has finalized several transactions involving unregistered sales of equity securities, converting approximately $4.09 million of debt into equity, as disclosed in a Form 8-K filed with the SEC. The company also announced a 1-for-20 reverse stock split of its common stock, effective February 4, 2025, to comply with Nasdaq’s minimum bid price requirement.
Furthermore, Glucotrack has set terms for a $3 million public stock offering at $1.15 per share, with Dawson James Securities, Inc. serving as the sole placement agent. In a strategic partnership, Glucotrack has collaborated with OneTwo Analytics to enhance the evaluation of its Continuous Blood Glucose Monitor clinical study data using AI-driven analytics. These developments reflect Glucotrack’s ongoing efforts to advance its technology and manage its capital structure. The reverse stock split and public offering are part of the company’s strategy to attract a broader range of investors and meet regulatory standards.
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