Glucotrack, Inc. Secures $10 Million Through New Offering

Glucotrack, Inc. Successfully Closes Significant Public Offering

Glucotrack, Inc. (Nasdaq: GCTK), a company dedicated to advancing medical technology for diabetes management, has achieved a noteworthy milestone by closing a public offering that raised $10 million. This funding marks an important step toward the company's goal of revolutionizing diabetes care through innovative technologies.

Details of the Public Offering

The company successfully offered 2,437,340 shares of common stock alongside 4,756,900 pre-funded warrants. The offer included a series A warrant that enables the purchase of one share of common stock at $1.81 per share and a series B warrant with the same purchase terms. The combined pricing of the common stock and the associated warrants was set at $1.39 per share, while the pre-funded warrants were priced at $1.389 each.

Role of Placement Agents

Dawson James Securities, Inc. played a pivotal role as the sole placement agent for this offering. Besides their expertise in financial placements, legal counsel from Nelson Mullins Riley & Scarborough LLP represented Glucotrack during the offering process, ensuring compliance with regulatory standards.

Private Placement Completion

In addition to the public offering, Glucotrack completed a private placement where approximately $4 million worth of outstanding secured convertible notes were converted into equity. This transaction occurred concurrently with the public offering and was conducted under similar terms, underscoring Glucotrack’s strategic alignment to enhance its capital structure.

About Glucotrack, Inc.

Glucotrack, Inc. is at the forefront of developing groundbreaking medical technology aimed at assisting individuals with diabetes. Their most innovative development includes a long-term implantable continuous blood glucose monitoring system, designed to provide seamless monitoring without the need for external devices.

Features of Glucotrack's CBGM System

The continuous blood glucose monitoring (CBGM) system developed by Glucotrack is particularly notable for its impressive functionality. It features a remarkable sensor longevity of up to three years, eliminating the need for any wearable components, and significantly minimizes calibration requirements for users.

Future Prospects and Innovations

Following the successful closing of this public offering, Glucotrack is poised to channel the raised funds into pushing forward with its product development initiatives. The company continues to foster its research capabilities, focusing on enhancing the lives of those living with diabetes through state-of-the-art technology.

Frequently Asked Questions

What is Glucotrack, Inc. known for?

Glucotrack, Inc. specializes in developing innovative technologies to assist people with diabetes, particularly through continuous blood glucose monitoring systems.

How much money was raised in the recent public offering?

The recent public offering successfully raised approximately $10 million which will support ongoing product development and company operations.

What significant advancements does Glucotrack offer in diabetes management?

Glucotrack offers a long-term implantable blood glucose monitoring system, designed to monitor glucose levels continuously with minimal user intervention.

Who were the placement agents for the public offering?

Dawson James Securities, Inc. acted as the sole placement agent for the public offering, ensuring the process was structured efficiently and complied with all regulations.

What are the terms of the warrants associated with the offering?

The public offering included series A and B common warrants allowing the purchase of shares at an exercise price of $1.81 each.

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