Glucotrack (GCTK, Financials) announced the pricing of a $3 million public offering of approximately 2.6 million shares of common stock. GlucoTrack stock fell 31% to $0.56 as of 11:45 a.m. ET on Wednesday.
At $1.15 a share, the offering is being done on a "best efforts" basis. Subject to usual circumstances, the business anticipates the deal to conclude on or around Feb. 5.
The only placement agent for the transaction is Dawson James Securities, Inc. Glucotrack said that the offering is being carried out under a previously filed registration statement on Form S-3, which the U.S. Securities and Exchange Commission deemed effective on Oct. 3, 2024.
The firm is focused on creating implanted continuous glucose monitoring systems for diabetics. Designed for long-term usage, its system does not need an on-body wearable component and has a sensor lifetime of up to three years.
The public offering of Glucotrack reflects continuous attempts to raise money for regulatory approval and product development. The corporation acknowledged the risks related to distribution agreements, regulatory clearances, and the need for more funds for future filings.
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