GlucoTrack Announces Pricing of $10 Million Underwritten Public Offering of Common Stock
April 13 2023 - 09:22AM
GlucoTrack, Inc. (Nasdaq: GCTK) (“GlucoTrack” or the “Company”), a
medical device and digital health platform company focused on
diabetes and prediabetes, today announced the pricing of a firm
commitment underwritten public offering of shares of its common
stock with gross proceeds to the Company expected to be
approximately $10 million, before deducting underwriting discounts
and other estimated expenses payable by the Company. The offering
consists of 7,352,942 shares of common stock and pre-funded
warrants at a price to the public of $1.36 per share (less $0.001
in exercise price per pre-funded warrant). The Company intends to
use the net proceeds from this offering primarily for working
capital and general corporate purposes, which may include, without
limitation, engaging in acquisitions or other business combinations
or investments, sales and marketing activities, general and
administrative matters and capital expenditures.
The offering is expected to close on April 17,
2023, subject to the satisfaction of customary closing
conditions.
Aegis Capital Corp. is acting as the sole book-running
manager for the offering.
This offering is being made pursuant to an
effective shelf registration statement on Form S-3 (No. 333-
259664) previously filed with the U.S. Securities and Exchange
Commission (the "SEC") and declared effective by the SEC on
September 27, 2021. A preliminary prospectus supplement and
accompanying shelf prospectus describing the terms of the proposed
offering will be filed with the SEC and will be available on the
SEC's website located at http://www.sec.gov. Electronic copies of
the preliminary prospectus supplement and the accompanying shelf
prospectus may be obtained, when available, by contacting Aegis
Capital Corp., Attention: Syndicate Department, 1345 Avenue of the
Americas, 27th floor, New York, NY 10105, by email at
syndicate@aegiscap.com, or by telephone at (212) 813-1010. Before
investing in this offering, interested parties should read in their
entirety the prospectus supplement and the accompanying prospectus
and the other documents that the Company has filed with the SEC
that are incorporated by reference in such prospectus supplement
and the accompanying prospectus, which provide more information
about the Company and such offering.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About GlucoTrack, Inc.
GlucoTrack, Inc. (NASDAQ: GCTK), (formerly known
as Integrity Applications, Inc.) is focused on the design,
development, and commercialization of novel technologies for people
with diabetes and prediabetes. The Company’s initial product,
GlucoTrack®, is a proprietary non-invasive glucose monitoring
device designed to obtain glucose level measurements without the
pain, incremental cost, difficulty, or discomfort of conventional
invasive finger stick devices. For more information, please visit
and http://www.glucotrack.com.
Investor Contact: investors@glucotrack.com
Forward-Looking Statements
This news release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Statements contained in this news release that
are not statements of historical fact may be deemed to be
forward-looking statements. Without limiting the generality of the
foregoing, words such as “expect”, “plan” and “will” are intended
to identify forward-looking statements. Readers are cautioned that
certain important factors may affect GlucoTrack’s actual results
and could cause such results to differ materially from any
forward-looking statements that may be made in this news release.
Factors that may affect GlucoTrack’s results include, but are not
limited to, the ability of GlucoTrack to raise additional capital
to finance its operations (whether through public or private equity
offerings, debt financings, strategic collaborations or otherwise);
risks relating to the receipt (and timing) of regulatory approvals
(including FDA approval); risks relating to enrollment of patients
in, and the conduct of, clinical trials; risks relating to its
current and future distribution agreements; risks relating to its
ability to hire and retain qualified personnel, including sales and
distribution personnel; and the additional risk factors described
in GlucoTrack’s filings with the U.S. Securities and Exchange
Commission (the “SEC”), including its Annual Report on Form 10-K
for the year ended December 31, 2022 as filed with the SEC on March
31, 2023.
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