GlucoTrack Closes $10 Million Underwritten Public Offering of Common Stock
April 17 2023 - 9:15AM
GlucoTrack, Inc. (Nasdaq: GCTK) (“GlucoTrack” or the “Company”), a
medical device and digital health platform company focused on
diabetes and prediabetes, announced the closing of a firm
commitment underwritten public offering of shares of its common
stock with gross proceeds to the Company expected to be
approximately $10.0 million, before deducting underwriting
discounts and other estimated expenses payable by the Company. The
offering consisted of 7,352,942 shares of common stock and
pre-funded warrants to purchase shares of common stock 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.
Aegis Capital Corp. acted as the sole
book-running manager for the
offering.
The offering was 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 final prospectus supplement and accompanying prospectus
(collectively, the "Prospectus") describing the terms of the
proposed offering was filed with the SEC and is available on the
SEC's website located at http://www.sec.gov. Electronic copies of
the Prospectus may be obtained 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.
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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