GLUCOTRACK ANNOUNCES 180-DAY EXTENSION TO REGAIN COMPLIANCE WITH NASDAQ MINIMUM BID PRICE REQUIREMENT
November 30 2023 - 5:39PM
Glucotrack, Inc. (Nasdaq: GCTK) (“Glucotrack” or the “Company”), a
medical device company focused on glucose monitoring technologies
for people with diabetes and prediabetes, announced today it has
received a notification letter from Nasdaq Stock Market LLC
(“Nasdaq”) that the Company has been granted an additional 180-day
compliance period, or until May 20, 2024, to regain compliance with
Nasdaq’s minimum bid price rule.
In a notification letter dated May 26, 2023,
Nasdaq informed the Company that, based on the previous 30
consecutive business days, the Company’s common stock no longer met
the minimum $1.00 bid price per share requirement. Therefore, in
accordance with Nasdaq’s Listing Rule 5810(c)(3)(A), the Company
was provided 180 calendar days, or until November 22, 2023, to
regain compliance.
On November 24, 2023, the Company received a
letter from Nasdaq notifying the Company that it is eligible for an
additional 180 calendar day period to regain compliance (the
“Extended Compliance Period”). Nasdaq’s determination is based on
the Company meeting the continued listing requirement for market
value of publicly held shares and all other applicable requirements
for initial listing on the Nasdaq Capital Market, with the
exception of the minimum bid price requirement, and the Company’s
written notice of its intention to cure the deficiency during the
Extended Compliance Period, and if necessary, by effecting a
reverse stock split.
If, at any time before May 20, 2024, the closing
bid price of the Company’s common stock is at least $1.00 per share
for a minimum of 10 consecutive business days, the Company will
regain compliance with this Nasdaq rule.
This current notification from Nasdaq has no
immediate effect on the listing or trading of the Company’s common
stock, which will continue to trade on the Nasdaq Capital Market
under the symbol “GCTK.”
About Glucotrack, Inc.
Glucotrack, Inc. (NASDAQ: GCTK) is focused on
the design, development, and commercialization of novel
technologies for people with diabetes and prediabetes. The Company
is currently developing a long-term implantable continuous glucose
monitoring system for people living with diabetes. For more
information, please visit 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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