Full Press Release Details
ANNOUNCES REVERSE STOCK SPLIT
reverse stock split to become effective as of the opening of trading on
NJ, May 15, 2024 (GLOBE NEWSWIRE) - Glucotrack, Inc. (Nasdaq: GCTK) ("Glucotrack" or the "Company"), a
medical device company focused on the design, development, and commercialization of novel technologies for people with diabetes, today
announced that it will effect a 1-for-5 reverse stock split (the "Reverse Stock Split") of its issued and outstanding common
stock (the "Common Stock"), effective with the opening of trading on Monday, May
Common Stock will continue to trade on the Nasdaq Capital Market ("Nasdaq") under the symbol "GCTK". The new
CUSIP number for the Common Stock following the Reverse Stock Split will be 45824Q606.
material effects of the Reverse Stock Split are:
the annual meeting of stockholders held on April 26, 2024, the stockholders of the Company approved a proposal to authorize the Company's
Board of Directors (the "Board") to file a Certificate of Amendment to effect the Reverse Stock Split at a ratio between
1-for-5 and 1-for-30, as determined by the Board in its sole discretion. On April 30, 2024, the Board approved the Reverse Stock Split.
other considerations, the Reverse Stock Split is intended to assist in bringing Glucotrack into compliance with the $1.00 minimum bid
price requirement for maintaining the listing of its Common Stock on the Nasdaq Capital Market, and to make the prevailing prices of
its Common Stock more attractive to a broader group of institutional investors.
combination of, and reduction in, the number of issued shares of Common Stock as a result of the Reverse Stock Split occurred automatically
on May 20, 2024 without any additional action on the part of Glucotrack's stockholders. Glucotrack's transfer agent, Equiniti
Trust Company LLC, is acting as the exchange agent for the Reverse Stock Split and will send each stockholder a transaction statement
indicating the number of shares of Common Stock the stockholder holds after the Reverse Stock Split. Stockholders owning shares via a
broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the Reverse Stock Split, subject to
such broker's particular processes. Such stockholders will not be required to take any action in connection with the Reverse Stock
information regarding the Reverse Stock Split can be found in the Company's Definitive Proxy Statement on Schedule 14A, filed with
the U.S. Securities and Exchange Commission on April 1, 2024. A link to this document is available at https://www.sec.gov and on Glucotrack's
website at https://glucotrack.com/investor-relations.
more information about Glucotrack, visit glucotrack.com.
Information on the Company's website does not constitute a part of and is not incorporated by reference into this press release.
Inc. (NASDAQ: GCTK) is focused on the design, development, and commercialization of novel technologies for people with diabetes. The
Company is currently developing a long-term implantable continuous blood glucose monitoring system for people living with diabetes.
CBGM is a long-term, implantable system that continually measures blood glucose levels with a sensor longevity of 2+ years, no on-body
wearable component and with minimal calibration. For
more information, please visit http://www.glucotrack.com.
news release and any statements of the Company's management and partners related to the subject matter hereof includes statements
that constitute "forward-looking statements" (as defined in Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended), which are statements other than historical facts. You can identify forward-looking
statements by words such as "anticipate," "believe," "continue," "could," "estimate,"
"expect," "forecast," "intend," "may," "plan," "position," "should,"
"strategy," "target," "will," and similar words. All forward-looking statements in this press release
speak only as of the date hereof. Although the Company believes that the plans, intentions, and expectations reflected in or suggested
by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved.
Therefore, actual outcomes and results could materially and adversely differ from what is expressed, implied, or forecasted in such statements.
The Company's business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially
affect results, and are often beyond our control. Actual results (including, without limitation, the anticipated benefits of the Reverse
Stock Split, including the effect the Reverse Stock Split will have on the Company's ability to regain compliance with the Nasdaq
Listing standards) may differ materially and adversely from those expressed or implied by such forward-looking statements. Factors that
could cause or contribute to such differences include, but are not limited to: (i) uncertainties relating to the Company's ability
to stay compliant with Nasdaq continuing listing requirements, (ii) circumstances or developments that may make the Company unable to
implement or realize anticipated benefits, or that may increase the costs, of the Company's current and planned business initiatives,
and (iii) other factors detailed by us in the Company's public filings with the Securities and Exchange Commission, including the
disclosures under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2023, filed with the Securities and Exchange Commission ("SEC") on March 28, 2024, and the Company's Quarterly
Report on Form 10-Q for the first quarter of 2024, filed with the SEC on May 15, 2024, accessible at www.sec.gov. All forward-looking
statements included in this press release are expressly qualified in their entirety by such cautionary statements. Except as required
under the federal securities laws and the SECs rules and regulations, the Company does not have any intention or obligation to update
any forward-looking statements publicly, whether as a result of new information, future events, or otherwise.