GLUCOTRACK ANNOUNCES CLOSING OF PRIVATE PLACEMENT
April 22 2024 - 1:10PM
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 the Company has closed a private placement of
securities. The Offering included participation by CEO Paul V.
Goode, PhD, as well as other members of the Company’s executive
management, Board of Directors, and existing shareholders.
In a transaction exempt from registration under
Section 4(a)(2) of the Securities Act of 1933, the Company issued
396,825 shares of its common stock at a price of $1.26 per share,
for aggregate gross proceeds of $500,000 (the “Offering”). There
were no warrants issued and no commissions or brokerage fees paid
in connection with the Offering. The Company intends to use the
proceeds of the Offering to support its growth initiatives and for
general working capital purposes.
The securities described above have not been
registered under the Securities Act of 1933, as amended (the
“Securities Act”), or any state or other jurisdiction's securities
laws, and may not be offered or sold in the United
States absent registration or an applicable exemption from the
registration requirements of the Securities Act and applicable
state or other jurisdictions' securities laws.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy any securities.
# # #
About Glucotrack, Inc.
Glucotrack, 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.
Glucotrack’s 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.
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 “believe”, “expect”, “plan” and “will” are
intended to identify forward-looking statements. Such
forward-looking statements are based on the beliefs of management,
as well as assumptions made by, and information currently available
to, management. These statements relate only to events as of the
date on which the statements are made, and Glucotrack undertakes no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law. All of the forward-looking statements
made in this press release are qualified by these cautionary
statements, and there can be no assurance that the actual results
anticipated by the Glucotrack will be realized or, even if
substantially realized, that they will have the expected
consequences to or effects on us or our business or operations.
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 U.S. Food and Drug
Administration approval); risks relating to enrollment of patients
in, and the conduct of, clinical trials; risks relating to
Glucotrack’s 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, 2023 as filed with the
SEC on March 28, 2023.
Contacts:
Investor Relations:investors@glucotrack.com
Media:GlucotrackPR@icrinc.com
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