GlucoTrack, Inc. (NASDAQ:GCTK) shares are trading lower after the company announced a proposed underwritten offering of common stock.
What to Know: On Wednesday after market closure, GlucoTrack announced its intention to offer shares of common stock in a “firm commitment” underwritten public offering.
GlucoTrack intends to use the additional funding to bolster working capital and to fund general corporate purposes, including acquisitions, business combinations or investments, sales and marketing efforts, capital expenditures, and general matters.
Aegis Capital Corporation is acting as the book-running manager for the offering. The offering is subject to market conditions, and the completion of the deal, size, or terms of the offering may vary.
GlucoTrack, Inc., (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.
Price Action: GlucoTrack shares closed at $2.70 on Wednesday, moving up 37.8% during trading hours. According to data from Benzinga Pro, GlucoTrack shares were down 42.6% before market open, trading at $1.50 at the time of publication. The stock has a 50-day moving average of $0.85.
