Glucotrack shareholders approve stock issuance proposals and amend warrant terms

Glucotrack, Inc., traded under the ticker GCTK on the NASDAQ, announced that its shareholders voted to approve two significant proposals at a special meeting held on September 11. The first proposal permits the full issuance of shares tied to two financing agreements, with 3,101,374 votes in favor, 228,374 against, and 332,212 abstentions.

This approval aligns with Nasdaq Listing Rule 5635(d), ensuring the shares represent more than 20% of the company's outstanding common stock at the time of the agreement. The second proposal authorizes the issuance of additional common stock upon the conversion of senior secured convertible promissory notes and the exercise of related warrants.

The approval for this proposal was even higher, with 3,106,894 votes in favor, 226,850 against, and 328,216 abstentions. The financial squeeze faced by Glucotrack, as evidenced by a 95.6% year-to-date stock decline to $2.45 and a current market cap of $1 million, underscores the urgency of these capital raises. The company had 10,578,822 shares outstanding at the record date, with 3,661,960 shares present at the special meeting, constituting a quorum of about 34.61%.

Glucotrack's strategic moves also include the completion of its business combination with Lōkahi Therapeutics, securing bridge financing, and obtaining a patent for its continuous glucose monitoring system.