RUTHERFORD, NJ – Glucotrack, Inc. (NASDAQ:GCTK), a medical device company specializing in surgical and medical instruments, announced the approval of a significant issuance proposal by its shareholders at a special meeting held on Monday. The proposal, relating to the full issuance of shares of common stock upon conversion of a Note and exercise of Warrants issued on July 30, 2024, received overwhelming support with 2,332,910 votes in favor, 27,004 against, and 614 abstentions out of the 2,360,528 votes represented.
The approval, aimed at complying with Nasdaq Listing Rule 5635(b), marks a critical step for Glucotrack as it solidifies the company's financial structure through the potential increase in common stock. The special meeting, which saw approximately 43.08% of Glucotrack's total eligible votes cast, did not require an adjournment proposal to be presented, as the issuance proposal secured sufficient favorable votes for adoption.
The special meeting's results, detailed in the definitive proxy statement filed with the Securities and Exchange Commission on August 19, 2024, reflect the stockholders' confidence in the company's strategic direction. The voting outcomes are expected to have a substantial impact on the company's capital and its future operations.
Glucotrack, with its principal executive offices in Rutherford, NJ, has been a player in the medical device industry, operating under the name Glucotrack, Inc. since a name change in March 2022, and previously as Integrity Applications, Inc. The company's commitment to innovation in the medical instruments sector is underscored by this latest shareholder endorsement.
In other recent news, Glucotrack, Inc., a medical technology firm, has reported significant advancements in its Continuous Blood Glucose Monitor (CBGM) technology, demonstrating a Mean Absolute Relative Difference (MARD) of 4.7% at Day 90 in a recent preclinical study.
This metric indicates high accuracy in continuous glucose monitoring, vital for diabetes patients. The company has also appointed new members to its board, including John Ballantyne, a veteran in the biotech industry, and Andy Balo, a seasoned player in the diabetes care industry.
In addition to these appointments, Glucotrack has recruited Sandie Martha as Vice President of Clinical Operations, who will lead the company's upcoming human clinical trials for its CBGM system. These are significant developments as Glucotrack continues to navigate the regulatory landscape, including seeking FDA approval, and explores opportunities for raising additional capital to finance its operations.
The company also initiated a 1-for-5 reverse stock split of its common stock, a strategic move intended to meet Nasdaq's minimum bid price requirement. These recent developments highlight Glucotrack's ongoing efforts to advance diabetes management technology.
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