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GlucoTrack (GCTK) just unveiled an update.
Glucotrack, Inc. secured a financing deal with an investor through a secured convertible promissory note worth $4 million and three warrant agreements, promising company stockholders a vote on the note’s convertibility within 90 days. The note, which bears 8% interest annually, must be repaid either after twelve months or upon a Sale Transaction, which includes mergers or substantial asset sales. The investor may choose to receive double the note’s value or equivalent sale consideration upon conversion in such a transaction. Additionally, the investor is entitled to appoint two board members, though nominees have yet to be named. This financial maneuvering comes amidst board resignations and is aimed to provide the company with strategic growth capital without immediate equity dilution.
For an in-depth examination of GCTK stock, go to TipRanks’ Stock Analysis page.
