Glucotrack (Nasdaq:GCTK) announced that it plans to effect a 1-for-60 reverse stock split of its issued and outstanding common stock.
Rutherford, New Jersey-based Glucotrack — maker of a long-term implantable continuous blood glucose monitor (CBGM) — intends for the split to go into effect when the market opens on Monday, June 16, 2025.
Under the terms of the split, every 60 shares of Glucotrack stock combine into one share. This reduces the total outstanding shares from 32,541,327 shares to approximately 542,356. Ownership percentages for each Glucotrack stockholder remains unchanged other than as a result of fractional shares. The company plans for no share issuance in connection with the split.
Glucotrack expects the split to bring it into compliance with the $1 minimum bid price requirement for continued Nasdaq listing. It also hopes to make the prevailing prices of its common stock more attractive to a broader group of institutional life science investors.
Shares of GCTK traded around 10¢ at midday on Friday, June 13, 2025 — the last trading day before the split goes into effect.
The company hopes to improve its financial position with this move as it continues to advance its CBGM technology. Glucotrack’s device features no on-body external component. The company designed it for three years of continuous, accurate blood glucose monitoring for a more convenient, less intrusive solution.
Unlike traditional CGMs that measure glucose in interstitial fluid, the CBGM measures glucose levels directly from the blood. It aims to provide real-time readings without the lag time typically associated with interstitial glucose measurements.
Earlier this year, the company completed the first-in-human study of the system. Now, it expects FDA investigational device exemption (IDE) in the fourth quarter of 2025. The study would likely help the company work toward a submission to bring the device to market in the U.S. down the line.
