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GLUCOTRACK ANNOUNCES 180-DAY EXTENSION TO REGAIN COMPLIANCE WITH NASDAQ MINIMUM BID PRICE REQUIREMENT
Rutherford, NJ, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Glucotrack, Inc. (Nasdaq: GCTK) (“Glucotrack” or the “Company”), a medical device company focused on glucose
About this update from Glucotrack, Inc.
[{"type":"text","content":"Rutherford, NJ, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Glucotrack, Inc. (Nasdaq: GCTK) (“Glucotrack” or the “Company”), a medical device company focused on glucose monitoring technologies for people with diabetes and prediabetes, announced today it has received a notification letter from Nasdaq Stock Market LLC (“Nasdaq”) that the Company has been granted an additional 180-day compliance period, or until May 20, 2024, to regain compliance with Nasdaq’s minimum bid price rule. In a notification letter dated May 26, 2023, Nasdaq informed the Company that, based on the previous 30 consecutive business days, the Company’s common stock no longer met the minimum $1.00 bid price per share requirement. Therefore, in accordance with Nasdaq’s Listing Rule 5810(c)(3)(A), the Company was provided 180 calendar days, or until November 22, 2023, to regain compliance. On November 24, 2023, the Company received a letter from Nasdaq notifying the Company that it is eligible for an additional 180 calendar day period to regain compliance (the “Extended Compliance Period”). Nasdaq’s determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Nasdaq Capital Market, with the exception of the minimum bid price requirement, and the Company’s written notice of its intention to cure the deficiency during the Extended Compliance Period, and if necessary, by effecting a reverse stock split. If, at any time before May 20, 2024, the closing bid price of the Company’s common stock is at least $1.00 per share for a minimum of 10 consecutive business days, the Company will regain compliance with this Nasdaq rule. This current notification from Nasdaq has no immediate effect on the listing or trading of the Company’s common stock, which will continue to trade on the Nasdaq Capital Market under the symbol “GCTK.” About Glucotrack, Inc. Glucotrack, Inc. (NASDAQ: GCTK) is focused on the design, development, and commercialization of novel technologies for people with diabetes and prediabetes. The Company is currently developing a long-term implantable continuous glucose monitoring system for people living with diabetes. For more information, please visit http://www.glucotrack.com. Investor Contact: [email protected] Forward-Looking Statement...