Glucotrack Secures $4.5M in Cash Through $11.6M Convertible Note Offering with 22% OID and Variable-Price Conversion
GCTK is trading near its 52-week low of $2.26 (13% above the low).
Summary
Glucotrack raised $4.5M in new cash via $11.6M of convertible notes with a 22% OID and variable-price conversion, plus 4.8M warrants. The terms are highly dilutive and come amid going-concern and delisting pressures.
Key Events · Financing and Capital Events · GCTK
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$11.6M Convertible Note Financing Closed
On September 10, 2026, Glucotrack issued $11,596,172.68 in senior secured convertible notes, receiving $4.5M in new cash and exchanging $4.5M of existing notes, with a 22% original issue discount.
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Variable-Price Conversion Formula
Notes convert at the lower of $3.12 or 80% of the lowest 15-day VWAP, with a floor at 20% of the Nasdaq Minimum Price. The conversion price resets downward if the stock trades below the floor for 10 consecutive days.
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4.8M Warrants at $7.50
Investors received warrants to purchase 4,831,739 shares at $7.50 per share, exercisable for five years. The warrants and conversion shares are capped at 19.99% of outstanding shares pending stockholder approval.
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Penalty Shares and MFN Clause
The deal includes penalty shares of $250,000 per 30-day period for registration or stockholder-approval delays (capped at $1.5M), a most-favored-nation clause, and restrictions on future variable-rate transactions.
Analysis · GCTK · Industrial Applications And Services
On September 10, 2026, Glucotrack closed a $11.6M senior secured convertible note financing, receiving $4.5M in new cash and rolling over $4.5M of existing notes. The notes carry a 22% original issue discount, 8% interest, and convert at the lower of $3.12 or 80% of the 15-day VWAP — a variable-rate structure that can dramatically increase share count if the stock falls. Investors also received warrants for 4.8M shares at $7.50. The deal includes penalty shares for registration or stockholder-approval delays, a most-favored-nation clause, and restrictions on future variable-rate transactions. Against a backdrop of going-concern doubt and Nasdaq delisting risk disclosed in the Q2 10-Q, this financing provides short-term runway but embeds severe dilution and coercive terms that favor the investors.
How filings like this one have moved
In the 30 days to Sep 11, 2026, 41.8% of the 507 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.39%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, GCTK was trading at $2.55 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $2M. The 52-week trading range was $2.26 to $212.10. This filing was assessed with negative market sentiment and an importance score of 9 out of 10.