Glucotrack (GCTK) stock rocketed higher on Friday following a couple of announcements from the medical device company. The first big news came from a filing with the Securities and Exchange Commission (SEC). In this filing, the company revealed a purchase agreement with investor Sixth Borough Capital Fund, LP.
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Under the terms of this agreement, Glucotrack has the right to sell up to $20 million worth of GCTK shares to Sixth Borough Capital Fund, LP. The company is able to spread these share sales over a 24-month period. This deal includes regular purchases, add-on purchases, and intraday purchases. Additionally, the company reached a Registration Rights Agreement with Sixth Borough Capital Fund, LP that is connected to the purchase agreement.
In separate news, Glucotrack also announced that it will take part in the Q3 Virtual Investor Summit next week. It will hold a presentation on Tuesday at 1:30 p.m. ET, and will also have one-on-one meetings with investors. The summit will start on Tuesday and last through Wednesday.
Glucotrack Stock Movement Today
Glucotrack stock was up 151.95% in pre-market trading on Friday, following a 5.18% rally yesterday. The shares have fallen 98.91% year-to-date and 99.86% over the past 12 months. With today’s news came heavy trading, as some 23 million shares changed hands, compared to a three-month daily average of about 340,000 units.
Is Glucotrack Stock a Buy, Sell, or Hold?
Turning to Wall Street, analyst coverage of Glucotrack is lacking. Fortunately, TipRanks, AI analyst Spark has it covered. Spark rates GCTK stock an Underperform (28) with no price target. It cites “poor financial performance, characterized by a lack of revenue and negative equity” as reasons for this stance.
