GLUCOTRACK ANNOUNCES REVERSE STOCK SPLIT

1-for-5 reverse stock split to become effective as of the opening of trading on
May 20, 2024

Rutherford, NJ, May 15, 2024 (GLOBE NEWSWIRE) -- Glucotrack, Inc. (Nasdaq: GCTK) (“Glucotrack” or the “Company”), a medical device company focused on the design, development, and commercialization of novel technologies for people with diabetes, today announced that it will effect a 1-for-5 reverse stock split (the “Reverse Stock Split”) of its issued and outstanding common stock (the “Common Stock”), effective with the opening of trading on Monday, May 20, 2024.

Glucotrack’s Common Stock will continue to trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “GCTK”. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 45824Q606.

The material effects of the Reverse Stock Split are:

• Every five (5) shares of Glucotrack’s issued and outstanding Common Stock has been combined into one (1) share of Common Stock.
• The number of outstanding shares of Common Stock has been proportionally reduced from 27,392,996 shares to approximately 5,478,599 shares.
• The Reverse Stock Split will proportionally reduce the total number of Glucotrack’s authorized shares of Common Stock from 500,000,000 shares to 100,000,000 shares.
• The ownership percentage of each Glucotrack stockholder will remain unchanged, other than as a result of fractional shares. No fractional shares of Common Stock will be issued in connection with the Reverse Stock Split. In lieu of any fractional shares to which a stockholder would otherwise be entitled as a result of the Reverse Stock Split, Glucotrack will pay cash (without interest) equal to such fraction multiplied by the average of the closing sales prices of its Common Stock on Nasdaq during regular trading hours for the five consecutive trading days immediately preceding the effective date of the Reverse Stock Split (with such average closing sales prices being adjusted to give effect to the Reverse Stock Split). After the Reverse Stock Split, a stockholder otherwise entitled to a fractional interest will not have any voting, dividend or other rights with respect to such fractional interest except to receive payment as described above.

At the annual meeting of stockholders held on April 26, 2024, the stockholders of the Company approved a proposal to authorize the Company’s Board of Directors (the “Board”) to file a Certificate of Amendment to effect the Reverse Stock Split at a ratio between 1-for-5 and 1-for-30, as determined by the Board in its sole discretion. On April 30, 2024, the Board approved the Reverse Stock Split.