Shares of medical device company GlucoTrack (NASDAQ:GCTK) are plummeting today after the company announced plans for an underwritten public offering.
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GlucoTrack plans to use the proceeds from the offering for working capital requirements as well as for general corporate purposes. Further, the actual size or terms of the offering remained undisclosed.
GlocoTrack is focused on diabetes and prediabetes and its initial product on the market, GlucoTrack, offers non-invasive glucose monitoring.
GlucoTrack shares have been on a rollercoaster ride over the past few days. Today’s nearly 40% slump comes after the stock surged nearly 74.6% over the past five sessions alone.
These price gyrations have been accompanied by a surge in trading volume. While the average trade volume in the last three months was 2.22 million, in the past 10 days the figure has been at 10.6 million.
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