GlucoTrack Inc. (NASDAQ:GCTK) shares climbed 15.98% to $0.58 in after-hours trading on Thursday.
The late trading session surge reverses a 5.48% intraday decline, which closed the stock of the medical device company at $0.50, according to Benzinga Pro data.
Merger Reshapes Company Structure
GlucoTrack announced on Tuesday the completion of its strategic business combination with Lokahi Therapeutics, a capital-efficient biopharmaceutical platform company based in California.
Under the agreement, Lōkahi will serve as the operating and controlling business of the combined company. Once the required stockholder approvals are obtained and Nasdaq listing requirements are satisfied, the preferred stock is expected to convert into common stock. Following this conversion, Lokahi securityholders are expected to hold approximately 90% ownership of the combined company on a fully diluted basis.
