Glucotrack issues $3.6M convertible note at $3M price; ELOC proceeds to repay

Glucotrack, Inc.

• Issued $3.6M convertible promissory note for $3M purchase price ($600K OID), no interest, due in 12 months or upon Qualified Financing.
• Conversion price floor of $4.87/share; converts into equity of next financing raising ≥$5M.
• Simultaneously entered $20M ELOC with Sixth Borough Capital; 100% of ELOC net proceeds repay note pre-stockholder approval, 50% post.
• Note is unsecured, no restrictive covenants; standard events of default include bankruptcy.