Glucotrack files pro forma financials for completed Lokahi merger and reverse splits
The 8-K shows the combined company with $54.5 million in pro forma assets, $25.4 million in IPR&D, and a net loss widened by bridge financing charges.
Glucotrack, Inc. filed an 8-K dated October 23, 2026 (reported October 28, 2026) containing unaudited pro forma combined financial statements following its merger with Lokahi Therapeutics, Inc. Under the merger, Glucotrack Merger Sub was merged into Lokahi, with Lokahi surviving and becoming a direct wholly owned subsidiary of Glucotrack.1 The closing occurred simultaneously with execution of the merger agreement on the closing date of July 14, 2026.1
Under the merger consideration terms, former Lokahi shareholders received common stock equal to 19.99% of Glucotrack's pre-merger outstanding shares plus Series A convertible preferred stock sufficient to bring their collective stake to 90% of Glucotrack's total equity, valued using Glucotrack's July 14, 2026 closing price of $12.522 per share.1 The aggregate value of consideration transferred was $34,290,345.1
The filing also details two tranches of bridge financing. The first tranche involved $5,705,128 face senior secured convertible notes and warrants issued July 14, 2026 for gross proceeds of $4,450,000, recorded at fair value of $6,436,867 for the notes, generating a day-one loss of $2,716,171 plus issuance costs.1 A second tranche on August 4, 2026 added notes with a $4,487,180 face amount for $3,500,000 in proceeds, with a related day-one loss of $2,162,728.1
Glucotrack also executed two reverse stock splits: a one-for-two reverse split effective October 23, 2026, approved by stockholders at the August 18, 2026 annual meeting1, following an earlier 1-for-15 split in August. Outstanding shares fell from 2,368,237 before the October split to approximately 1,184,119 afterward.1
On a pro forma combined basis for the six months ended June 30, 2026, total assets were $54,463,979, including $25,400,000 in in-process research and development intangible assets and $15,631,064 in goodwill, against total liabilities of $25,302,892.1 For full-year 2025, the pro forma combined net loss was $28,135,308.1
Written by readthrough’s AI from the linked primary sources and fact-checked against them automatically before publishing. Not investment advice.