Glucotrack, Inc. (NASDAQ: GCTK) has entered into definitive agreements for convertible notes with an aggregate principal amount of approximately $11.5 million, according to a company statement.

The financing includes approximately $4.5 million in new cash investment and approximately $4.5 million of existing notes being rolled over. The aggregate principal amount reflects a 22% original issue discount. The notes carry an initial conversion price of $3.12 per share.

Investors participating in the financing will also receive warrants exercisable at $7.50 per share.

Dawson James Securities, Inc. served as sole placement agent for the transaction.

Glucotrack operates Lōkahi Therapeutics and, through its subsidiary Glucotrack Technologies, Inc., is focused on the development of technologies for people with diabetes, including a long-term implantable continuous blood glucose monitoring system.