Modular Medical secures $3M revolving credit facility at 12%; officers buy $250k in stock

Modular Medical, Inc.

CEO Ellen O'Connor Vos and Chairman Paul DiPerna purchased 92,592 shares at $2.70/share for $250,000 total.
Company entered $3M revolving credit facility with Manchester Explorer L.P., secured by all assets.
Interest rate 12% on drawn amounts; maturity March 15, 2022; no draws to date.
Principal must be repaid earlier if company raises >$12M in equity before maturity.
Event of default allows acceleration; note is secured by first priority lien on all property.

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