secwatch.observer — SEC 8-K summary
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Issuer:     Modular Medical, Inc. (MODD)
CIK:        0001074871
Form:       8-K
Filed at:   2021-10-29T23:59:59+00:00
Accession:  0001019056-21-000551
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 9.01, 2.03, 3.02
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1074871/000101905621000551/0001019056-21-000551-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1074871/000101905621000551/modular_8k.htm
  HTML page:      https://secwatch.observer/filing/0001019056-21-000551

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer