Modular Medical prices upsized $9.4M public offering of units at $2.13/unit

Modular Medical, Inc.

Offering of 8,816,900 common shares and warrants for 4,408,450 shares at $2.13/unit yields gross $9.4M.
Net proceeds ~$8.3M; warrants exercisable at $1.22 for five years.
Funds to finance operations through FDA approval, sales/marketing infrastructure, R&D, manufacturing.
Underwriter Newbridge Securities; expected close May 18, 2023.
30-day over-allotment option for up to 1,322,534 shares and 661,267 warrants.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Modular Medical, Inc. entered into Underwriting Agreement with Newbridge Securities Corporation valued at aggregate gross proceeds of $9,400,000 (effective 2023-05-15).

Action: entry
Agreement: underwriting
Counterparty: Newbridge Securities Corporation
Value: aggregate gross proceeds of $9,400,000
Effective: 2023-05-15

Exact text from the filing

On May 15, 2023, Modular Medical, Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Newbridge Securities Corporation (“Newbridge” or the “Underwriter”), with respect to the issuance and sale in a firm commitment underwritten offering (the “Offering”) by the Company of units of its securities for aggregate gross proceeds of $9,400,000.

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Modular Medical, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-040917

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