Modular Medical prices $10M public offering of 9.09M shares at $1.10 per share

Modular Medical, Inc.

Priced 9,090,910 shares at $1.10/share for $10M gross proceeds; over-allotment option for 1,321,989 additional shares.
Offering led by Manchester Explorer, managed by CEO Jeb Besser and director Morgan Frank, plus other institutions.
Net proceeds to fund operations, working capital, and general corporate purposes; closing expected Feb 21, 2024.
Directors/executive officers subject to lock-up until May 21, 2024, prohibiting sale of securities without underwriter consent.

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 Agreement with Titan Partners Group LLC, a division of American Capital Partners, LLC (effective 2024-02-15).

Action: entry
Agreement: underwriting
Counterparty: Titan Partners Group LLC, a division of American Capital Partners, LLC
Effective: 2024-02-15

Exact text from the filing

On February 15, 2024, Modular Medical, Inc. (the “Company”) entered into an Underwriting Agreement (the “Agreement”) with Titan Partners Group LLC, a division of American Capital Partners, LLC (the “Underwriter”), relating to a firm commitment underwritten offering (the “Offering”) of 9,090,910 shares (the “Shares”) of common stock of the Company (“Common Stock”).

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Modular Medical, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-014985

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