secwatch.observer — SEC 8-K summary
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Issuer:     Modular Medical, Inc. (MODD)
CIK:        0001074871
Form:       8-K
Filed at:   2024-08-27T23:59:59+00:00
Accession:  0001213900-24-072999
Event type: other_material
Sentiment:  negative
Materiality: 0.65
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Modular Medical missed FDA clearance deadline for MODD-1; grants new options with Dec 31, 2024 vesting
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- Milestone 2 options (FDA clearance by Aug 1, 2024) canceled on Aug 2, 2024; no clearance received.
- On Aug 22, 2024, granted 58,560 options to Paul DiPerna and 24,400 to Kevin Schmid at $1.71 strike.
- Also granted options for 256,338 shares to non-executive employees, same $1.71 strike and vesting conditions.
- New options vest only if FDA notification received by Dec 31, 2024; otherwise terminate Jan 1, 2025.
- Previous Milestone 1 options (Jan 19, 2024) vested; exercise price was $1.11.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1074871/000121390024072999/0001213900-24-072999-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1074871/000121390024072999/ea0212472-8k_modular.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-072999

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