Modular Medical raises $4.68M in underwritten public offering of stock and warrants

Modular Medical, Inc.

• Offered 12,173,000 shares of common stock and warrants for 6,086,500 shares at combined price of $0.77 per unit.
• Effective price of $0.38 per share and $0.01 per warrant; warrants exercisable at $0.45, expire in 5 years.
• Gross proceeds of $4.68M; net proceeds to fund operations, working capital, and general corporate purposes.
• Underwriter Newbridge Securities granted 30-day over-allotment option for up to 15% additional shares/warrants.
• Directors and executive officers subject to 60-day lock-up; company subject to 90-day lock-up.