Modular Medical prices $4.68 million public offering at $0.77 per unit

Modular Medical Inc. (NASDAQ: MODD) announced the pricing of an underwritten public offering of 12,173,000 shares of common stock and accompanying warrants to purchase 6,086,500 shares.

Each unit consists of two shares of common stock and one warrant, priced at $0.77 per unit. This yields an effective price of $0.38 per share and $0.01 per warrant. The warrants have an exercise price of $0.45 per share, are exercisable immediately upon issuance, and expire five years from the issuance date.

The company has granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and warrants at the public offering price, less underwriting discounts and commissions. Newbridge Securities Corporation serves as the sole bookrunner for the offering.

Assuming no exercise of the over-allotment option, gross proceeds are expected to be approximately $4.68 million before deducting underwriting discounts, commissions, and estimated offering expenses. The company intends to use net proceeds to fund operations, working capital, and general corporate purposes, including capital expenditures.

The offering is expected to close on or about December 11, 2025, subject to customary closing conditions. The securities are being offered pursuant to an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on May 15, 2025, and declared effective on May 22, 2025.

Modular Medical develops insulin delivery technology and has received FDA clearance for its patch pump designed for adult users. The San Diego-based company was founded by Paul DiPerna, who previously founded Tandem Diabetes and invented its t:slim insulin pump.

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