Business
Modular Medical Announces Pricing of $10 Million Public Offering
SAN DIEGO, CA / ACCESSWIRE / February 15, 2024 / Modular Medical, Inc. (NASDAQ:MODD) ("Modular Medical" or the "Company"), a development stage insulin
About this update from Modular Medical, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / February 15, 2024 / Modular Medical, Inc. (NASDAQ:MODD) (\"Modular Medical\" or the \"Company\"), a development stage insulin delivery technology company seeking to launch the next generation of easy to use and affordable insulin pump technology, today announced that it has priced its underwritten public offering (the \"offering\") of 9,090,910 shares of its common stock, led by Manchester Explorer, L.P., which is managed by Jeb Besser, Modular Medical's Chief Executive Officer, and Morgan Frank, a member of the Company's board of directors, and other existing institutional investors. The shares of common stock are being sold at a price to the public of $1.10 per share. In addition, Modular Medical has granted the underwriter a 30-day option to purchase up to 1,321,989 additional shares of its common stock.Titan Partners Group, a division of American Capital Partners, is acting as sole book-running manager for the offering.The gross proceeds to the Company from the offering are expected to be approximately $10 million, before deducting underwriting discounts, commissions and estimated offering expenses payable by the Company. The Company intends to use the net proceeds from the offering to fund operations and for working capital and general corporate purposes, including capital expenditures. The offering is expected to close on or about February 21, 2024, subject to the satisfaction of customary closing conditions.The securities described above were offered by Modular Medical pursuant to an effective \"shelf\" registration statement on Form S-3 (File No. 333-264193) previously filed with the Securities and Exchange Commission (the \"SEC\") on April 8, 2022, as amended on April 15, 2022, and declared effective by the SEC on April 19, 2022. The securities may be offered only by means of a prospectus. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering have been filed with the SEC. Electronic copies of the preliminary prospectus and, when available, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained by visiting the SEC's website at www.sec.gov or by contacting Titan Partners Group LLC, a division of American Capital Partners, LLC, 4 World Trade Center, 29th Floor, New York...