Business
Modular Medical Announces Pricing of Upsized $9.4 Million Public Offering
SAN DIEGO, CA / ACCESSWIRE / May 16, 2023 / Modular Medical, Inc. (the "Company" or "Modular Medical") (Nasdaq:MODD), a development stage insulin delivery
About this update from Modular Medical, Inc.
[{"type":"text","content":"SAN DIEGO, CA / ACCESSWIRE / May 16, 2023 / Modular Medical, Inc. (the \"Company\" or \"Modular Medical\") (Nasdaq:MODD), a development stage insulin delivery technology company seeking to launch the next generation of easy to use and affordable insulin pump technology, today announced the pricing of an upsized underwritten public offering of 8,816,900 shares of its common stock and warrants to purchase 4,408,450 shares of its common stock. The securities are being sold as a unit, with each unit comprising two shares of common stock and one warrant to purchase one share of common stock. The units are being sold at a combined price to the public of $2.13 per unit, yielding an effective price of $1.06 per share and $0.01 per warrant. The warrants will be exercisable at $1.22 per share and will expire five years from the date of issuance. The Company has granted the underwriter a 30-day option to purchase up to an additional 1,322,534 shares and an additional 661,267 warrants to cover over-allotments, if any.Newbridge Securities Corporation is acting as the sole book-running manager of the offering.Net proceeds from the offering are expected to be approximately $8.3 million after deducting underwriting discounts and commissions and estimated offering expenses. Modular Medical intends to use the net proceeds from this offering for general corporate purposes, including working capital, to fund its operations through the approval of its product by the FDA, to develop its initial sales and marketing infrastructure, to fund additional research and development activities, to develop initial manufacturing and production capabilities and make related capital expenditures. The offering is expected to close on or about May 18, 2023, subject to the satisfaction of customary closing conditions.A registration statement on Form S-1 (File No. 333-271413) was filed with the Securities and Exchange Commission (\"SEC\") and became effective on May 15, 2023. A final prospectus relating to the offering will be filed with the SEC. Electronic copies of the final prospectus relating to the offering may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting Newbridge Securities Corporation, Attn: Equity Syndicate Department, 1200 North Federal Highway, Suite 400, Boca Raton, FL 33432, by email at syndicate@newbridgesecuri...