Modular Medical announces exercise of warrants for $4.4M in proceeds

Modular Medical (MODD) announced the exercise of certain existing warrants issued in May 2023 and March 2025 at a reduced exercise price of $0.68 per share. The shares of common stock issuable upon exercise of the Existing Warrants are registered pursuant to effective registration statements on Form S-1, as amended, and Form S-3. In consideration for the immediate exercise of 6,504,731 Existing Warrants for cash, the Company will issue new unregistered warrants to purchase up to 3,252,366 shares of common stock. The New Warrants will have an exercise price of $0.84 per share and will be exercisable upon issuance and will have a term equal to five years from the date of issuance. The gross proceeds to the Company from the exercise of the Existing Warrants were approximately $4.4 million, prior to deducting servicing agent fees and offering expenses. The Company intends to use the net proceeds for working capital and general corporate purposes.