Modular Medical Announces Pricing of Upsized $9.4M Public Offering

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.