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SAN DIEGO, CA / ACCESSWIRE / November 21, 2024 / Modular Medical, Inc. (Nasdaq:MODD) ("Modular Medical" or the "Company"), an insulin delivery technology company with the first FDA-cleared patch pump designed specifically to target all adult "almost-pumpers" with its user-friendly and affordable design, today announced that it has priced an underwritten public offering (the "offering") of 5,450,573 shares of its common stock. The offering was led by existing institutional investors, including Manchester Explorer, L.P., which is the largest shareholder of the Company and is managed by Jeb Besser, Modular Medical's Chief Executive Officer. The shares of common stock are being sold at a price to the public of $1.50 per share of common stock, less underwriting discounts and commissions.
Titan Partners Group, a division of American Capital Partners, is acting as sole bookrunner for the offering.
The gross proceeds to the Company from the offering are expected to be approximately $8.2 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 November 25, 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, New York 10007, by phone at (929) 833-1246 or by email at prospectus@titanpartnersgrp.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.