Modular Medical raises $4.4 million through warrant exercise

Modular Medical Inc. (NASDAQ: MODD) announced the exercise of existing warrants that generated approximately $4.4 million in gross proceeds for the medical device company.

The company said warrant holders exercised 6,504,731 existing warrants at a reduced price of $0.68 per share. The warrants were originally issued in May 2023 and March 2025.

As part of the transaction, Modular Medical will issue new unregistered warrants to purchase up to 3,252,366 shares of common stock. The new warrants carry an exercise price of $0.84 per share and will be valid for five years from the date of issuance.

The shares underlying the exercised warrants are registered under effective registration statements on Form S-1 and Form S-3 filed with the Securities and Exchange Commission.

Modular Medical stated it plans to use the net proceeds for working capital and general corporate purposes. The company is developing insulin delivery technology and is pursuing FDA clearance for its Pivot pump product.

Newbridge Securities Corporation served as the servicing agent for the warrant inducement program. Additional details about the offering are available in a Form 8-K filing the company submitted to the SEC on September 23, 2025.

The new warrants were offered through a private placement under an exemption from Securities Act registration requirements. Modular Medical has agreed to file a registration statement covering the resale of shares issuable upon exercise of the new warrants.

You May Also Be Interested In