Modular Medical Files 8-K on Material Agreement
Ticker: MODD · Form: 8-K · Filed: Feb 16, 2024 · CIK: 1074871
Sentiment: neutral
Topics: material-agreement, corporate-event
TL;DR
**Modular Medical just inked a material definitive agreement, signaling potential big news for the company.**
AI Summary
Modular Medical, Inc. filed an 8-K on February 16, 2024, reporting an event that occurred on February 15, 2024. The filing indicates an entry into a material definitive agreement and other events, as well as financial statements and exhibits. The company, based in San Diego, California, operates in the surgical and medical instruments and apparatus industry.
Why It Matters
This filing signals a significant new agreement for Modular Medical, which could impact its future operations and financial performance in the medical device sector.
Risk Assessment
Risk Level: medium — The filing mentions a 'material definitive agreement' but lacks specific details, creating uncertainty about its nature and potential impact.
Key Players & Entities
- Modular Medical, Inc. (company) — Registrant
- San Diego (company) — Headquarters city
- California (company) — Headquarters state
- February 15, 2024 (date) — Date of earliest event reported
- February 16, 2024 (date) — Filing date
FAQ
What was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on February 15, 2024.
What is the primary business of Modular Medical, Inc.?
Modular Medical, Inc. operates in the Surgical & Medical Instruments & Apparatus industry (SIC 3841).
Where is Modular Medical, Inc.'s principal executive office located?
Modular Medical, Inc.'s principal executive office is located at 10740 Thornmint Road, San Diego, California 92127.
What type of agreement did Modular Medical, Inc. enter into?
Modular Medical, Inc. entered into a Material Definitive Agreement, as indicated by Item 1.01 of the 8-K filing.
What is the Commission File Number for Modular Medical, Inc.?
The Commission File Number for Modular Medical, Inc. is 001-41277.
Filing Stats: 972 words · 4 min read · ~3 pages · Grade level 13 · Accepted 2024-02-16 17:27:54
Key Financial Figures
- $1.10 — n Stock"). The public offering price is $1.10 per share of Common Stock. Pursuant to
- $10,000,000, b — ross proceeds from the Offering will be $10,000,000, before deducting underwriting discounts a
Filing Documents
- ea193973-8k_modular.htm (8-K) — 31KB
- ea193973ex1-1_modular.htm (EX-1.1) — 260KB
- ea193973ex5-1_modular.htm (EX-5.1) — 8KB
- ea193973ex99-1_modular.htm (EX-99.1) — 9KB
- ea193973ex99-2_modular.htm (EX-99.2) — 10KB
- ex5-1_001.jpg (GRAPHIC) — 12KB
- ex99-1_001.jpg (GRAPHIC) — 5KB
- ex99-2_001.jpg (GRAPHIC) — 18KB
- 0001213900-24-014985.txt ( ) — 606KB
- modd-20240215.xsd (EX-101.SCH) — 3KB
- modd-20240215_lab.xml (EX-101.LAB) — 33KB
- modd-20240215_pre.xml (EX-101.PRE) — 22KB
- ea193973-8k_modular_htm.xml (XML) — 3KB
01 Entry into
Item 1.01 Entry into a Material Definitive Agreement. On February 15, 2024, Modular Medical, Inc. (the "Company") entered into an Underwriting Agreement (the "Agreement") with Titan Partners Group LLC, a division of American Capital Partners, LLC (the "Underwriter"), relating to a firm commitment underwritten offering (the "Offering") of 9,090,910 shares (the "Shares") of common stock of the Company ("Common Stock"). The public offering price is $1.10 per share of Common Stock. Pursuant to the Agreement, the Company has granted the Underwriter a 30-day over-allotment option to purchase up to an additional 1,321,989 shares of Common Stock. The Company estimates that gross proceeds from the Offering will be $10,000,000, before deducting underwriting discounts and commissions and estimated Offering expenses, and assuming no exercise of the Underwriter's over-allotment option. The Offering was made pursuant to an effective registration statement on Form S-3 (Registration Statement No. 333- 264193) previously filed with the Securities and Exchange Commission on April 8, 2022, subsequently amended on April 15, 2022, and declared effective by the SEC on April 19, 2022, and a preliminary prospectus supplement relating to the Offering dated February 15, 2024. The closing of the Offering is expected to take place on February 21, 2024, subject to the satisfaction of customary closing conditions (the "Closing"). The Agreement contains customary representations, warranties and agreements by the Company and customary conditions to closing, obligations of the parties and termination provisions. Additionally, the Company has agreed to indemnify the Underwriter against certain liabilities, including liabilities under the Securities Act of 1933, as amended, or to contribute to payments the Underwriter may be required to make because of any of those liabilities. In addition, pursuant to the terms of the Agreement, each of the Company's directors and executive officers have entered
01 Other Events
Item 8.01 Other Events. The Company issued press releases announcing the launch and pricing of the Offering on February 15, 2024. Copies of these press releases are attached hereto as Exhibits 99.1 and 99.2, respectively, and are each incorporated herein by reference.
01 Financial
Item 9.01 Financial (d) Exhibits The following exhibits are filed with this report: Exhibit Number Exhibit Description 1.1 Underwriting Agreement dated as of February 15, 2024 between the Company and Titan Partners Group LLC 5.1 Opinion of Lucosky Brookman, LLP 23.1 Consent of Lucosky Brookman, LLP (included in Exhibit 5.1) 99.1 Press Release dated February 15, 2024 regarding the launch of the offering of Common Stock 99.2 Press Release dated February 15, 2024 regarding the pricing of the offering of Common Stock 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MODULAR MEDICAL, INC. Date: February 16, 2024 By: /s/ James Besser James Besser Chief Executive Officer 2