Modular Medical Files 8-K: Material Agreement & Equity Sales
Ticker: MODD · Form: 8-K · Filed: Sep 23, 2025 · CIK: 1074871
Sentiment: neutral
Topics: material-agreement, equity-sale, filing
TL;DR
Modular Medical signed a big deal and sold stock, filing an 8-K on 9/22/25.
AI Summary
On September 22, 2025, Modular Medical, Inc. entered into a material definitive agreement. The company also reported on unregistered sales of equity securities and filed financial statements and exhibits. Specific details regarding the agreement and equity sales were not provided in this filing.
Why It Matters
This filing indicates significant corporate activity, including a new material agreement and equity transactions, which could impact the company's financial structure and future operations.
Risk Assessment
Risk Level: medium — The filing indicates material agreements and equity sales, which can introduce financial and operational risks depending on the specifics not detailed here.
Key Players & Entities
- Modular Medical, Inc. (company) — Registrant
- September 22, 2025 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Modular Medical, Inc. on September 22, 2025?
The filing states that Modular Medical, Inc. entered into a material definitive agreement on September 22, 2025, but the specific terms and nature of this agreement are not detailed in the provided text.
What type of equity securities were sold by Modular Medical, Inc. under the unregistered sales of equity securities item?
The filing mentions unregistered sales of equity securities, but the specific type and amount of securities sold are not disclosed in the provided text.
What are the key financial statements and exhibits being filed by Modular Medical, Inc. with this 8-K?
The filing indicates that financial statements and exhibits are being filed, but the specific content of these documents is not detailed in the provided text.
What was Modular Medical, Inc.'s former company name and when did the name change occur?
Modular Medical, Inc.'s former company name was BEAR LAKE RECREATION INC, and the date of the name change was December 8, 1998.
What is Modular Medical, Inc.'s principal executive office address and phone number?
Modular Medical, Inc.'s principal executive office is located at 10740 Thornmint Road, San Diego, California 92127, and its phone number is (858) 800-3500.
Filing Stats: 1,408 words · 6 min read · ~5 pages · Grade level 12.7 · Accepted 2025-09-23 08:30:42
Key Financial Figures
- $1.22 — 23 Warrants having an exercise price of $1.22 per share. As previously disclosed, in
- $1.12 — 25 Warrants having an exercise price of $1.12 per share. On September 22, 2025, the
- $0.68 — e 2023 Warrants at an exercise price of $0.68 per share, an approximately ten percent
- $0.7611 — ately ten percent (10%) discount to the $0.7611 Nasdaq Official Closing Price on Septem
- $3.7 m — receive gross proceeds of approximately $3.7 million, before deducting expenses relate
- $0.84 — rant Letters) with an exercise price of $0.84 per share (an approximately ten percent
- $400,000 — Letters and will receive a fixed fee of $400,000 and expense reimbursement of up to $50,
- $50,000 — ,000 and expense reimbursement of up to $50,000, regardless of the amount of gross proc
- $0.001 — f the Company's common stock, par value $0.001 per share (the "Common Stock") issuable
Filing Documents
- ea0258326-8k_modular.htm (8-K) — 33KB
- ea025832601ex4-1_modular.htm (EX-4.1) — 95KB
- ea025832601ex10-1_modular.htm (EX-10.1) — 36KB
- ea025832601ex10-2_modular.htm (EX-10.2) — 17KB
- 0001213900-25-090336.txt ( ) — 378KB
- modd-20250922.xsd (EX-101.SCH) — 3KB
- modd-20250922_lab.xml (EX-101.LAB) — 33KB
- modd-20250922_pre.xml (EX-101.PRE) — 22KB
- ea0258326-8k_modular_htm.xml (XML) — 3KB
01 Entry into
Item 1.01 Entry into a Material Definitive Agreement. As previously disclosed, in May 2023, Modular Medical, Inc. (the "Company") entered into an underwriting agreement with Newbridge Securities Corporation ("Newbridge") and issued, in connection with an underwritten offering, warrants to purchase 3,564,183 shares of the Company's common stock (the "2023 Warrants") with the 2023 Warrants having an exercise price of $1.22 per share. As previously disclosed, in March 2025, the Company issued, in connection with a private placement, warrants to purchase 6,508,073 shares of the Company's common stock (the "2025 Warrants" and, together with the 2023 Warrants, the "Outstanding Warrants") with the 2025 Warrants having an exercise price of $1.12 per share. On September 22, 2025, the Company entered into inducement offer letter agreements (the "2023 Inducement Letters") with holders of the 2023 Warrants representing warrants to purchase 1,519,200 shares of the Company's common stock. Pursuant to the 2023 Inducement Letters, the holders agreed to exercise these 2023 Warrants at an exercise price of $0.68 per share, an approximately ten percent (10%) discount to the $0.7611 Nasdaq Official Closing Price on September 19, 2025 (such reduced exercise price, the "New Exercise Price"). On September 22, 2025, the Company entered into inducement offer letter agreements (the "2025 Inducement Letters" and, together with the 2023 Inducement Letters, the "Warrant Letters") with holders of the 2025 Warrants representing warrants to purchase 3,975,428 shares of the Company's common stock. Pursuant to the 2025 Inducement Letters, the holders agreed to exercise these 2025 Warrants at the New Exercise Price. As a result of entering into the Warrant Letters, the Company will receive gross proceeds of approximately $3.7 million, before deducting expenses related to the Company entering into the Warrant Letters. In consideration for the holders of the Outstanding Warrants agreeing to enter
02 Unregistered
Item 3.02 Unregistered Sales of Equity Securities. The Company issued the New Warrants in reliance on the exemption provided by Section 3(a)(9) of the Securities Act as involving an exchange by the Company exclusively with its security holders, Section 4(a)(2) of the Securities Act as a transaction not involving a public offering and Rule 506 promulgated thereunder and in reliance on similar exemptions under applicable state laws with such reliance on Rule 506 based in part upon a representation of each of the holders of the Outstanding Warrants who signed Warrant Letters that they are an "accredited investor" as defined in Rule 501 promulgated pursuant to the Securities Act. Neither the issuance of the New Warrants nor the New Warrant Shares have been registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws. The description of the New Warrants under Item 1.01 of this Form 8-K is incorporated by reference herein. Neither this Current Report on Form 8-K nor any exhibit attached hereto is an offer to sell or the solicitation of an offer to buy the Company's securities.
01 Financial
Item 9.01 Financial (d) Exhibits The following exhibits are filed with this report: Exhibit Number Exhibit Description 4.1 Form of Common Stock Purchase Warrant 10.1 Form of 2023 Inducement Letter 10.2 Form of 2025 Inducement Letter 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2 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: September 23, 2025 By: /s/ James E. Besser James E. Besser Chief Executive Officer 3