Modular Medical, Inc. 8-K

What Happened Modular Medical, Inc. announced on April 19, 2026 that it entered into a Placement Agency Agreement with Maxim Group LLC for a registered direct offering of 750,000 shares of common stock, expected to generate approximately $3.375 million in gross proceeds. The Offering is expected to close on April 21, 2026. The company issued a press release on April 19, 2026 announcing the pricing.

Key Details

• Offering size: 750,000 shares of common stock; gross proceeds ≈ $3.375 million.
• Placement Agent: Maxim Group LLC; cash fee = 7% of gross proceeds (≈ $236,250) plus reimbursement of expenses up to $75,000.
• Lock-ups/standstill: Company directors and executive officers entered into 90-day lock-ups; company agreed to a 45-day restriction on certain issuances or sales following the Closing Date.
• Registration: Offering made pursuant to the company’s effective Form S-3 (Registration No. 333-287313), declared effective May 22, 2025.

Why It Matters The financing provides Modular Medical with additional capital (about $3.375M before fees and expenses), which can support operations, development, or other corporate needs. Investors should note the dilutive effect of the new shares and that net proceeds will be reduced by the placement fee and reimbursable expenses. The lock-up and 45-day standstill limit insider sales and certain new issuances in the short term, which may temporarily reduce share supply on the market.