Modular Medical (Nasdaq:MODD) announced that it priced an underwritten public offering of common stock worth approximately $4.68 million.
The San Diego-based insulin pump maker intends to offer nearly 12.2 million shares of common stock and accompanying warrants to purchase nearly 6.1 million shares.
Each two-share package is being offered and sold together with one accompanying warrant at a combined offering price of 77¢. This yields an effective price of 38¢, plus 1¢ per warrant. Warrants in the offering have an exercise price of 45¢ per share. Exercisable immediately upon issuance, they expire after five years.
In connection with the offering, Modular Medical granted the underwriter a 30-day option to purchase up to an additional 15% of common shares and/or warrants at the public offering price.
Assuming no exercise of the overallotment, the company expects gross proceeds of approximately $4.68 million. It intends to use proceeds to fund operations and for working capital and general corporate purposes, including capital expenditures. The company expects the offering to close on or about today, Dec. 11, 2025.
Modular Medical develops insulin pump technology for “almost-pumpers,” offering a user-friendly, affordable design. Its current pump, the MODD1, won FDA clearance nearly a year ago. It has microfluidics technology that allows for the low-cost pumping of insulin.
The company announced earlier this year that it began converting its manufacturing line to prepare for production of Pivot, its next-generation insulin patch pump technology.
Pivot aims to simplify diabetes care, the company says. The two-part tubeless patch pump features a 3 mL removable reservoir. It needs no battery recharge, can detach easily for activities like showering and it requires no controller for bolus doses.
