SAN DIEGO, CA / ACCESSWIRE / May 3, 2022 / Modular Medical, Inc. (the "Company" or "Modular Medical") (NASDAQ:MODD), today announced that it has entered into a securities purchase agreement with institutional investor Sio Capital Management (the "Investor") in connection with a registered direct offering of an aggregate of 449,438 shares of its common stock at an offering price of $4.45 per share, and, in lieu of common stock, pre-funded warrants to purchase up to 1,348,314 shares of common stock at an offering price of $4.44 per pre-funded warrant, which represents the per share offering price for the common stock less the $0.01 per share exercise price for each pre-funded warrant. Concurrent with the registered direct offering, the Company has also agreed to issue to the Investor unregistered common stock purchase warrants (the "Private Placement Warrants") to purchase up to 1,438,202 shares of common stock in a private placement. The Private Placement Warrants have an exercise price of $6.60 per share and are exercisable beginning six months from the date of issuance for a period of five years.
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