Modular Medical (MODD) Prices 2.5M Unit Offering at $6/unti, Uplists to Nasdaq

Modular Medical, Inc., (NASDAQ: MODD), a development-stage insulin pump company focused on providing insulin delivery without complexity to increase pump adoption and reduce the burden of diabetes care for clinicians and individuals living with diabetes, announced today the pricing of its underwritten public offering of 2,500,000 units at a price to the public of $6.00 per unit, for aggregate gross proceeds of $15 million, prior to deducting underwriting discounts, commissions and other estimated offering expenses. Each unit consists of one share of common stock, par value $0.001 per share, and one warrant to purchase one share of common stock. The common stock and warrants are immediately separable from the Units and will be issued separately. The warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $6.60 per share.

The Company intends to use the net proceeds from this offering for general corporate purposes, including working capital, to develop its initial sales and marketing infrastructure, to fund additional research and development activities, to develop its initial manufacturing and production capabilities and make related capital expenditures and to repay a promissory note.

The Company also announced that, in connection with the offering, its common stock has been approved for listing on the Nasdaq Capital Market and will begin trading on the Nasdaq Capital Market under the symbol "MODD" on February 10, 2022. The Company does not intend to apply for listing of the warrants on any national securities exchange.

Oppenheimer & Co. Inc. is acting as sole book-running manager for the offering. The Benchmark Company, LLC and Lake Street Capital Markets LLC are acting as co-lead managers for the offering. The offering is expected to close on February 14, 2022, subject to customary closing conditions.

A registration statement on Form S-1 (File No. 333-260682) relating to these securities has been filed with the U.S. Securities and Exchange Commission (the "SEC") and was declared effective by the SEC on February 9, 2022. The offering is being made only by means of a written prospectus that forms the part of the effective registration statement. Copies of the final prospectus relating to the offering, when available, may be obtained from Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, at 85 Broad Street, 26th floor, New York, NY 10004, or via email at [email protected] or telephone at (212) 667-8055. Investors may also obtain these documents at no cost by visiting the SEC's website at https://www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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