MODD - Modular Medical down 25% on $8.3M offering

2023-05-16 08:49:50 ET

• Modular Medical ( NASDAQ: MODD ) prices an upsized underwritten public offering of 8.82M shares and warrants to purchase 4.41M shares.
• The units are being sold at a combined price to the public of $2.13 per unit, yielding an effective price of $1.06 per share and $0.01 per warrant.
• The warrants will be exercisable at $1.22 per share and will expire five years from the date of issuance.
• Underwriter's have a 30-day option to purchase up to an additional 1.32M shares and an additional 661,267 warrants to cover over-allotments, if any.
• Net proceeds from the offering are expected to be ~$8.3M.
• The offering is expected to close on or about May 18, 2023.
• The stock has slumped 25% during pre-market on Tuesday.

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