MODD - Modular Medical enters $6.6M private placement

Modular Medical (MODD) announces that it has entered into definitive agreements for a private placement of $6.6M of convertible promissory notes.The company intends to use net proceeds to complete the software and firmware development for its MODD Pivot product and the third-party testing required for its anticipated 510k submission to the FDA later in 2021.The remainder of the proceeds will be used for general corporate purposes, including funding operations and working capital.The convertible notes are unsecured and carry a 12% annual interest rate and will automatically convert into shares upon the consummation of a future financing with gross proceeds in excess of $12M.

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Modular Medical enters $6.6M private placement