Business Context and Reporting Period
Company: Modular Medical, Inc. (MODD)
Filing Type: Form 8-K (Current Report)
Date of Report: April 19, 2026
Event: Entry into a Material Definitive Agreement for a registered direct offering of common stock.
Key Financial Metrics
This filing reports on a capital raise event rather than periodic operating results. Specific metrics include:
- Shares Offered: 750,000 shares of Common Stock.
- Gross Proceeds: Approximately $3.375 million.
- Placement Agent Fee: 7% of gross proceeds.
- Expense Reimbursement: Up to $75,000.
- Expected Closing Date: April 21, 2026.
Note: The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity as this is a transactional report, not a financial statement.
Material Changes
The primary material change is the execution of a Placement Agency Agreement with Maxim Group LLC to raise capital. This represents a new equity issuance and an increase in the company's share count upon closing.
Guidance, Outlook, and Restrictions
Lock-Up Agreements:
- Directors and Officers: Prohibited from selling or transferring securities for 90 days from the agreement date (April 19, 2026).
- Company Issuance Restriction: The Company is restricted from issuing or selling Common Stock or equivalents for 45 days from the Closing Date.
Registration: The offering is conducted pursuant to an effective Form S-3 registration statement (No. 333-287313) declared effective on May 22, 2025.
Investor Verification Checklist
- Verify the final closing date and actual net proceeds after deducting the 7% fee and expenses.
- Confirm the exact number of shares issued and the resulting fully diluted share count.
- Review the full text of the Placement Agency Agreement (Exhibit 1.1) for specific conditions or exceptions to the lock-up provisions.
- Check subsequent filings for the use of proceeds and any impact on the company's cash position.