MODD Modular Medical, Inc.
Executive Summary
Modular Medical (MODD) has priced a $12M best-efforts offering of 68.1M shares and warrants at $0.1762 per share, representing a 12% discount to the prior closing price. The proceeds will be used to repay a $250K CEO loan and fund operations through FDA approval of its Pivot insulin pump, but the company faces a going concern risk with only $2.9M in cash and a history of significant losses.
Actionable Insight
Monitor FDA approval timeline for Pivot insulin pump and subsequent capital raises, as current cash may not be sufficient to reach commercialization
Key Facts
- Offering of 68,098,000 shares and warrants priced at $0.1762 per share, raising $11.15M in gross proceeds before expenses
- Offering price represents a 12% discount to the prior closing price of $0.1570
- Dilution of 87% based on 77.7M shares outstanding pre-offering and 145.8M shares post-offering
- Proceeds to be used to repay $250K CEO loan and fund operations through FDA approval of Pivot insulin pump
- Company has $2.9M in cash and faces going concern risk with no revenue and $21.9M net loss in 9 months
- No minimum offering requirement, increasing risk that insufficient capital will be raised
Financial Impact
Raises $11.15M in gross proceeds, increases share count by 87% from 77.7M to 145.8M, diluting existing shareholders
Risk Factors
- Going concern risk due to limited cash and history of losses
- Significant dilution from offering
- No minimum offering requirement increases funding risk
- FDA approval timeline uncertainty
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B4 Filing (Primary) | 0001213900-26-023516 |
| Document: 0001213900-26-023516-index-headers.html | 0001213900-26-023516 |
| Document: 0001213900-26-023516-index.html | 0001213900-26-023516 |
| Document: 0001213900-26-023516.txt | 0001213900-26-023516 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Apr 23, 2026
6w ago
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S-3
| $4.65 $3.95 | ▲ +14.96% | ▲ +19.60% | $4.86 (−4.63%) |
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Apr 21, 2026
7w ago
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8-K
| $5.00 $3.36 | ▲ +32.80% | ▲ +37.72% | $4.86 (+2.80%) |
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Apr 21, 2026
7w ago
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424B5
| $5.00 $3.36 | ▲ +32.80% | ▲ +37.72% | $4.86 (+2.80%) |
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Apr 16, 2026
7w ago
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8-K
| $4.82 $3.30 | ▼ −31.54% | ▼ −37.35% | $4.86 (+0.83%) |
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Mar 4, 2026
13w ago
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424B4
| $5.70 $5.38 | ▲ +5.61% | ▲ +1.20% | $4.86 (+14.74%) |
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Mar 4, 2026
14w ago
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EFFECT
| $5.70 $5.38 | ▼ −5.61% | ▼ −1.20% | $4.86 (−14.74%) |
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Feb 27, 2026
14w ago
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S-1
| $7.41 $4.71 | ▲ +36.44% | ▲ +28.88% | $4.86 (+34.41%) |
US Market Status
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