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Lucosky Brookman is a leader in the representation of small and micro-cap companies. The Firm has led it clients through numerous capital raise transaction and over a dozen uplisting and initial public offering transactions.  Access the latest news about Lucosky Brookman, our clients’ business transactions and industry updates here. 

Lucosky Brookman Successfully Represents Modular Medical, Inc. Close $15 Million Public Offering and Nasdaq Uplisting

Lucosky Brookman LLP congratulates its client, 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, on its successful 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.

Lucosky Brookman LLP represented the issuer.  Oppenheimer & Co. Inc. acted as sole book-running manager for the offering. The Benchmark Company, LLC and Lake Street Capital Markets LLC acted as co-lead managers for the offering.

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.