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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 Congratulates its client Modular Medical in $9.4 Million Public Offering

Lucosky Brookman LLP, a renowned law firm specializing in corporate finance and securities law, is proud to extend its heartfelt congratulations to its client Modular Medical, Inc. (Nasdaq: MODD), on the successful pricing of its upsized underwritten public offering. Modular Medical, a development stage insulin delivery technology company, aims to revolutionize the market by introducing the next generation of easy-to-use and affordable insulin pump technology.

The underwritten public offering comprises 8,816,900 shares of Modular Medical's common stock and warrants to purchase 4,408,450 additional shares of common stock. Each unit, priced at $2.13 per unit, consists of two shares of common stock and one warrant to purchase one share of common stock. This pricing structure translates to an effective price of $1.06 per share and a nominal value of $0.01 per warrant. The warrants will have an exercise price of $1.22 per share and a term of five years from the date of issuance. Furthermore, Modular Medical has granted the underwriter a 30-day option to acquire up to an additional 1,322,534 shares and 661,267 warrants to cover over-allotments, if necessary.

After deducting underwriting discounts, commissions, and estimated offering expenses, the net proceeds from the offering are projected to be approximately $8.3 million. Modular Medical intends to utilize these funds for general corporate purposes, including working capital, operational expenses until the approval of its product by the FDA, the development of its initial sales and marketing infrastructure, additional research and development endeavors, as well as the establishment of manufacturing and production capabilities along with related capital expenditures. The closing of the offering is anticipated to occur on or about May 18, 2023, subject to the fulfillment of customary closing conditions.

Lucosky Brookman LLP served as the legal counsel to Modular Medical, providing comprehensive guidance throughout the offering process. The firm's expertise in corporate finance and securities law played a pivotal role in the success of this transaction. Additionally, Newbridge Securities Corporation acted as the sole book-running manager of the offering, contributing to its smooth execution.

Lucosky Brookman LLP takes immense pride in its clients' achievements and remains committed to delivering top-tier legal services in the field of corporate finance and securities law. The firm's partnership with Modular Medical exemplifies its dedication to supporting innovative companies in their pursuit of growth and success.