Modular Medical Prices Public Offering of 68,098,000 Shares at $0.1762 Each
Modular Medical announced the pricing of a public offering with new and existing investors of 68,098,000 shares of its common stock and warrants to purchase up to an aggregate of 68,098,000 shares of its common stock at a combined public offering price of $0.1762 per share and accompanying warrant. The warrants will have an exercise price of $0.1762 per share, will be exercisable immediately, and will expire five years from the date of issuance. The gross proceeds from the offering, before deducting placement agent fees and other offering expenses, are expected to be approximately $12M. The closing of the offering is expected to occur on or about March 4, 2026, subject to the satisfaction of customary closing conditions. Maxim Group is acting as the sole placement agent for the offering.
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- Revenue Growth: The company achieved quarterly revenue of $217.51 million, exceeding the consensus estimate of $210.95 million, demonstrating success in market demand and sales strategies, which further solidifies its market position.
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Other Small Gains: Several other companies, including Co-Diagnostics, Elutia Inc., and Treace Medical Concepts, posted small increases in after-hours trading, attributed to light-volume activity rather than specific news.
Amylyx Pharmaceuticals Update: Amylyx Pharmaceuticals advanced 4.83% following its recent presentation of early Phase 1 trial data for AMX0114, which showed promising safety and tolerability, with further enrollment expected soon.
Modular Medical Unveils Plans for Public Offering
Public Offering Announcement: Modular Medical, Inc. has initiated an underwritten public offering of its common stock and warrants, aimed at adult users of its FDA-cleared insulin delivery patch pump.
Underwriter Details: Newbridge Securities Corporation is the sole bookrunner for the offering, which includes a potential 30-day option for the underwriter to purchase an additional 15% of the shares.
Regulatory Compliance: The offering is conducted under an effective shelf registration statement with the SEC, and all securities will be sold by Modular Medical.
Company Mission: Modular Medical aims to enhance insulin delivery technology, making it more accessible and user-friendly for individuals with diabetes, moving beyond just "superusers."
Biotech Stocks MODD, LAB, HOWL, COGT, LGVN, and ABCL Surge in After-Hours Trading - Nov 26
Biotech Stocks Surge: Several biotech and life sciences companies experienced significant gains in after-hours trading on November 26, indicating strong investor interest despite a lack of major news.
Modular Medical's Approval: Modular Medical, Inc. saw an 11.51% increase in share price after receiving Institutional Review Board approval for its Pivot insulin delivery system study, which aims to gather critical data on device usability.
Standard BioTools Collaboration: Standard BioTools Inc. advanced 4.90% following a strategic partnership announcement with Molecular Instruments to enhance protein imaging capabilities through next-generation Imaging Mass Cytometry workflows.
Ongoing Investor Optimism: Companies like Werewolf Therapeutics, Cogent Biosciences, and Longeveron also reported gains, reflecting continued investor confidence in their research and development efforts, despite no new corporate updates.
