Modular Medical Announces Full Exercise Of Underwriter's Option To Purchase An Additional 1,322,534 Shares Of Its Common Stock
Portfolio Pulse from Happy Mohamed
Modular Medical (NASDAQ:MODD) announced that the underwriter of its public offering has fully exercised its option to purchase an additional 1,322,534 shares and warrants to purchase 661,267 shares. The total gross proceeds from the offering are approximately $10.8 million.

May 25, 2023 | 8:23 pm
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Modular Medical's underwriter exercised its option to purchase additional shares, raising total gross proceeds to $10.8 million.
The underwriter's full exercise of its option to purchase additional shares and warrants increases the total gross proceeds from the offering to $10.8 million. This additional capital will help fund Modular Medical's operations, R&D, sales and marketing infrastructure, and manufacturing capabilities. The news is likely to have a positive short-term impact on the stock price as it demonstrates confidence in the company and provides additional resources for growth.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100