Modular Medical Prices $10M Public Offering Of 9,090,910 shares At $1.10/Share
Portfolio Pulse from Benzinga Newsdesk
Modular Medical has announced a public offering of 9,090,910 shares at $1.10 each, led by Manchester Explorer, L.P. and including other institutional investors. The company also granted an option for the purchase of up to 1,321,989 additional shares.
February 16, 2024 | 6:57 am
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Modular Medical announces a $10M public offering at $1.10/share with an additional purchase option, indicating potential dilution but also capital infusion.
The public offering by Modular Medical is likely to have a neutral short-term impact on its stock price. While the offering could lead to dilution of existing shares, the capital raised could be used for growth initiatives, balancing the potential negative impact. The involvement of key insiders and institutional investors could be seen as a vote of confidence in the company's future.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100