SAN DIEGO, CA / ACCESSWIRE / May 25, 2023 / Modular Medical, Inc. (the "Company" or "Modular Medical") (Nasdaq:MODD), a development stage insulin delivery technology company seeking to launch the next generation of easy to use and affordable insulin pump technology, today announced that the underwriter of the Company's previously announced public offering has exercised in full its option to purchase an additional 1,322,534 shares of its common stock and warrants to purchase 661,267 shares of its common stock. The warrants will be exercisable at $1.22 per share and will expire five years from the date of issuance.

Newbridge Securities Corporation acted as the sole book-running manager of the offering.

With the addition of the full exercise of the underwriter's option to purchase additional units, the total gross proceeds from the offering are approximately $10.8 million, before deducting underwriting discounts and commissions and other offering expenses payable by the Company. Modular Medical intends to use the net proceeds from this offering for general corporate purposes, including working capital, to fund its operations through the approval of its product by the FDA, to develop its initial sales and marketing infrastructure, to fund additional research and development activities, to develop initial manufacturing and production capabilities and make related capital expenditures. The closing of the underwriter's option to purchase additional units occurred on May 25, 2023.

A registration statement on Form S-1 (File No. 333-271413) was filed with the Securities and Exchange Commission ("SEC") and became effective on May 15, 2023. A final prospectus relating to the offering was filed with the SEC on May 17, 2023. Electronic copies of the final prospectus relating to the offering may be obtained, when available, on the SEC's website at http://www.sec.gov or by contacting Newbridge Securities Corporation, Attn: Equity Syndicate Department, 1200 North Federal Highway, Suite 400, Boca Raton, FL 33432, by email at syndicate@newbridgesecurities.com or by telephone at (877) 447-9625.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor are there any sales of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

About Modular Medical

Modular Medical, Inc. (Nasdaq:MODD) is a development-stage medical device company that intends to launch the next generation of insulin delivery technology. Using its patented technologies, the company seeks to eliminate the tradeoff between complexity and efficacy, thereby making top quality insulin delivery both affordable and simple to learn. Our mission is to improve access to the highest standard of glycemic control for people with diabetes taking it beyond "superusers" and providing "diabetes care for the rest of us."