Certain stock options of Modular Medical, Inc. are subject to a Lock-Up Agreement Ending on 15-MAY-2024.
May 14, 2024
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Certain stock options of Modular Medical, Inc. are subject to a Lock-Up Agreement Ending on 15-MAY-2024. These stock options will be under lockup for 90 days starting from 15-FEB-2024 to 15-MAY-2024.
Details:
Directors, officers and holders of 5% or more of any class of the Company?s equity Securities issued and outstanding immediately prior to such Offering, with the exception of Sio Capital Management, LLC, has entered into a lock-up agreement with the underwriters. Under the lock-up agreements, without the prior written consent of the Representative, the foregoing persons may not, directly or indirectly, (i) sell, assign, transfer, pledge, offer to sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option for sale (including any short sale), right or warrant to purchase, lend, establish an open ?put equivalent position? (within the meaning of Rule 16a-1(h) under the Exchange Act), or otherwise dispose of, or enter into any transaction which is designed to or could be expected to result in the disposition of, any shares of common stock for a period of 90 days from the date of this prospectus supplement.
Modular Medical, Inc. is a development stage, medical device company. The Company is focused on the design, development, and commercialization of an insulin pump using modernized technology to increase pump adoption in the diabetes marketplace. The Company, through the creation of two-part patch pump, MODD1, seeks to serve both the type 1 and type 2 diabetes markets. The Company, using its methods of insulin measurement, is able to eschew complex mechanisms and instead build a product candidate using only parts from high volume consumer electronics manufacturing lines. It provides an insulin pump, which has both basal (steady flow) and bolus (mealtime dosing) insulin disbursement. It also consists of a natural migration path to multi-chamber/multi-liquid pumps, potentially offering an array of new therapies to patients with diabetes and other conditions.