Modular Medical Announces Exercise of Warrants for $4.4 Million in Gross Proceeds

SAN DIEGO, CA / ACCESS Newswire / September 29, 2025 / Modular Medical, Inc. (NASDAQ:MODD) ("Modular Medical" or the "Company"), a leader in innovative insulin delivery technology targeting the $3 billion adult "almost-pumpers" diabetes market, today announced the exercise of certain existing warrants issued in May 2023 and March 2025 (the "Existing Warrants") at a reduced exercise price of $0.68 per share. The shares of common stock issuable upon exercise of the Existing Warrants are registered pursuant to effective registration statements on Form S-1 (file no. 333-271413), as amended, and Form S-3 (file no. 333-286768).

In consideration for the immediate exercise of 6,504,731 Existing Warrants for cash, the Company will issue new unregistered warrants to purchase up to 3,252,366 shares of common stock (the "New Warrants"). The New Warrants will have an exercise price of $0.84 per share and will be exercisable upon issuance and will have a term equal to five years from the date of issuance.

The gross proceeds to the Company from the exercise of the Existing Warrants were approximately $4.4 million, prior to deducting servicing agent fees and offering expenses. The Company intends to use the net proceeds for working capital and general corporate purposes.

The New Warrants described above were offered in a private placement pursuant to an applicable exemption from the registration requirements of the Securities Act of 1933, as amended (the "1933 Act"), and, along with the shares of common stock issuable upon exercise, have not been registered under the 1933 Act, and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission ("SEC") or an applicable exemption from such registration requirements. The Company has agreed to file a registration statement with the SEC covering the resale of the shares of common stock issuable upon exercise of the New Warrants.

Additional information regarding the offering is available in the Form 8-K the Company filed with the SEC on September 23, 2025.

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