MODD · Modular Medical, Inc.

Modular Medical, Inc. executed a Placement Agency Agreement with Maxim Group LLC on April 19, 2026, to facilitate a registered direct offering of 750,000 shares of common stock at $4.50 per share, targeting gross proceeds of $3.375 million prior to deductions. This capital raise, conducted under an existing shelf registration statement (Form S-3, File No. 333-287313, effective May 22, 2025), is scheduled to close on April 21, 2026, subject to standard conditions. The agreement stipulates a 7% cash fee to the placement agent based on gross proceeds and reimburses expenses up to $75,000, providing immediate liquidity while imposing restrictions to protect the offering. Notably, all directors and executive officers are bound by 90-day lock-up agreements, preventing sales or transfers without agent consent, which signals alignment with shareholder interests and reduces near-term dilution risk from insiders. The company further commits to a 45-day standstill on additional equity issuances post-closing, offering investors temporary protection against dilution. Maxim Group LLC receives a right of first refusal for any at-the-market offerings over the subsequent three months, potentially streamlining future financings. A legal opinion from Lucosky Brookman, LLP confirms the shares' validity when issued. The press release (Exhibit 99.1) highlights the company's focus on insulin delivery innovation, positioning this raise to support development amid diabetes care market opportunities.