Manchester Management Co Llc - Apr 24, 2025 Form 4 Insider Report for Modular Medical, Inc. (MODD)

Role
Chief Executive Officer, Director, Director by Deputization, 10%+ Owner
Signature
Manchester Management Company, LLC By: /s/ James E. Besser, Managing Member
Stock symbol
MODD
Transactions as of
Apr 24, 2025
Transactions value $
$117,500
Form type
4
Date filed
4/28/2025, 04:39 PM
Previous filing
Mar 24, 2025
SEC
View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction MODD Option to purchase common stock Award $118K +125K $0.94 125K Apr 24, 2025 Common Stock, par value $0.001 per share 125K $0.94 Direct F1, F2
holding MODD Option to purchase common stock 1.88K Apr 24, 2025 Common Stock, par value $0.001 per share 1.88K $1.10 Direct F3, F4
holding MODD Option to purchase common stock 9.38K Apr 24, 2025 Common Stock, par value $0.001 per share 7.5K $1.10 Direct F3, F4
holding MODD Common Stock Purchase Warrant 260K Apr 24, 2025 Common Stock, par value $0.001 per share 260K $1.12 See footnote F5, F6
holding MODD Common Stock Purchase Warrant 78.1K Apr 24, 2025 Common Stock, par value $0.001 per share 78.1K $1.12 Direct F2, F7
holding MODD Option to purchase common stock 9.38K Apr 24, 2025 Common Stock, par value $0.001 per share 9.38K $1.39 Direct F3, F4
holding MODD Option to purchase common stock 9.38K Apr 24, 2025 Common Stock, par value $0.001 per share 9.38K $1.56 Direct F3, F4
holding MODD Option to purchase common stock 9.38K Apr 24, 2025 Common Stock, par value $0.001 per share 9.38K $1.95 Direct F3, F4
holding MODD Option to purchase common stock 9.38K Apr 24, 2025 Common Stock, par value $0.001 per share 9.38K $1.78 Direct F3, F4
holding MODD Option to purchase common stock 135K Apr 24, 2025 Common Stock, par value $0.001 per share 135K $1.11 Direct F2, F8
holding MODD Option to purchase common stock 9.38K Apr 24, 2025 Common Stock, par value $0.001 per share 9.38K $1.16 Direct F3, F4
holding MODD Option to purchase common stock 9.38K Apr 24, 2025 Common Stock, par value $0.001 per share 9.38K $0.93 Direct F3, F4
holding MODD Option to purchase common stock 9.38K Apr 24, 2025 Common Stock, par value $0.001 per share 9.38K $1.44 Direct F3, F4
holding MODD Option to purchase common stock 1.88K Apr 24, 2025 Common Stock, par value $0.001 per share 1.88K $2.14 Direct F3, F4
holding MODD Option to purchase common stock 7.5K Apr 24, 2025 Common Stock, par value $0.001 per share 7.5K $2.14 Direct F3, F4
holding MODD Option to purchase common stock 1.88K Apr 24, 2025 Common Stock, par value $0.001 per share 1.88K $4.34 Direct F3, F4
holding MODD Option to purchase common stock 7.5K Apr 24, 2025 Common Stock, par value $0.001 per share 7.5K $4.34 Direct F3, F4
holding MODD Option to purchase common stock 3.63K Apr 24, 2025 Common Stock, par value $0.001 per share 3.63K $5.16 Direct F3, F4
holding MODD Option to purchase common stock 7.5K Apr 24, 2025 Common Stock, par value $0.001 per share 7.5K $5.16 Direct F3, F4
holding MODD Option to purchase common stock 4.49K Apr 24, 2025 Common Stock, par value $0.001 per share 4.49K $4.18 Direct F3, F4
holding MODD Option to purchase common stock 17.9K Apr 24, 2025 Common Stock, par value $0.001 per share 17.9K $4.18 Direct F3, F4
holding MODD Common Stock Purchase Warrant 234K Apr 24, 2025 Common Stock, par value $0.001 per share 234K $6.60 See footnote F6
holding MODD Common Stock Purchase Warrant 300K Apr 24, 2025 Common Stock, par value $0.001 per share 300K $6.60 See footnote F6
holding MODD Common Stock Purchase Warrant 119K Apr 24, 2025 Common Stock, par value $0.001 per share 119K $8.61 See footnote F6
holding MODD Option to purchase common stock 9.99K Apr 24, 2025 Common Stock, par value $0.001 per share 9.99K $7.51 Direct F3, F4
holding MODD Option to purchase common stock 2.5K Apr 24, 2025 Common Stock, par value $0.001 per share 2.5K $7.51 Direct F3, F4
holding MODD Option to purchase common stock 8.39K Apr 24, 2025 Common Stock, par value $0.001 per share 8.39K $2.98 Direct F3, F4, F9
holding MODD Option to purchase common stock 2.1K Apr 24, 2025 Common Stock, par value $0.001 per share 2.1K $2.98 Direct F3, F4, F9
holding MODD Option to purchase common stock 5.3K Apr 24, 2025 Common Stock, par value $0.001 per share 5.3K $5.90 Direct F3, F4, F9
holding MODD Option to purchase common stock 50K Apr 24, 2025 Common Stock, par value $0.001 per share 50K $2.87 Direct F4, F9
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The options were granted to the Reporting Person in accordance with the Issuer's Fiscal 2026 Two-Part FDA Submission and Product Milestone Bonus Program. The options will vest in two parts: (i) 50% if the Issuer submits a 510k related to MODDi to the FDA on or before October 31, 2025 and (ii) the remaining 50% if the manufacturing line is validated on MODDi with capacity to serve 6,000 patients by March 15, 2026.
F2 The reported securities are directly owned by James E. Besser in his personal capacity.
F3 The options were granted to the Reporting Person in accordance with the Issuer's Outside Director Compensation Plan, and the options were fully vested and exercisable on the grant date.
F4 The reported securities are directly owned by Morgan C. Frank in his personal capacity.
F5 Manchester Explorer, L.P. ("Explorer") acquired 260,416 units consisting of two shares of Common Stock, par value $0.001 per share and one warrant to purchase one share of Common Stock, par value $0.001 per share. It is anticipated that the warrants will become exercisable on or about March 25, 2025.
F6 The reported securities are owned directly by Explorer and may be deemed to be indirectly beneficially owned by (i) Manchester Management Company LLC ("Manchester Management"), the general partner of Explorer, (ii) Manchester Management PR, LLC ("Manchester PR"), the investment adviser to Manchester Management, (iii) James E. Besser, the managing member of Manchester Management and Manchester PR and (iv) Morgan C. Frank, who serves as a portfolio manager and as a consultant for Explorer. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein, and this report shall not be deemed an admission that the Reporting Persons are the beneficial owners of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
F7 James E. Besser acquired 78,125 units consisting of two shares of Common Stock, par value $0.001 per share and one warrant to purchase one share of Common Stock, par value $0.001 per share. It is anticipated that the warrants will become exercisable on or about March 25, 2025.
F8 This option has vested since (i) all verification and validation testing for the Registrant's initial pump product was completed by December 31, 2023 and (ii) the 510(K) premarket submission to the U.S. Food and Drug Administration ("FDA") for the Registrant's initial pump product was completed by January 31, 2024.
F9 These Shares reflect a 3 for 1 reverse stock split effective November 26, 2021.