SoFi CEO enters prepaid forward contract on 1.5 million shares
In recent transactions involving Modular Medical (TASE:BLWV), Inc. (NASDAQ:MODD), a small-cap medical device company valued at $44.7 million, Manchester Management Co LLC, along with its affiliates, acquired a significant amount of common stock. According to InvestingPro data, the stock has shown strong momentum with a 25% gain over the past week, despite a challenging six-month period. The transactions, filed in a Form 4 with the Securities and Exchange Commission, reveal that Manchester Management Co purchased a total of 677,082 shares at a price of $1.92 per share. This acquisition represents a total investment of approximately $1.29 million. The company maintains a solid financial position with more cash than debt on its balance sheet and a healthy current ratio of 5.3x.
The shares were acquired in two separate transactions on March 20, 2025. Manchester Explorer, L.P., a related entity, purchased 520,832 shares, while James E. Besser, in his personal capacity, acquired 156,250 shares. Following these transactions, Manchester Management Co and its affiliates hold a substantial position in Modular Medical, with a total of 3,805,575 shares owned indirectly.
These transactions reflect Manchester Management Co’s continued interest in Modular Medical, further solidifying its position as a significant stakeholder in the company. For comprehensive insider trading analysis and additional financial insights, including 8 more exclusive ProTips, visit InvestingPro.
In other recent news, Modular Medical, Inc. has secured approximately $12 million in a private placement with institutional and accredited investors. This fundraising is aimed at enhancing the supply chain and improving margins for the MODD1 product, as well as developing a tubeless version for FDA submission later in 2025. Concurrently, the company is conducting a direct private placement to potentially raise an additional $500,000. At the company’s recent annual shareholder meeting, all seven director nominees were elected, and an amendment to the 2017 Equity Incentive Plan was approved, increasing the share reserve by 3,000,000 shares. The amendment to the equity plan is intended to help attract and retain talent. Additionally, the appointment of Farber Hass Hurley LLP as the independent registered public accounting firm for the fiscal year ending March 31, 2025, was ratified. These developments highlight Modular Medical’s strategic moves to strengthen its operations and governance.
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