SoFi CEO enters prepaid forward contract on 1.5 million shares
In a recent filing with the Securities and Exchange Commission, Modular Medical (TASE:BLWV), Inc. (NASDAQ:MODD) reported significant insider purchases by Manchester Management Company LLC and its affiliates. On March 20, 2025, the insiders acquired a total of 677,082 shares of common stock at a price of $1.92 per share, totaling approximately $1.3 million. The timing appears strategic, as InvestingPro data shows the stock has gained 25% in the past week, though it remains 58% below its 52-week high of $2.65.
The transactions involved Manchester Management Company LLC, Manchester Management PR, LLC, and James E. Besser, who serves as the Chief Executive Officer and is a significant shareholder. The purchases were made through Manchester Explorer, L.P. and JEB Partners, L.P., entities affiliated with Manchester Management. With a market capitalization of $44.73 million, these purchases represent a significant portion of the company’s value.
Following these transactions, the insiders now hold substantial positions in Modular Medical, indicating continued confidence in the company’s prospects. Modular Medical is based in San Diego, California, and operates in the surgical and medical instruments sector.
In other recent news, Modular Medical, Inc. has secured approximately $12 million through a private placement involving institutional and accredited investors. The transaction, set to close on March 25, 2025, will support supply-chain enhancements and margin improvements for the company’s MODD1 product. Funds will also aid in developing a tubeless version of the MODD1, with plans for FDA submission in the third quarter of 2025 and efforts to secure a CE mark for overseas market entry. Additionally, Modular Medical is conducting a direct private placement to potentially raise an additional $500,000.
In corporate governance developments, Modular Medical held its annual shareholder meeting, where all seven director nominees were elected to serve until the next meeting. Shareholders approved an amendment to the company’s equity incentive plan, increasing the shares reserved for issuance by 3,000,000. The ratification of Farber Hass Hurley LLP as the company’s independent registered public accounting firm for the fiscal year ending March 31, 2025, was also passed with a significant majority. These developments reflect investor confidence in the company’s strategic direction and leadership.
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