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2026-03-12
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of report (Date of earliest event reported):
March 12, 2026
MODULAR
MEDICAL, INC.
(Exact name of registrant as specified in its charter)
| Nevada |
|
001-41277 |
|
87-0620495 |
|
(State or other jurisdiction
of incorporation) |
|
(Commission File No.) |
|
(IRS Employer
Identification No.) |
| 10740 Thornmint Road, San Diego, California |
|
92127 |
| (Address of principal executive offices) |
|
(Zip Code) |
858-800-3500
(Registrant’s telephone
number, including area code)
10740 Thornmint Road
San Diego, CA 92127
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
| ☐ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
|
Trading symbol(s) |
|
Name of each exchange on which registered |
| Common Stock |
|
MODD |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934
(17 CFR §240.12b-2 ).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 8.01 Other Events.
On March 12, 2026, Modular Medical, Inc. (the
“Company”) implemented an employee lay-off and eliminated certain positions (the “Reductions”) to reduce the Company’s
operating expense and cash burn, as the Company prioritizes business activities and projects that it believes will have a higher return
on investment. The Reductions impacted 20 positions, or approximately 29% of the Company’s workforce. The Company expects that the
Reductions will reduce annual operating expenses by approximately $3.4 million.
The Company estimates that the
total non-recurring charges will approximate $0.1 million to $0.2 million in connection with the Reductions, primarily
consisting of severance payments. The Company expects that the majority of the charges would be incurred by the quarter ending June
30, 2026. The charges that the Company expects to incur and the estimated cost savings are subject to a number of assumptions, and
actual expenses may differ materially from the estimates disclosed.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
Modular Medical, Inc. |
| |
|
| Date: March 13, 2026 |
/s/ James E. Besser |
| |
James Besser |
| |
Chief Executive Officer |
