Solas Capital discloses 6.8% Modular Medical (MODD) stake in amended 13G

Rhea-AI Filing Summary

Solas Capital Management, LLC and Frederick Tucker Golden report beneficial ownership of 5,326,906 shares of Modular Medical, Inc. common stock, representing about 6.8% of the company’s outstanding common stock.

The position includes 4,424,059 common shares and 902,847 additional shares issuable upon exercise of warrants held by two private funds and another fund they manage. Voting and investment power over all 5,326,906 shares is reported on a shared basis, with no sole voting or dispositive power. The filing states the securities are held in the ordinary course of business and not for the purpose of changing or influencing control of Modular Medical.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Modular Medical, Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

60785L207

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 60785L207

1

Names of Reporting Persons

Solas Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,326,906.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,326,906.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,326,906.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.8 %

12

Type of Reporting Person (See Instructions)

IA, HC, OO

SCHEDULE 13G

CUSIP No. 60785L207

1

Names of Reporting Persons

FREDERICK TUCKER GOLDEN

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 5,326,906.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 5,326,906.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,326,906.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.8 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Modular Medical, Inc.
(b)	Address of issuer's principal executive offices: 10740 THORNMINT ROAD, SAN DIEGO, CALIFORNIA, 92127.
Item 2.
(a)	Name of person filing: Solas Capital Management, LLC Frederick Tucker Golden
(b)	Address or principal business office or, if none, residence: Solas Capital Management, LLC 1063 Post Road, 2nd Floor Darien, CT 06820 Frederick Tucker Golden c/o Solas Capital Management, LLC 1063 Post Road, 2nd Floor Darien, CT 06820
(c)	Citizenship: Solas Capital Management, LLC - Delaware Frederick Tucker Golden - United States
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 60785L207
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Solas Capital Management, LLC is an investment adviser that is registered under the Investment Advisers Act of 1940. Solas Capital Management, LLC, which serves as the investment manager to two private funds ("Funds") and as sub-adviser to another private fund ("Other Fund"), which hold securities for the benefit of their investors, and Mr. Frederick Tucker Golden, as Portfolio Manager of Solas Capital Management, LLC, with the power to exercise investment and voting discretion, may be deemed to be the beneficial owner of all shares of Common Stock held by the Funds and by the Other Fund. Pursuant to Rule 13d-4 under the Securities Exchange Act of 1934, as amended, each of the Funds expressly disclaims beneficial ownership over any of the securities reported in this statement, and the filing of this statement shall not be construed as an admission that any of the Funds are the beneficial owner of any of the securities reported herein. This amount comprises beneficial ownership of 5,326,906 shares of Common Stock which consists of (i) 4,424,059 shares of Common Stock and (ii) 902,847 shares issuable upon exercise of warrants (the "Warrants") held by the Funds and the Other Fund. Solas Capital Management, LLC - 5,326,906 Frederick Tucker Golden - 5,326,906
(b)	Percent of class: All such shares of Common Stock in the aggregate represent beneficial ownership of approximately 6.8% of the Common Stock based on (i) 77,676,339 shares of Common Stock outstanding as of December 24, 2025 as represented in the DEF 14A: Other definitive proxy statement filed by the Issuer with the Securities and Exchange Commission ("SEC") on January 8, 2026, plus (ii) 902,847 shares of Common Stock issuable upon the exercise of the Warrants. Solas Capital Management, LLC - 6.8% Frederick Tucker Golden - 6.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Solas Capital Management, LLC - 0 Frederick Tucker Golden - 0
	(ii) Shared power to vote or to direct the vote: Solas Capital Management, LLC - 5,326,906 Frederick Tucker Golden - 5,326,906
	(iii) Sole power to dispose or to direct the disposition of: Solas Capital Management, LLC - 0 Frederick Tucker Golden - 0
	(iv) Shared power to dispose or to direct the disposition of: Solas Capital Management, LLC - 5,326,906 Frederick Tucker Golden - 5,326,906
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. See Notes above.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Notes above.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Solas Capital Management, LLC

Signature:	/s/ Frederick Tucker Golden
Name/Title:	Frederick Tucker Golden/General Partner, Solas Capital Holdings, LP, its Member
Date:	02/17/2026

FREDERICK TUCKER GOLDEN

Signature:	/s/ Frederick Tucker Golden
Name/Title:	Frederick Tucker Golden
Date:	02/17/2026

FAQ

What ownership stake in Modular Medical (MODD) is reported in this Schedule 13G/A?

The filing reports beneficial ownership of 5,326,906 shares of Modular Medical common stock, equal to about 6.8% of the class. This percentage is based on 77,676,339 shares outstanding plus 902,847 shares issuable upon warrant exercise.

Who are the reporting persons in the Modular Medical (MODD) Schedule 13G/A filing?

The reporting persons are Solas Capital Management, LLC and Frederick Tucker Golden. Solas acts as investment manager or sub-adviser to private funds holding the securities, and Golden is the portfolio manager with investment and voting discretion over those fund holdings.

How is the 5,326,906-share position in Modular Medical (MODD) constructed?

The reported beneficial ownership consists of 4,424,059 common shares plus 902,847 shares of common stock issuable upon exercise of warrants. These securities are held by two private funds and another fund advised or sub-advised by Solas Capital Management.

What voting and dispositive powers are reported over Modular Medical (MODD) shares?

Solas Capital Management and Frederick Tucker Golden each report 0 shares with sole voting or dispositive power and 5,326,906 shares with shared voting and dispositive power. This means decisions over these shares are exercised on a shared, not individual, basis.

Does the Schedule 13G/A indicate an intent to influence control of Modular Medical (MODD)?

The certification states the securities were acquired and are held in the ordinary course of business and not for the purpose or effect of changing or influencing control of Modular Medical, nor in connection with any transaction having that control-related purpose or effect.

How was the 6.8% ownership of Modular Medical (MODD) calculated?

The 6.8% figure is based on 77,676,339 shares of common stock outstanding as of December 24, 2025, as cited from a DEF 14A, plus 902,847 shares of common stock issuable upon exercise of warrants held by the reporting funds.