4//SEC Filing
Manchester Explorer, L.P. 4
Accession 0000919574-22-001710
CIK 0001074871other
Filed
Feb 16, 7:00 PM ET
Accepted
Feb 17, 6:54 PM ET
Size
24.2 KB
Accession
0000919574-22-001710
Insider Transaction Report
Form 4
Transactions
- Exercise/Conversion
Convertible Promissory Note
2022-02-15−1,000,000→ 0 total(indirect: see footnote)→ Common Stock, par value $0.001 per share; Warrant - Exercise/Conversion
Common Stock Purchase Warrant
2022-02-15+234,274→ 234,274 total(indirect: see footnote)Exercise: $6.60From: 2022-02-14Exp: 2027-02-14→ Common Stock, par value $0.001 per share (234,274 underlying) - Exercise/Conversion
Common Stock, par value $0.001 per share
2022-02-15+234,274→ 2,218,077 total(indirect: see footnote)
Holdings
- 119,237(indirect: see footnote)
Common Stock Purchase Warrant
Exercise: $8.61From: 2022-02-06Exp: 2027-02-06→ Common Stock, par value $0.001 per share - 124,750
Common Stock, par value $0.001 per share
- 317,473(indirect: see footnote)
Common Stock, par value $0.001 per share
- 60,277
Common Stock, par value $0.001 per share
- 300,000(indirect: see footnote)
Common Stock Purchase Warrant
Exercise: $6.60From: 2022-02-10Exp: 2027-02-10→ Common Stock, par value $0.001 per share (300,000 underlying)
FRANK MORGAN C.
Director10% Owner
Transactions
- Exercise/Conversion
Convertible Promissory Note
2022-02-15−1,000,000→ 0 total(indirect: see footnote)→ Common Stock, par value $0.001 per share; Warrant - Exercise/Conversion
Common Stock, par value $0.001 per share
2022-02-15+234,274→ 2,218,077 total(indirect: see footnote) - Exercise/Conversion
Common Stock Purchase Warrant
2022-02-15+234,274→ 234,274 total(indirect: see footnote)Exercise: $6.60From: 2022-02-14Exp: 2027-02-14→ Common Stock, par value $0.001 per share (234,274 underlying)
Holdings
- 317,473(indirect: see footnote)
Common Stock, par value $0.001 per share
- 60,277
Common Stock, par value $0.001 per share
- 119,237(indirect: see footnote)
Common Stock Purchase Warrant
Exercise: $8.61From: 2022-02-06Exp: 2027-02-06→ Common Stock, par value $0.001 per share - 124,750
Common Stock, par value $0.001 per share
- 300,000(indirect: see footnote)
Common Stock Purchase Warrant
Exercise: $6.60From: 2022-02-10Exp: 2027-02-10→ Common Stock, par value $0.001 per share (300,000 underlying)
BESSER JAMES E
Chief Executive Officer10% Owner
Transactions
- Exercise/Conversion
Common Stock, par value $0.001 per share
2022-02-15+234,274→ 2,218,077 total(indirect: see footnote) - Exercise/Conversion
Convertible Promissory Note
2022-02-15−1,000,000→ 0 total(indirect: see footnote)→ Common Stock, par value $0.001 per share; Warrant - Exercise/Conversion
Common Stock Purchase Warrant
2022-02-15+234,274→ 234,274 total(indirect: see footnote)Exercise: $6.60From: 2022-02-14Exp: 2027-02-14→ Common Stock, par value $0.001 per share (234,274 underlying)
Holdings
- 124,750
Common Stock, par value $0.001 per share
- 300,000(indirect: see footnote)
Common Stock Purchase Warrant
Exercise: $6.60From: 2022-02-10Exp: 2027-02-10→ Common Stock, par value $0.001 per share (300,000 underlying) - 317,473(indirect: see footnote)
Common Stock, par value $0.001 per share
- 60,277
Common Stock, par value $0.001 per share
- 119,237(indirect: see footnote)
Common Stock Purchase Warrant
Exercise: $8.61From: 2022-02-06Exp: 2027-02-06→ Common Stock, par value $0.001 per share
MANCHESTER MANAGEMENT CO LLC
DirectorChief Executive Officer10% OwnerOther
Transactions
- Exercise/Conversion
Common Stock, par value $0.001 per share
2022-02-15+234,274→ 2,218,077 total(indirect: see footnote) - Exercise/Conversion
Convertible Promissory Note
2022-02-15−1,000,000→ 0 total(indirect: see footnote)→ Common Stock, par value $0.001 per share; Warrant - Exercise/Conversion
Common Stock Purchase Warrant
2022-02-15+234,274→ 234,274 total(indirect: see footnote)Exercise: $6.60From: 2022-02-14Exp: 2027-02-14→ Common Stock, par value $0.001 per share (234,274 underlying)
Holdings
- 60,277
Common Stock, par value $0.001 per share
- 317,473(indirect: see footnote)
Common Stock, par value $0.001 per share
- 124,750
Common Stock, par value $0.001 per share
- 300,000(indirect: see footnote)
Common Stock Purchase Warrant
Exercise: $6.60From: 2022-02-10Exp: 2027-02-10→ Common Stock, par value $0.001 per share (300,000 underlying) - 119,237(indirect: see footnote)
Common Stock Purchase Warrant
Exercise: $8.61From: 2022-02-06Exp: 2027-02-06→ Common Stock, par value $0.001 per share
Transactions
- Exercise/Conversion
Common Stock, par value $0.001 per share
2022-02-15+234,274→ 2,218,077 total(indirect: see footnote) - Exercise/Conversion
Convertible Promissory Note
2022-02-15−1,000,000→ 0 total(indirect: see footnote)→ Common Stock, par value $0.001 per share; Warrant - Exercise/Conversion
Common Stock Purchase Warrant
2022-02-15+234,274→ 234,274 total(indirect: see footnote)Exercise: $6.60From: 2022-02-14Exp: 2027-02-14→ Common Stock, par value $0.001 per share (234,274 underlying)
Holdings
- 317,473(indirect: see footnote)
Common Stock, par value $0.001 per share
- 124,750
Common Stock, par value $0.001 per share
- 60,277
Common Stock, par value $0.001 per share
- 300,000(indirect: see footnote)
Common Stock Purchase Warrant
Exercise: $6.60From: 2022-02-10Exp: 2027-02-10→ Common Stock, par value $0.001 per share (300,000 underlying) - 119,237(indirect: see footnote)
Common Stock Purchase Warrant
Exercise: $8.61From: 2022-02-06Exp: 2027-02-06→ Common Stock, par value $0.001 per share
Footnotes (6)
- [F1]The reported securities were obtained due to the conversion of a Convertible Promissory Note (the "Note"). The Note was convertible into an equal amounts of shares of Common Stock, par value $0.001 per share and Common Stock Purchase Warrants at a conversion price equal to the sum of principal and accrued interest multiplied by 1.25. The principal amount of the Note was $1,026,630 and the Note had accrued $97,881 of interest. The total principal and interest was then multiplied by 1.25 resulting in a conversion value of $1,405,639. This translated to 234,274 shares of Common Stock, par value $0.001 per share and 234,274 Common Stock Purchase Warrants based upon a $6.00 purchase price. The foregoing description of the Note does not purport to be complete and is subject to and qualified in its entirety by reference to the Form of Convertible Promissory Note included as Exhibit 10.21 of the Issuer's 8-K filed on May 12, 2021, which is incorporated by reference.
- [F2]The reported securities are owned directly by Manchester Explorer, L.P. ("Explorer") and may be deemed to be indirectly beneficially owned by (i) 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 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.
- [F3]The reported securities are owned directly by JEB Partners, L.P. ("JEB Partners") and may be deemed to be indirectly beneficially owned by (i) Manchester Management, the general partner of JEB Partners, (ii) Manchester PR, the investment adviser to Manchester Management, and (iii) James E. Besser, the managing member of Manchester Management and Manchester PR. 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.
- [F4]The reported securities are directly owned by James E. Besser in his personal capacity.
- [F5]The reported securities are directly owned by Morgan C. Frank in his personal capacity.
- [F6]This amount of reported securities has been adjusted from 126,391 to 119,237 to accurately reflect the number of Warrants held by Explorer. The foregoing description of the Warrant does not purport to be complete and is subject to and qualified in its entirety by reference to the Form of Common Stock Purchase Warrant included as Exhibit 10.22 of the Issuer's 8-K filed on May 12, 2021, which is incorporated by reference.
Documents
Issuer
Modular Medical, Inc.
CIK 0001074871
Entity typeother
IncorporatedDE
Related Parties
1- filerCIK 0001411524
Filing Metadata
- Form type
- 4
- Filed
- Feb 16, 7:00 PM ET
- Accepted
- Feb 17, 6:54 PM ET
- Size
- 24.2 KB