SEC Form 4 · accession 0001010412-17-000020
Modular Medical, Inc. · MODD
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Derrick M Albiston
Other
Period of report
Apr 26, 2017
Accepted (ET)
Apr 27, 2017 · 3:42 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001074871
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF2,F1 | Apr 26, 2017 | S | 181,633 | $0.022 | D | 104,083 | D | |
| Common StockF3 | Apr 26, 2017 | S | 82,416 | $0.02 | D | 21,667 | D | |
| Common StockF4,F5 | Apr 26, 2017 | S | 6,667 | $0.02 | D | 15,000 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1These shares reflect a 3.5 for 1 reverse stock split effective October 23, 2006. The previous ownership reported was 1,000,000 shares beneficially owned, which after the reverse and rounding equals 285,716 shares beneficially owned.
- F2181,633 shares were cancelled to the Company for an aggregate price of $4,000 pursuant to a Common Stock Purchase Agreement dated April 5, 2017 (the "Agreement"), and filed with the Securities and Exchange Commission on that date; the Agreement was closed and completed on April 26, 2017, at which time Mr. Albiston's resignation as an officer and director became effective.
- F3Mr. Albiston sold 82,416 shares to a person who may be deemed to have been a related party of the Company at $0.02 per share for an aggregate purchase price of $1,648.32.
- F4Mr. Albiston sold 6,667 shares to a former legal counsel of the Company at $0.02 per share for an aggregate purchase price of $133.34.
- F5The Agreement required that the remaining 15,000 shares owned by Mr. Albiston be pledged to the Company for a period of 12 months under an Indemnification Escrow Agreement and an Indemnification Agreement.
Remarks
The Agreement required that the remaining 15,000 shares owned by Mr. Albiston be pledged to the Company for a period of 12 months under an Indemnification Escrow Agreement and an Indemnification Agreement.