SCHEDULE: Solas Capital Management Discloses Stake in Modular Medical

Solas Capital Management, LLC and Frederick Tucker Golden have reported beneficial ownership of 9.6% of Modular Medical, Inc.'s common stock, including shares issuable upon exercise of warrants.

Summary

• Solas Capital Management, LLC and Frederick Tucker Golden have filed a Schedule 13G, indicating their beneficial ownership of 464,850 shares of Modular Medical, Inc. common stock.
• This holding represents approximately 9.6% of the company's outstanding common stock as of March 31, 2026.
• The reported shares include 288,095 directly held shares and 176,755 shares issuable upon the exercise of warrants.
• Solas Capital Management, LLC is registered as an investment adviser and manages several private funds that hold these securities.
• Frederick Tucker Golden, as Portfolio Manager for Solas Capital Management, LLC, has investment and voting discretion over these shares.
• Both reporting persons disclaim beneficial ownership over any securities beyond their reported holdings, and the filing does not imply control over the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it purely reports ownership stakes and does not contain operational or financial performance data.

Positives

• Significant stake reported by Solas Capital Management, LLC and Frederick Tucker Golden, indicating investor confidence.
• The stake includes exercisable warrants, suggesting potential for increased ownership and future investment.
• The reporting is in accordance with SEC regulations, demonstrating compliance.

Negatives

• The filing does not provide any financial performance data or operational updates for Modular Medical, Inc.
• The exact nature of the warrants and their terms are not detailed within this filing.

Risks

• The filing does not explicitly mention any risks associated with Modular Medical, Inc.'s business operations or financial health.
• Potential for increased share price volatility due to the significant stake held by Solas Capital Management, LLC.

Future Outlook

This filing is a Schedule 13G, which reports beneficial ownership and does not contain forward-looking statements or guidance regarding the company's future performance.

Management Comments

• Solas Capital Management, LLC, which serves as the investment manager to two private funds (the "Funds") and as sub-adviser to another private fund (the "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 owners 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 and the Other Fund 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 and the Other Fund are the beneficial owner of any of the securities reported herein.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are common for institutional investors accumulating significant stakes in publicly traded companies. This filing indicates Solas Capital Management's interest in Modular Medical, Inc., but provides no insight into the company's operational performance or strategic direction.

Stakeholder Impact

• Shareholders: May observe increased interest in the stock due to the significant stake, potentially influencing trading activity.
• Management: May need to engage with Solas Capital Management, LLC regarding their investment strategy.
• Creditors: No direct impact indicated by this filing.

Next Steps

• Monitor future filings from Solas Capital Management, LLC and Frederick Tucker Golden for any changes in beneficial ownership.
• Observe Modular Medical, Inc.'s subsequent filings for any operational or financial updates that may provide context for this investment.

Key Dates

Keywords

Schedule 13G, Modular Medical, Solas Capital Management, Frederick Tucker Golden, Beneficial Ownership, Common Stock, Warrants, SEC Filing, Investment Adviser