Business: Modular Medical, Inc. 13.00% Series A Cumulative Redeemable Perpetual Preferred Stock, liquidation preference $25 per share, redeemable at the issuer's option on or after (__)/2023 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 13% per annum ($3.25 per annum or $0.8125 per quarter) will be paid quarterly on 1/15, 4/15, 7/15 & 10/15 to holders of record on 1/1, 4/1, 7/1 & 10/1 or the record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The Issuer will hold an amount equal to the first three years of dividend payments, or $9.75 per share of Series A Preferred Stock, from the proceeds from the Offering to be retained in the Offering Escrow Account. Upon the occurrence of a change of control the company will have the option within 120 days to redeem the preferred shares at $25 per share plus accrued and unpaid dividends. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page 52 of the prospectus for further information). This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.