We propose a free-space electro-optic transmission modulator based on multiple p-n-junction semiconductor subwavelength gratings. The proposed device operates with a high-Q guided-mode resonance undergoing electro-optic resonance shift due to direct electrical control. Using rigorous electrical and optical modeling methods, we theoretically demonstrate a modulation depth of 84%, on-state efficiency 85%, and on-off extinction ratio of 19 dB at 1,550 nm wavelength under electrical control signals within a favorably low bias voltage range from -4 V to +1 V. This functionality operates in the transmission mode and sustainable in the high-speed operation regime up to a 10-GHz-scale modulation bandwidth in principle. The theoretical performance prediction is remarkably advantageous over plasmonic tunable metasurfaces in the power-efficiency and absolute modulation-depth aspects. Therefore, further experimental study is of great interest for creating practical-level metasurface components in various application areas.