Filed Pursuant to Rule 424(b)(5)
Registration No. 333-264116
PROSPECTUS SUPPLEMENT
(to the Prospectus dated May 25, 2022)
MOVANO INC.
Common Stock
Having an Aggregate Offering Price of up to
$50,000,000
We have entered into an At
the Market Issuance Agreement (the “Issuance Agreement”) with B. Riley Securities, Inc. (the “Sales Agent”) relating
to shares of our common stock, par value $0.0001 per share, offered by this prospectus supplement and accompanying prospectus. In accordance
with the terms of the Issuance Agreement, we may from time to time offer and sell shares of our common stock (the “Shares”)
having an aggregate offering price of up to $50,000,000 through the Sales Agent.
Sales of Shares, if any, may
be made by means of transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities
Act of 1933, as amended (the “Securities Act”), including block trades and sales made in ordinary brokers’ transactions
on the Nasdaq Capital Market (“Nasdaq”). The compensation payable to the Sales Agent for sales of Shares with respect to which
the Sales Agent acts as sales agent shall be 3.0% of the gross sales price for such Shares.
Under the terms of the Issuance
Agreement, we also may sell Shares to the Sales Agent as principal for its own accounts. If we sell shares to the Sales Agent as principal,
we will enter into a separate terms agreement with the Sales Agent setting forth the terms of such transaction. In connection with the
sale of the Shares on our behalf, the Sales Agent may be deemed an “underwriter” within the meaning of the Securities Act
and the compensation paid to the Sales Agent may be deemed to be underwriting commissions or discounts.
The Sales Agent is not required
to sell any specific number or dollar amount of Shares, but, if instructed to do so and subject to the terms and conditions of the Issuance
Agreement, the Sales Agent will use its commercially reasonable efforts to sell all of the designated Shares in accordance with our instruction.
Our common stock trades on
the Nasdaq Capital Market under the symbol “MOVE.” On August 12, 2022, the last reported sale price of our common stock on
the Nasdaq Capital Market was $2.83 per share.
Investing in our securities
involves a high degree of risk. Before making an investment decision, you should carefully review and consider all of the information
set forth in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference herein and therein, including
the risks and uncertainties described under “Risk Factors” beginning on page S-3 of this prospectus supplement and the risk
factors incorporated by reference into this prospectus supplement and the accompanying prospectus.
Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
B. Riley
Securities
The date of this prospectus supplement is August
15, 2022.
Table of Contents
ABOUT THIS PROSPECTUS SUPPLEMENT
This prospectus supplement
and the accompanying base prospectus are part of a registration statement that we filed with the Securities and Exchange Commission (the
“SEC”) utilizing a “shelf” registration process. By using a shelf registration statement, we may offer shares
of our common stock having an aggregate offering price of up to $50,000,000 from time to time under this prospectus supplement at prices
and on terms to be determined by market conditions at the time of offering.
We provide information to
you about this offering of our common stock in two separate documents that are bound together: (1) this prospectus supplement, which describes
the specific details regarding this offering; and (2) the accompanying prospectus, which provides general information, some of which
may not apply to this offering. Generally, when we refer to this “prospectus supplement,” we are referring to both documents
combined. If information in this prospectus supplement is inconsistent with the accompanying prospectus, you should rely on this prospectus
supplement. To the extent there is a conflict between the information contained in this prospectus supplement, on the one hand, and the
information contained in any document incorporated by reference in this prospectus supplement, on the other hand, you should rely on the
information in this prospectus supplement. If any statement in one of these documents is inconsistent with a statement in another document
having a later date—for example, a document incorporated by reference in this prospectus supplement—the statement in the document
having the later date modifies or supersedes the earlier statement. You should carefully read this prospectus supplement, the
accompanying prospectus and the information and documents incorporated herein by reference herein and therein, as well as any free
writing prospectus we have authorized for use in connection with this offering, before making an investment decision. See
“Incorporation of Certain Documents by Reference” and “Where You Can Find More Information”
in this prospectus supplement and in the accompanying prospectus.
Neither we nor the Sales Agent
have authorized anyone to provide you with additional or different information. We take no responsibility for, and can provide no assurance
as to the reliability of, any other information that others may give you. We are offering to sell shares of our common stock, and seeking
offers to buy shares of our common stock, only in jurisdictions where offers and sales are permitted. You should not assume that the information
contained in this prospectus supplement, the accompanying prospectus or any free writing prospectus we may authorize for use in connection
with this offering is accurate as of any date other than the dates shown in these documents or that any information we have incorporated
by reference herein is accurate as of any date other than the date of the document incorporated by reference. Our business, financial
condition, results of operations and prospects may have changed since such dates.
Unless otherwise stated or
the context requires otherwise, all references in this prospectus supplement to the “Company,” “we,” “us,”
“our” and “Movano” refer to Movano Inc., a Delaware corporation, and its wholly-owned subsidiary.
PROSPECTUS SUPPLEMENT SUMMARY
This prospectus supplement
summary highlights information contained elsewhere in this prospectus supplement, the accompanying prospectus and the documents incorporated
by reference herein and therein. This summary does not contain all of the information that you should consider before deciding to invest
in our securities. You should read this entire prospectus supplement and the accompanying prospectus carefully, including the section
entitled “Risk Factors” in this prospectus supplement and our consolidated financial statements and the related notes and
the other information incorporated by reference into this prospectus supplement and the accompanying prospectus, before making an investment
decision.
THE COMPANY
Movano is developing
a platform to deliver purpose-driven healthcare solutions at the intersection of medtech and consumer devices. Our mission is to empower
and inspire you to live a healthier, happier life. Our proprietary platform uses RF technology, which we believe will enable the creation
of low-cost and scalable sensors that are small enough to fit into wearables and other small form factors. Combined with our mobile app
and cloud infrastructure, we expect that our platform will provide users with the ability to measure and continuously monitor vital health
data and provide actionable feedback to jumpstart changes in behaviors.
Our platform is the
foundation for our first product in development, the Movano Ring. The smart ring and its accompanying app will combine vital health metrics
with personalized intelligent feedback and is designed for women of all ages, who are traditionally an afterthought when it comes to wearable
technology. Once developed, we expect the Ring will measure heart rate, HRV, sleep, respiration, temperature, blood oxygen, steps, calories
and incorporate women-centric features and design. The device will provide users and their network of caregivers with continuous health
data distilled down to simple, yet meaningful, insights to help users make manageable lifestyle changes and take a more proactive approach
that could mitigate the risks of chronic disease. A fundamental part of our corporate development strategy is to establish one or
more strategic partnerships that would allow us to more fully exploit the potential of our technology. On April 28, 2021, the Company
established Movano Ireland Limited, organized under the laws of Ireland, as a wholly owned subsidiary of the Company.
Company Information
Our principal executive
offices are located at 6800 Koll Center Parkway, Suite 160, Pleasanton, CA 94566. Our telephone number is (415) 651-3172. Our website
address is www.movano.com. The information on, or that can be accessed through, our website is not part of this prospectus supplement
and is not incorporated by reference in this prospectus supplement.
The Offering
The following is a brief
summary of some of the terms of the offering and is qualified in its entirety by reference to the more detailed information appearing
elsewhere in this prospectus supplement and the accompanying prospectus. For a more complete description of the terms of our common stock,
see “Description of Common Stock We May Offer” and “Certain Provisions of Delaware Law and of the Company’s Certificate
of Incorporation and Bylaws” in the accompanying prospectus.
Common stock offered by us |
Shares of common stock having an aggregate offering price of up to $50,000,000. |
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Manner of offering |
Sales of the Shares, if any, may be made by
means that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act. If instructed by us
to do so, and subject to the terms and conditions of the Issuance Agreement, the Sales Agent will use its commercially reasonable efforts
to sell on our behalf all of the designated Shares as instructed. See “Plan of Distribution.”
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|
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Use of proceeds |
We intend to use the net proceeds of this
offering, if any, after deducting the Sales Agent’s commissions and related offering expenses payable by us, for general
corporate purposes. See “Use of Proceeds.” |
|
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Risk factors |
Investing in our common stock involves a high degree of risk. You should carefully consider the information under “Risk Factors” in this prospectus supplement and the other risks identified in the documents included or incorporated by reference in this prospectus supplement and the accompanying prospectus before deciding to invest in our common stock. |
|
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Exchange listing |
Our common stock is traded on Nasdaq under the symbol “MOVE.” |
RISK FACTORS
Investing in our common
stock involves a high degree of risk. Before purchasing our common stock, you should read and consider carefully the following risk factors
as well as the risk factors described under the section captioned “Risk Factors” contained in our Annual Report on Form 10-K
for our most recent fiscal year (together with any material changes thereto contained in subsequent filed Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K) and those contained in our other filings with the SEC, which are incorporated by reference in this prospectus
supplement and the accompanying prospectus, together with the other information contained in or incorporated by reference in this prospectus
supplement and the accompanying prospectus, including our consolidated financial statements and the related notes. Each of these risk
factors, either alone or taken together, could adversely affect our business, operating results and financial condition, as well as adversely
affect the value of an investment in our common stock. There may be additional risks that we do not presently know of or that we currently
believe are immaterial, which could also impair our business and financial position. If any of the events described below were to occur,
our financial condition, our ability to access capital resources, our results of operations and/or our future growth prospects could be
materially and adversely affected and the market price of our common stock could decline. As a result, you could lose some or all of any
investment you may make in our common stock.
Risks Related to this Offering and Our Common
Stock
Our
common stock has been thinly traded and its trading price has fluctuated widely and is likely to continue to be volatile.
The
market price for our common stock varied between a high of $6.64 and a low of $2.70 in the twelve-month period ended December 31,
2021. Our stock price is likely to continue to be volatile and subject to significant price and volume fluctuations in response to
market and other factors, including those listed in the “Risk Factors” section in our Annual Report on Form 10-K (together
with any material changes thereto contained in subsequent filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K), this
“Risk Factors” section and other, unknown factors. Among numerous other factors, our stock price also may be affected
by:
| ● | actual or anticipated fluctuations in our quarterly or annual operating results; |
| ● | changes in financial or operational estimates or projections; |
| ● | conditions in markets generally; |
| ● | changes in the economic performance or market valuations of companies similar to ours; and |
| ● | general economic or political conditions in the United States or elsewhere. |
In particular, the market
prices of technology companies like ours have been highly volatile due to factors, including, but not limited to:
| ● | any delay or failure to commercialize products acceptable to the market; |
| ● | developments or disputes concerning our product’s intellectual property rights; |
| ● | our or our competitors’ technological innovations; |
| ● | changes in market valuations of similar companies; |
| ● | announcements by us or our competitors of significant contracts, acquisitions, strategic partnerships,
joint ventures, capital commitments, new technologies, or patents; and |
| ● | failure to complete significant transactions or collaborate with vendors in manufacturing our product. |
Any of these factors
may result in large and sudden changes in the volume and trading price of our common stock. The stock market, generally, has from time
to time experienced significant price and volume fluctuations that are not related to the operating performance of particular companies.
These market fluctuations may also materially and adversely affect the market price of shares of our common stock.
The
daily trading volume of our common stock has historically been relatively low. If we are unable to develop and maintain a liquid market
for our common stock, you may not be able to sell your common stock at prices you consider to be fair or at times that are convenient
for you, or at all. This situation may be attributable to a number of factors, including but not limited to the fact that we are a development-stage
company that is relatively unknown to stock analysts, stock brokers, institutional investors, and others in the investor community. In
addition, investors may be risk averse to investments in development-stage companies. The low trading volume is outside of our control
and may not increase or, if it increases, may not be maintained. In addition, following periods of volatility in the market price of a
company’s securities, litigation has often been brought against that company and we may become the target of litigation as a result
of price volatility. Litigation could result in substantial costs and divert our management’s attention and resources from our business.
This could have a material adverse effect on our business, results of operations and financial condition.
There is no certainty
regarding the net proceeds to us.
There is no certainty that
gross proceeds of $50 million will be raised in this offering. The Sales Agent has agreed to use its commercially reasonable efforts to
sell the Shares on our behalf if and as instructed by us, or to purchase the Shares as principal from time to time, if agreed pursuant
to a separate terms agreement. However, we are not required to request the sale of the maximum amount offered or any amount and, if we
request a sale, the Sales Agent is not obligated to purchase any Shares that are not sold. As a result of the offering being made on a
commercially reasonable efforts basis with no minimum, and only as requested by us, we may raise substantially less than the maximum total
offering amount or nothing at all.
Our management will
have broad discretion over the use of the net proceeds, if any, from this offering, which we may not use effectively or
in a manner with which you agree.
Our management will have broad
discretion as to the use of the net proceeds from this offering and could use them for purposes other than those contemplated at the time
of this offering. Accordingly, you will be relying on the judgment of our management with regard to the use of these net proceeds, and
you will not have the opportunity, as part of your investment decision, to assess whether the proceeds are being used appropriately. It
is possible that the proceeds will be invested in a way that does not yield a favorable, or any, return for our company.
Stockholders may experience
dilution of their ownership interests because of the future issuance of additional shares of our common or preferred stock or other securities
that are convertible into or exercisable for our common or preferred stock.
In the future, we may issue
our authorized but previously unissued equity securities, resulting in the dilution of the ownership interests of our stockholders. We
are authorized to issue an aggregate of 75,000,000 shares of common stock and 5,000,000 shares of preferred stock. We may issue additional
shares of our common stock or other securities that are convertible into or exercisable for our common stock in connection with hiring
or retaining employees, future acquisitions, future sales of our securities for capital raising purposes, or for other business purposes.
In addition, as of June 30, 2022, warrants and options to purchase 1,938,143 and 6,869,512, shares, respectively, of our common stock
were outstanding. The future issuance of additional shares of our common stock may create downward pressure on the trading price of the
common stock. We will need to raise additional capital in the near future to meet our working capital needs, and there can be no assurance
that we will not be required to issue additional shares, warrants or other convertible securities in the future in conjunction with these
capital raising efforts, including at a price (or exercise prices) below the price you paid for your stock.
We do not anticipate
paying dividends on our common stock.
Cash dividends have never
been declared or paid on our common stock, and we do not anticipate such a declaration or payment for the foreseeable future. We expect
to use future earnings, if any, to fund business growth. Therefore, stockholders will not receive any funds absent a sale of their shares
of common stock. If we do not pay dividends, our common stock may be less valuable because a return on your investment will only occur
if our stock price appreciates. We cannot assure stockholders that our stock price will appreciate or that they will receive a positive
return on their investment if and when they sell their shares.
If securities or industry
analysts issue an adverse opinion regarding our stock, our stock price and trading volume could decline.
The trading market for our
common stock is influenced by the research and reports that securities or industry analysts may publish about us, our business, our market
or our competitors. If any of the analysts who may cover us adversely change its recommendation regarding our common stock, or provide
more favorable relative recommendations about our competitors, the trading price of our common stock could decline. If any analyst who
may cover us were to cease coverage of our company or fail to regularly publish reports on us, we could lose visibility in the financial
markets, which in turn could cause the trading price of our common stock or trading volume to decline.
FORWARD-LOOKING STATEMENTS
This prospectus supplement,
the accompanying prospectus and documents we have filed with the SEC that are incorporated by reference herein and therein contain forward-looking
statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), that are intended to be covered by the “safe harbor”
created by those sections. Forward-looking statements, which are based on certain assumptions and describe our “believe,”
“expect,” “may,” “will,” “should,” “would,” “could,” “seek,”
“intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,”
“strategy”, “future”, “likely” or other comparable terms and references to future periods.
All statements other than statements of historical facts included in this prospectus supplement regarding our strategies, prospects, financial
condition, operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among
others, statements we make regarding expectations for revenues, cash flows and financial performance, the anticipated results of our development
efforts and the timing for receipt of required regulatory approvals and product launches. Forward-looking statements are neither historical
facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding
the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances
that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially
from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important
factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements
include, among others, the following:
| ● | our limited operating history and our ability to achieve profitability; |
| ● | our ability to continue as a going concern and our need for and ability to obtain additional capital in
the future; |
| ● | our ability to demonstrate the feasibility of and develop products and their underlying technologies; |
| ● | the impact of competitive or alternative products, technologies and pricing; |
| ● | the impact of the COVID-19 on our business and local and global economic conditions; |
| ● | our ability to attract and retain highly qualified personnel; |
| ● | our dependence on consultants to assist in the development of our technologies; |
| ● | our ability to manage the growth of our Company and to realize the benefits from any acquisitions or strategic
alliances we may enter in the future; |
| ● | our dependence on the successful commercialization of our proposed wearable product; |
| ● | our dependence on third parties to design, manufacture, market and distribute our proposed products; |
| ● | the adequacy of protections afforded to us by the patents that we own and the success we may have in,
and the cost to us of, maintaining, enforcing and defending those patents; |
| ● | our ability to obtain, expand and maintain patent protection in the future, and to protect our non-patented
intellectual property; |
| ● | the impact of any claims of intellectual property infringement, trade secret misappropriation, product
liability, product recalls or other claims; |
| ● | our need to secure required FCC, FDA and other regulatory approvals from governmental authorities in United
States; |
| ● | the impact of healthcare regulations and reform measures; |
| ● | the accuracy of our estimates of market size for our planned wearable product; |
| ● | our ability to implement and maintain effective control over financial reporting and disclosure controls
and procedures; |
| ● | our success at managing the risks involved in the foregoing items; and |
| ● | other factors discussed in the Risk Factors section of this prospectus supplement and accompanying prospectus,
the Risk Factors section of our Annual Report on Form 10-K (together with any material changes thereto contained in subsequent filed Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K). |
A description of some of
the risks and uncertainties that could cause our actual results to differ materially from those described by the forward-looking statements
in this prospectus supplement and accompanying prospectus appears in the section captioned “Risk Factors” as well as the
risk factors described under the section captioned “Risk Factors” contained in our Annual Report on Form 10-K for our most
recent fiscal year (together with any material changes thereto contained in subsequent filed Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K) and those contained in our other filings with the SEC, which are incorporated by reference in this prospectus supplement
and the accompanying prospectus, and elsewhere in this prospectus supplement and accompanying prospectus. Readers are cautioned not to
place undue reliance on forward-looking statements because of the risks and uncertainties related to them and to the risk factors. Any
forward-looking statement made by us herein is based only on information currently available to us and speaks only as of the date on
which it is made. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update
the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information
becomes available in the future.
USE OF PROCEEDS
We intend to use the net proceeds
from this offering, after deducting the Sales Agent’s commissions and related offering expenses payable by us, for general corporate
purposes, which may include funding product development and commercialization activities.
MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS
TO NON-U.S. HOLDERS
The following discussion is
a summary of material U.S. federal income tax considerations relevant to Non-U.S. Holders (as defined below) relating to the purchase,
ownership and disposition of our common stock issued pursuant to this offering. This discussion is based on the U.S. Internal Revenue
Code of 1986, as amended, or the “Code,” Treasury Regulations promulgated thereunder, judicial decisions, and published rulings
and administrative pronouncements of the U.S. Internal Revenue Service, or the “IRS,” in each case in effect as of the date
hereof. These authorities may change or be subject to differing interpretations that may be applied retroactively in a manner that could
adversely affect a Non-U.S. Holder of our common stock. We have not sought and will not seek any rulings from the IRS regarding the matters
discussed below. There can be no assurance that the IRS or a court will not take a contrary position to that discussed below regarding
the U.S. federal income tax consequences of the purchase, ownership and disposition of our common stock.
This discussion is limited
to Non-U.S. Holders that hold our common stock as a “capital asset” within the meaning of the Code (generally, property held
for investment). This discussion does not purport to be a complete analysis of all potential tax consequences and does not address the
effects of other U.S. federal tax laws, such as the U.S. estate and gift tax laws, and any applicable state, local or non-U.S. tax laws
or tax treaties. This summary does not address all U.S. federal income tax consequences relevant to a Non-U.S. Holder’s particular
circumstances, including the impact of the Medicare contribution tax on net investment income. In addition, it does not address consequences
relevant to Non-U.S. Holders subject to special rules, including, without limitation:
| ● | U.S. expatriates and former citizens or long-term residents of the United States; |
| ● | persons subject to the alternative minimum tax; |
| ● | persons holding our common stock as part of a hedge, straddle or other risk reduction strategy or as part
of a conversion transaction or other integrated investment; |
| ● | banks, thrifts, regulated investment companies, real estate investment trusts, insurance companies and
other financial institutions; |
| ● | brokers, dealers or traders in securities or foreign currencies; |
| ● | “controlled foreign corporations” or “passive foreign investment companies”; |
| ● | partnerships or other entities or arrangements treated as partnerships for U.S. federal income tax purposes
(and partners therein); |
| ● | tax-exempt organizations or governmental organizations; |
| ● | persons deemed to sell our common stock under the constructive sale provisions of the Code; |
| ● | persons who hold or receive our common stock pursuant to the exercise of any employee stock option or
otherwise as compensation; and |
| ● | tax-deferred or other retirement accounts. |
If an entity or arrangement
treated as a partnership for U.S. federal income tax purposes holds our common stock, the tax treatment of such partnership and a partner
of the partnership will depend on the activities of the partnership and certain determinations made at the partner level. Accordingly,
partnerships holding our common stock and the partners in such partnerships should consult their tax advisors regarding the U.S. federal
income tax consequences to them in connection with the purchase, ownership and disposition of our common stock.
THIS DISCUSSION IS FOR INFORMATIONAL
PURPOSES ONLY AND DOES NOT CONSTITUTE TAX ADVICE. INVESTORS SHOULD CONSULT THEIR TAX ADVISORS WITH RESPECT TO THE APPLICATION OF THE U.S.
FEDERAL INCOME TAX LAWS TO THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR
COMMON STOCK ARISING UNDER THE U.S. FEDERAL ESTATE OR GIFT TAX LAWS OR UNDER THE LAWS OF ANY STATE, LOCAL OR NON-U.S. TAXING JURISDICTION
OR UNDER ANY APPLICABLE INCOME TAX TREATY.
Definition of a Non-U.S. Holder
For purposes of this discussion,
a “Non-U.S. Holder” is any beneficial owner of our common stock that is neither a “U.S. person” nor an entity
treated as a partnership for U.S. federal income tax purposes. A U.S. person is any person that, for U.S. federal income tax purposes,
is or is treated as any of the following:
| ● | an individual who is a citizen or resident of the United States; |
| ● | a corporation or entity treated as a corporation that is created or organized under the laws of the United
States, any state thereof, or the District of Columbia; |
| ● | an estate, the income of which is subject to U.S. federal income tax regardless of its source; or |
| ● | a trust that (i) is subject to the primary supervision of a U.S. court and the control of one or more
U.S. persons, or (ii) has a valid election in effect to be treated as a U.S. person for U.S. federal income tax purposes. |
Distributions
We do not currently intend
to pay any cash dividends on our common stock in the foreseeable future. However, if we make distributions of cash or property on our
common stock, such distributions will constitute dividends for U.S. federal income tax purposes to the extent paid from our current or
accumulated earnings and profits, as determined under U.S. federal income tax principles. Amounts not treated as dividends for U.S. federal
income tax purposes will constitute a return of capital and first be applied against and reduce a Non-U.S. Holder’s adjusted tax
basis in its common stock, but not below zero. Any excess will be treated as capital gain and will be treated as described below under
“—Sale or Other Taxable Disposition.”
Subject to the discussions
below on effectively connected income, backup withholding and the Foreign Account Tax Compliance Act, or “FATCA”, dividends
paid to a Non-U.S. Holder of our common stock will be subject to U.S. federal withholding tax at a rate of 30% of the gross amount of
the dividends (or such lower rate provided by an applicable income tax treaty, provided the Non-U.S. Holder furnishes a valid IRS Form
W-8BEN or W-8BEN-E (or other applicable documentation) certifying qualification for the lower treaty rate). A Non-U.S. Holder that does
not timely furnish the required documentation, but that qualifies for a reduced treaty rate, may obtain a refund of any excess amounts
withheld by timely filing an appropriate claim for refund with the IRS. Non-U.S. Holders should consult their tax advisors regarding their
entitlement to benefits under any applicable income tax treaty.
If dividends paid to a Non-U.S.
Holder are effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States (and, if provided
by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed base in the United States to which
such dividends are attributable), the Non-U.S. Holder will be exempt from the U.S. federal withholding tax described above. To claim the
exemption, the Non-U.S. Holder must furnish to the applicable withholding agent a valid IRS Form W-8ECI, certifying that the dividends
are effectively connected with the Non-U.S. Holder’s conduct of a trade or business within the United States.
Any such effectively connected
dividends will be subject to U.S. federal income tax on a net income basis at the regular graduated rates. A Non-U.S. Holder that is a
corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate provided by an applicable income tax treaty)
on such effectively connected dividends, as adjusted for certain items. Non-U.S. Holders should consult their tax advisors regarding any
applicable tax treaties that may provide for different rules.
Sale or Other Taxable Disposition
Subject to the discussions
below regarding backup withholding and FATCA, a Non-U.S. Holder will not be subject to U.S. federal income tax on any gain realized upon
the sale or other taxable disposition of our common stock unless:
| ● | the gain is effectively connected with the Non-U.S. Holder’s conduct of a trade or business within
the United States (and, if provided by an applicable income tax treaty, the Non-U.S. Holder maintains a permanent establishment or fixed
base in the United States to which such gain is attributable); |
| ● | the Non-U.S. Holder is a nonresident alien individual present in the United States for 183 days or more
during the taxable year of the disposition and certain other requirements are met; or |
| ● | our common stock constitutes a United States real property interest, or “USRPI,” by reason
of our status as a United States real property holding corporation, or “USRPHC,” for U.S. federal income tax purposes. |
Gain described in the first
bullet point above generally will be subject to U.S. federal income tax on a net income basis at the regular graduated rates. A Non-U.S.
Holder that is a corporation also may be subject to a branch profits tax at a rate of 30% (or such lower rate provided by an applicable
income tax treaty) on such effectively connected gain, as adjusted for certain items.
Gain described in the second
bullet point above will be subject to U.S. federal income tax at a rate of 30% (or such lower rate provided by an applicable income tax
treaty), which may be offset by U.S.-source capital losses of the Non-U.S. Holder (even though the individual is not considered a resident
of the United States), provided the Non-U.S. Holder has timely filed U.S. federal income tax returns with respect to such losses.
With respect to the third
bullet point above, we believe we currently are not, and do not anticipate becoming, a USRPHC. Because the determination of whether we
are a USRPHC depends, however, on the fair market value of our USRPIs relative to the fair market value of our non-USRPIs and our other
business assets, there can be no assurance we currently are not a USRPHC or will not become one in the future. Even if we are or were
to become a USRPHC, gain arising from the sale or other taxable disposition by a Non-U.S. Holder of our common stock will not be subject
to U.S. federal income tax if our common stock is considered “regularly traded,” as defined by applicable Treasury Regulations,
on an established securities market, and such Non-U.S. Holder owned, actually or constructively, 5% or less of our common stock throughout
the shorter of the five-year period ending on the date of the sale or other taxable disposition or the Non-U.S. Holder’s holding
period. If we are a USRPHC and either our common stock is not regularly traded on an established securities market or a Non-U.S. Holder
holds more than 5% of our common stock, actually or constructively, during the applicable period, such Non-U.S. Holder will generally
be taxed on any gain in the same manner as gain that is effectively connected with the conduct of a U.S. trade or business, except that
the branch profits tax generally will not apply.
Non-U.S. Holders should consult
their tax advisors regarding potentially applicable income tax treaties that may provide for different rules.
Information Reporting and Backup Withholding
Payments of dividends on our
common stock will not be subject to backup withholding, provided the applicable withholding agent does not have actual knowledge or reason
to know the holder is a U.S. person and the holder either certifies its non-U.S. status, such as by furnishing a valid IRS Form W-8BEN,
W-8BEN-E or W-8ECI, or otherwise establishes an exemption. However, information returns are required to be filed with the IRS in connection
with any dividends on our common stock paid to a Non-U.S. Holder, regardless of whether any tax was actually withheld. In addition, proceeds
from the sale or other taxable disposition of our common stock within the United States or conducted through certain U.S.-related brokers
generally will not be subject to backup withholding or information reporting, if the applicable withholding agent receives the certification
described above and does not have actual knowledge or reason to know that such holder is a United States person, or the holder otherwise
establishes an exemption. Proceeds of a disposition of our common stock conducted through a non-U.S. office of a non-U.S. broker that
does not have certain enumerated relationships with the United States generally will not be subject to backup withholding or information
reporting.
Copies of information returns
that are filed with the IRS may also be made available under the provisions of an applicable treaty or agreement to the tax authorities
of the country in which the Non-U.S. Holder resides or is established.
Backup withholding is not
an additional tax. Any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against a Non-U.S. Holder’s
U.S. federal income tax liability, provided the required information is timely furnished to the IRS.
Non-U.S. Holders should consult
their tax advisors regarding the application of information reporting and backup withholding to them in their particular circumstances
(including upon their disposition of our common stock).
FATCA
Withholding taxes may be imposed
under Sections 1471 to 1474 of the Code (such Sections commonly referred to as “FATCA”) on certain types of payments made
to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends
on, or gross proceeds from the sale or other disposition of, our common stock paid to a “foreign financial institution” or
a “non-financial foreign entity” (each as defined in the Code), unless (i) the foreign financial institution undertakes certain
diligence and reporting obligations, (ii) the non-financial foreign entity either certifies it does not have any “substantial United
States owners” (as defined in the Code) or furnishes identifying information regarding each substantial United States owner or (iii)
the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. If the payee
is a foreign financial institution and is subject to the diligence and reporting requirements in (i) above, it must enter into an agreement
with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain “specified
United States persons” or “United States-owned foreign entities” (each as defined in the Code), annually report certain
information about such accounts, and withhold 30% on certain payments to non-compliant foreign financial institutions and certain other
account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States
governing FATCA may be subject to different rules.
Under the applicable Treasury
Regulations and administrative guidance, these withholding requirements generally currently apply to payments of dividends on our common
stock. Although the term “withholdable payment,” as defined in the Code, also includes the gross proceeds of a disposition
of stock (including a liquidating distribution from a corporation) or debt instruments, in each case with respect to any U.S. investment,
proposed Treasury Regulations provide that such gross proceeds are not “withholdable payments” under FATCA. Taxpayers generally
may rely on these proposed Treasury Regulations until final Treasury Regulations are issued. Neither we nor any other person would be
required to pay additional amounts as a result of FATCA withholding.
Prospective investors should
consult their tax advisors regarding the potential application of withholding under FATCA to their investment in our common stock.
PLAN OF DISTRIBUTION
We have entered into the Issuance
Agreement with the Sales Agent under which we may issue and sell over a period of time and from time to time shares of our common stock
through or to the Sales Agent, acting as sales agent or principal. Sales of the shares to which this prospectus relates, if any, will
be made by any method deemed to be an “at the market offering” as defined in Rule 415 promulgated under the Securities Act.
As our sales agent, the Sales Agent will not engage in any transactions that stabilize our common stock.
The Sales Agent will offer
the shares of our common stock subject to the terms and conditions of the Issuance Agreement on a daily basis or as otherwise agreed upon
by us and the Sales Agent. We will designate the maximum number of shares or dollar value of common stock to be sold through the Sales
Agent on a daily basis or otherwise determine such maximum number together with the Sales Agent. Subject to the terms and conditions of
the Issuance Agreement, the Sales Agent will use its commercially reasonable efforts to sell on our behalf all of the shares of common
stock so designated or determined. We may instruct the Sales Agent not to sell shares of common stock if the sales cannot be effected
at or above the price designated by us in any such instruction. We or the Sales Agent may suspend the offering of shares of common stock
being made through the Sales Agent under the Issuance Agreement upon proper notice to the other party.
For its service as sales agent
in connection with the sale of shares of our common stock that may be offered hereby, we will pay the Sales Agent an amount equal to 3.0%
of the aggregate sales price received by the Sales Agent from each sale of shares of our common stock. The remaining sales proceeds, after
deducting any expenses payable by us and any transaction fees imposed by any governmental, regulatory, or self-regulatory organization
in connection with the sales, will equal our net proceeds for the sale of such shares. We have also agreed to reimburse the Sales Agent
for certain specified expenses, including the fees and disbursements of its legal counsel in an amount not to exceed $65,000, as provided
in the Issuance Agreement. Additionally, pursuant to the terms of the Issuance Agreement, we agreed to reimburse the Sales Agent for the
documented fees and costs of its legal counsel reasonably incurred in connection with the Sales Agent’s ongoing diligence arising
from the transactions contemplated by the Issuance Agreement in an amount not to exceed $5,000 per calendar quarter. We estimate that
the total expenses of the offering payable by us, excluding discounts and commissions payable to the Sales Agent under the Issuance Agreement,
will be approximately $200,000.
The Sales Agent will provide
written confirmation to us following the close of trading on the Nasdaq Capital Market each day in which shares of common stock are sold
by it for us under the Issuance Agreement. Each confirmation will include the number of shares sold on that day, the gross sales price
per share, the compensation payable by us to the Sales Agent and the proceeds to us net of such compensation.
Settlement for sales of common
stock will occur, unless the parties agree otherwise, on the second business day following the date on which any sales were made in return
for payment of the proceeds to us net of compensation paid by us to the Sales Agent. There is no arrangement for funds to be received
in an escrow, trust or similar arrangement.
We will deliver to the Nasdaq
Capital Market copies of this prospectus pursuant to the rules of the Nasdaq Capital Market. Unless otherwise required, we will report
at least quarterly the number of shares of common stock sold through the Sales Agent under the Issuance Agreement, the net proceeds to
us and the compensation paid by us to the Sales Agent in connection with the sales of common stock.
In connection with the sale
of the common stock on our behalf, the Sales Agent will be deemed to be an “underwriter” within the meaning of the Securities
Act and the compensation paid to the Sales Agent will be deemed to be underwriting commissions or discounts. We have agreed in the Issuance
Agreement to provide indemnification and contribution to the Sales Agent against certain civil liabilities, including liabilities under
the Securities Act.
In the ordinary course of
their business, the Sales Agent and/or its affiliates may perform, investment banking, broker dealer, lending, financial advisory or other
services for us for which they have received, or may receive, separate fees.
This offering of common stock
pursuant to the Issuance Agreement will terminate upon the earlier of (1) the sale of $50.0 million of shares of our common
stock or (2) the termination of the Issuance Agreement, pursuant to its terms, by either the Sales Agent or us.
This summary of the material
provisions of the Issuance Agreement does not purport to be a complete statement of its terms and conditions. We have filed a copy of
the Issuance Agreement as an exhibit to our Quarterly Report on Form 10-Q filed on the date of this prospectus supplement.
LEGAL MATTERS
The validity of the shares
of common stock offered by this prospectus supplement will be passed upon for us by K&L Gates LLP, Charlotte, North Carolina. Duane
Morris, New York, New York, is acting as counsel for the Sales Agent in connection with this offering.
EXPERTS
The consolidated financial
statements of Movano Inc. (the “Company”) incorporated in this prospectus by reference from the Company’s Annual Report
on Form 10-K for the year ended December 31, 2021 have been audited by Moss Adams LLP, an independent registered public accounting firm,
as stated in their report, which is incorporated herein by reference. Such consolidated financial statements have been so included in
reliance upon the report of such firm given upon their authority as experts in accounting and auditing.
INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE
The SEC permits us to “incorporate
by reference” the information and reports we file with it. This means that we can disclose important information to you by referring
to another document. The information that we incorporate by reference is considered to be part of this prospectus supplement, and later
information that we file with the SEC automatically updates and supersedes this information. We incorporate by reference the documents
listed below, except to the extent information in those documents is different from the information contained in this prospectus supplement,
and all future documents filed with the SEC under Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act until we terminate the offering
of these securities:
| ● | Our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed on March 30,
2022; |
| ● | Our Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2022, which was filed on May
12, 2022 and our Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2022, which was filed on August 15, 2022; |
| ● | The information specifically incorporated by reference into our Annual Report on Form 10-K for the fiscal
year ended December 31, 2021 from our definitive proxy statement on Schedule 14A (other than information furnished rather than filed),
filed with the SEC on April 28, 2022; and |
| ● | The description of the Registrant’s Common Stock contained in the Registrant’s Registration
Statement on Form S-1, originally filed with the Commission on February 2, 2021, as amended (No. 333-252671), which description is incorporated
by reference into the Registrant’s Registration Statement on Form 8-A, originally filed with the Commission pursuant to Section
12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) on March 19, 2021 (No. 001-40254), including
any further amendment or report filed hereafter for the purpose of updating such description. |
|
● |
All documents we file with the SEC under Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act after the date of this prospectus supplement and prior to the termination of this offering made by way of this prospectus supplement. |
To the extent that any statement
in this prospectus supplement is inconsistent with any statement that is incorporated by reference and that was made on or before the
date of this prospectus supplement, the statement in this prospectus supplement shall supersede such incorporated statement. The incorporated
statement shall not be deemed, except as modified or superseded, to constitute a part of this prospectus supplement or the registration
statement. Statements contained in this prospectus supplement as to the contents of any contract or other document are not necessarily
complete and, in each instance, we refer you to the copy of each contract or document filed as an exhibit to our various filings made
with the SEC.
We will furnish without charge
to you, on written or oral request, a copy of any or all of the documents incorporated by reference, including exhibits to these documents.
You should direct any requests for documents to:
Movano Inc.
6800 Koll Center Parkway, Suite
160
Pleasanton, CA 94566
Attention: Corporate Secretary
Telephone: (415) 651-3172
Copies of the above reports
may also be accessed from our website at ir.movano.com. We have not incorporated by reference into this prospectus supplement the information
on our website and it is not a part of this document. We have authorized no one to provide you with any information that differs from
that contained in this prospectus supplement. Accordingly, you should not rely on any information that is not contained or incorporated
by reference in this prospectus supplement and the accompanying prospectus. You should not assume that the information in this prospectus
supplement is accurate as of any date other than the date of the front cover of this prospectus supplement.
Any statement contained in
a document incorporated or deemed to be incorporated by reference in this prospectus supplement will be deemed modified, superseded or
replaced for purposes of this prospectus supplement to the extent that a statement contained in this prospectus supplement modifies, supersedes
or replaces such statement.
WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC
a registration statement under the Securities Act (SEC File No. 333-264116) that registers the securities offered hereby. The registration
statement, including the exhibits and schedules attached thereto and the information incorporated by reference therein, contains additional
relevant information about the securities and our company, which we are allowed to omit from this prospectus supplement pursuant to the
rules and regulations of the SEC. In addition, we are subject to the informational requirements of the Securities Act and in accordance
therewith file annual, quarterly and current reports, proxy statements and other information with the SEC. Our SEC filings are available
on the SEC’s website at www.sec.gov. Copies of certain information filed by us with the SEC are also available free of charge on
our website at ir.movano.com. We have not incorporated by reference into this prospectus supplement the information on our website and
it is not a part of this document.
MOVANO
INC.
Prospectus
$100,000,000
Common Stock
Preferred Stock
Debt Securities
Warrants
Rights
Units
This prospectus relates to
common stock, preferred stock, debt securities, warrants, rights and units that Movano Inc. may sell from time to time in one or more
offerings on terms to be determined at the time of sale. We refer to the common stock, preferred stock, debt securities, warrants, rights
and units collectively as the “securities.” We will provide specific terms of these securities in supplements to this prospectus.
You should read this prospectus and any supplement carefully before you invest. This prospectus may not be used to offer and sell securities
unless accompanied by a prospectus supplement for those securities.
These securities may be sold
directly by us, through dealers or agents designated from time to time, to or through underwriters or through a combination of these methods.
See “Plan of Distribution” in this prospectus. We may also describe the plan of distribution for any particular offering of
these securities in any applicable prospectus supplement. If any agents, underwriters or dealers are involved in the sale of any securities
in respect of which this prospectus is being delivered, we will disclose their names and the nature of our arrangements with them in a
prospectus supplement. The net proceeds we expect to receive from any such sale will also be included in a prospectus supplement.
Our common stock trades on
the Nasdaq Capital Market under the symbol “MOVE.” On April 1, 2022, the last reported sale price for our common stock was
$2.80 per share.
INVESTING IN OUR SECURITIES
INVOLVES RISKS. YOU SHOULD REVIEW CAREFULLY THE RISKS AND UNCERTAINTIES DESCRIBED UNDER THE HEADING “RISK FACTORS” CONTAINED
IN THE APPLICABLE PROSPECTUS SUPPLEMENT AND ANY RELATED FREE WRITING PROSPECTUS, AND UNDER SIMILAR HEADINGS IN OTHER DOCUMENTS THAT ARE
INCORPORATED BY REFERENCE INTO THIS PROSPECTUS OR ANY SUCH PROSPECTUS SUPPLEMENT. SEE “RISK FACTORS” ON PAGE 2 OF THIS PROSPECTUS.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus.
Any representation to the contrary is a criminal offense.
The date of this prospectus is May 25,
2022.
Table of Contents
ABOUT
THIS PROSPECTUS
This prospectus is part of
a registration statement on Form S-3 that we filed with the Securities and Exchange Commission, or the SEC, utilizing a “shelf”
registration process. Under this shelf process, we may from time to time sell any combination of securities described in this prospectus
in one or more offerings.
This prospectus provides you
with a general description of the securities we may offer. Each time we sell securities under this shelf registration process, we will
provide a prospectus supplement that will contain specific information about the terms of the securities being offered. That prospectus
supplement may include a discussion of any risk factors or other special considerations that apply to those securities. The prospectus
supplement may also add, update or change information contained in this prospectus. If there is any inconsistency between the information
in this prospectus and a prospectus supplement, you should rely on the information in that prospectus supplement. You should read both
this prospectus and any applicable prospectus supplement together with additional information described below under the headings “Where
You Can Find More Information” and “Incorporation by Reference.”
When acquiring any securities
discussed in this prospectus, you should rely on the information provided in this prospectus and any free writing prospectus we may authorize
for use in connection with such offering, including the information incorporated by reference. Neither we, nor any underwriters or agents,
have authorized anyone to provide you with different information. We are not offering the securities in any state where such an offer
is prohibited. You should not assume that the information in this prospectus, any prospectus supplement, any free writing prospectus we
may authorize for use in connection with such offering, or any document incorporated by reference, is truthful or complete at any date
other than the date mentioned on the cover page of those documents. You should also carefully review the section entitled “Risk
Factors”, which highlights certain risks associated with an investment in our securities, to determine whether an investment in
our securities is appropriate for you.
As
used in this Registration Statement on Form S-3 (this “Form S-3”), unless the context otherwise requires, the terms “we,”
“us,” “our,” “Movano” and the “Company” refer to Movano Inc., a Delaware corporation.
FORWARD-LOOKING
STATEMENTS
This
Form S-3 contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those
sections. Forward-looking statements, which are based on certain assumptions and describe our “believe,” “expect,”
“may,” “will,” “should,” “would,” “could,” “seek,” “intend,”
“plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy”,
“future”, “likely” or other comparable terms and references to future periods.
All statements other than statements of historical facts included in this Form S-3 regarding our strategies, prospects, financial condition,
operations, costs, plans and objectives are forward-looking statements. Examples of forward-looking statements include, among others,
statements we make regarding expectations for revenues, cash flows and financial performance, the anticipated results of our development
efforts and the timing for receipt of required regulatory approvals and product launches. Forward-looking statements are neither historical
facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding
the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances
that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially
from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important
factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements
include, among others, the following:
| ● | our limited operating history
and our ability to achieve profitability; |
| ● | our ability to continue as a
going concern and our need for and ability to obtain additional capital in the future; |
| ● | our ability to demonstrate the
feasibility of and develop products and their underlying technologies; |
| ● | the impact of competitive or
alternative products, technologies and pricing; |
| ● | the impact of the COVID-19 on
our business and local and global economic conditions; |
| ● | our ability to attract and retain
highly qualified personnel; |
| ● | our dependence on consultants
to assist in the development of our technologies; |
| ● | our ability to manage the growth of our Company and to realize
the benefits from any acquisitions or strategic alliances we may enter in the future; |
| ● | our dependence on the successful
commercialization of our proposed wearable product; |
| ● | our dependence on third parties
to design, manufacture, market and distribute our proposed products; |
| ● | the adequacy of protections afforded to us by the patents
that we own and the success we may have in, and the cost to us of, maintaining, enforcing and defending those patents; |
| ● | our ability to obtain, expand and maintain patent protection
in the future, and to protect our non-patented intellectual property; |
| ● | the impact of any claims of intellectual property infringement,
trade secret misappropriation, product liability, product recalls or other claims; |
| ● | our need to secure required
FCC, FDA and other regulatory approvals from governmental authorities in United States; |
| ● | the impact of healthcare regulations
and reform measures; |
| ● | the accuracy of our estimates
of market size for our planned wearable product; |
| ● | our ability to implement and
maintain effective control over financial reporting and disclosure controls and procedures; |
| ● | our success at managing the
risks involved in the foregoing items; and |
| ● | other factors discussed in the
Risk Factors sections of this Form S-3. |
Any forward-looking statement
made by us herein is based only on information currently available to us and speaks only as of the date on which it is made. Except as
required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results
could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
THE
COMPANY
Movano is developing a platform
to deliver purpose-driven healthcare solutions at the intersection of medtech and consumer devices. Our mission is to empower and inspire
you to live a healthier, happier life. Our proprietary platform uses RF technology, which we believe will enable the creation of low-cost
and scalable sensors that are small enough to fit into wearables and other small form factors. Combined with our mobile app and cloud
infrastructure, we expect that our platform will provide users with the ability to measure and continuously monitor vital health data
and provide actionable feedback to jumpstart changes in behaviors.
Our platform is the foundation
for our first product in development, the Movano Ring. The smart ring and its accompanying app will combine vital health metrics with
personalized intelligent feedback and is designed for women of all ages, who are traditionally an afterthought when it comes to wearable
technology. Once developed, we expect the Ring will measure heart rate, HRV, sleep, respiration, temperature, blood oxygen, steps, calories
and incorporate women-centric features and design. The device will provide users and their network of caregivers with continuous health
data distilled down to simple, yet meaningful, insights to help users make manageable lifestyle changes and take a more proactive approach
that could mitigate the risks of chronic disease. A fundamental part of our corporate development strategy is to establish one or
more strategic partnerships that would allow us to more fully exploit the potential of our technology. On April 28, 2021, the Company
established Movano Ireland Limited, organized under the laws of Ireland, as a wholly owned subsidiary of the Company.
Company Information
Our principal executive offices
are located at 6800 Koll Center Parkway, Suite 160, Pleasanton, CA 94566. Our telephone number is (415) 651-3172. Our website address
is www.movano.com. The information on, or that can be accessed through, our website is not part of this prospectus and is not incorporated
by reference in this prospectus.
RISK
FACTORS
Investing in our securities
involves a high degree of risk. You should carefully consider the risk factors described in our Annual Report on Form 10-K for our most
recent fiscal year (together with any material changes thereto contained in subsequent filed Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K) and those contained in our other filings with the SEC, which are incorporated by reference in this prospectus and
any accompanying prospectus supplement.
The prospectus supplement
applicable to each type or series of securities we offer may contain a discussion of risks applicable to the particular types of securities
that we are offering under that prospectus supplement. Prior to making a decision about investing in our securities, you should carefully
consider the specific factors discussed under the caption “Risk Factors” in the applicable prospectus supplement, together
with all of the other information contained in the prospectus supplement or appearing or incorporated by reference in this prospectus.
These risks could materially affect our business, results of operations or financial condition and cause the value of our securities to
decline. You could lose all or part of your investment.
USE
OF PROCEEDS
Unless otherwise indicated
in a prospectus supplement, the net proceeds from the sale of the securities will be used for working capital and general corporate purposes,
which may include funding product development and commercialization activities.
PLAN
OF DISTRIBUTION
We may sell the securities
offered by this prospectus to one or more underwriters or dealers for public offering, through agents, directly to one or more purchasers
or through a combination of any such methods of sale. The name of any such underwriters, dealers or agents involved in the offer
and sale of the securities, the amounts underwritten and the nature of its obligation to take the securities will be specified in the
applicable prospectus supplement. We have reserved the right to sell the securities directly to investors on our own behalf in those
jurisdictions where we are authorized to do so. The sale of the securities may be effected in one or more transactions (a) on any
national or international securities exchange or quotation service on which the securities may be listed or quoted at the time of sale,
(b) in the over-the-counter market, (c) in transactions otherwise than on such exchanges or in the over-the-counter market or (d) through
the writing of options. Each time that we sell securities covered by this prospectus, we will provide a prospectus supplement or supplements
that will describe the method of distribution and set forth the terms and conditions of the offering of such securities, including the
offering price of the securities and the proceeds to us, if applicable.
We and our agents and underwriters
may offer and sell the securities at a fixed price or prices that may be changed, at market prices prevailing at the time of sale, at
prices related to such prevailing market prices or at negotiated prices. The securities may be offered on an exchange, which will
be disclosed in the applicable prospectus supplement. We may, from time to time, authorize dealers, acting as our agents, to offer
and sell the securities upon such terms and conditions as set forth in the applicable prospectus supplement. We may also sell the securities
offered by any applicable prospectus supplement in “at-the-market offerings” within the meaning of Rule 415 of the Securities
Act of 1933, to or through a market maker or into an existing trading market, on an exchange or otherwise.
If we use underwriters to
sell securities, we will enter into an underwriting agreement with them at the time of the sale to them. In connection with the
sale of the securities, underwriters or agents may receive compensation from us in the form of underwriting discounts or commissions and
may also receive commissions from purchasers of the securities for whom they may act as agent. The names of any underwriters, any
underwriting compensation paid by us to underwriters or agents in connection with the offering of the securities, and any discounts, concessions
or commissions allowed by underwriters to participating dealers, will be set forth in the applicable prospectus supplement to the extent
required by applicable law. Underwriters may sell the securities to or through dealers, and such dealers may receive compensation
in the form of discounts, concessions or commissions from the underwriters or commissions (which may be changed from time to time) from
the purchasers for whom they may act as agents. If a dealer is utilized in the sale of the securities being offered by this prospectus,
the securities will be sold to the dealer, as principal. The dealer may then resell the securities to the public at varying prices to
be determined by the dealer at the time of resale.
Dealers and agents participating
in the distribution of the securities may be deemed to be underwriters, and any discounts and commissions received by them and any profit
realized by them on resale of the securities may be deemed to be underwriting discounts and commissions under the Securities Act. Unless
otherwise indicated in the applicable prospectus supplement, an agent will be acting on a best efforts basis and a dealer will purchase
debt securities as a principal, and may then resell the debt securities at varying prices to be determined by the dealer.
If so indicated in the prospectus
supplement, we will authorize underwriters, dealers or agents to solicit offers by certain specified institutions to purchase offered
securities from us at the public offering price set forth in the prospectus supplement pursuant to delayed delivery contracts providing
for payment and delivery on a specified date in the future. Such contracts will be subject to any conditions set forth in the applicable
prospectus supplement and the prospectus supplement will set forth the commission payable for solicitation of such contracts. The
underwriters and other persons soliciting such contracts will have no responsibility for the validity or performance of any such contracts.
Offers to purchase the securities being offered by this prospectus may also be solicited directly.
Underwriters, dealers and
agents may be entitled, under agreements entered into with us, to indemnification against and contribution towards certain civil liabilities,
including any liabilities under the Securities Act.
To facilitate the offering
of securities, certain persons participating in the offering may engage in transactions that stabilize, maintain, or otherwise affect
the price of the securities. These may include over-allotment, stabilization, syndicate short covering transactions and penalty
bids. Over-allotment involves sales in excess of the offering size, which creates a short position. Stabilizing transactions
involve bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum. Syndicate short
covering transactions involve purchases of securities in the open market after the distribution has been completed in order to cover syndicate
short positions. Penalty bids permit the underwriters to reclaim selling concessions from dealers when the securities originally
sold by the dealers are purchased in covering transactions to cover syndicate short positions. These transactions may cause the
price of the securities sold in an offering to be higher than it would otherwise be. These transactions, if commenced, may be discontinued
by the underwriters at any time.
Any securities other than
our common stock issued hereunder may be new issues of securities with no established trading market. Any underwriters or agents
to or through whom such securities are sold for public offering and sale may make a market in such securities, but such underwriters or
agents will not be obligated to do so and may discontinue any market making at any time without notice. No assurance can be given
as to the liquidity of the trading market for any such securities. The amount of expenses expected to be incurred by us in connection
with any issuance of securities will be set forth in the applicable prospectus supplement. Certain of the underwriters, dealers
or agents and their associates may engage in transactions with, and perform services for, us and certain of our affiliates in the ordinary
course of business.
During such time as we may
be engaged in a distribution of the securities covered by this prospectus we are required to comply with Regulation M promulgated under
the Exchange Act. With certain exceptions, Regulation M precludes us, any affiliated purchasers, and any broker-dealer or other
person who participates in such distribution from bidding for or purchasing, or attempting to induce any person to bid for or purchase,
any security which is the subject of the distribution until the entire distribution is complete. Regulation M also restricts bids
or purchases made in order to stabilize the price of a security in connection with the distribution of that security. All of the
foregoing may affect the marketability of our shares of common stock.
The specific terms of any
lock-up provisions in respect of any given offering will be described in the applicable prospectus supplement.
The underwriters, dealers
and agents may engage in transactions with us, or perform services for us, in the ordinary course of business for which they receive compensation.
DESCRIPTION
OF COMMON STOCK WE MAY OFFER
The following summary description
of our common stock is based on the provisions of our Third Amended and Restated Certificate of Incorporation, as amended (the “Certificate
of Incorporation”), and Amended and Restated Bylaws, as amended (the “Bylaws”), and the applicable provisions of the
General Corporation Law of the State of Delaware (the “DGCL”). This information may not be complete in all respects and is
qualified entirely by reference to the provisions of our Certificate of Incorporation and our Bylaws and the DGCL. For information on
how to obtain copies of our Certificate of Incorporation and Bylaws, see the discussion below under the heading “Where You Can Find
More Information.”
We may offer our common stock
issuable upon the conversion of debt securities or preferred stock and upon the exercise of warrants.
Authorized Capital
We currently have authority
to issue 75,000,000 shares of our common stock, par value of $0.0001 per share. As of March 29, 2022, 32,772,060
shares of our common stock were issued and outstanding.
Voting Rights
Except as otherwise required
by Delaware law, at every annual or special meeting of stockholders, every holder of common stock is entitled to one vote per share. There
is no cumulative voting in the election of directors.
Dividend and Liquidation Rights
The holders of outstanding
shares of common stock are entitled to receive dividends out of assets or funds legally available for the payment of dividends at such
times and in such amounts as the Company’s board of directors (the “Board of Directors”) from time to time may determine.
We have never paid any cash dividends on our common stock and do not anticipate paying any cash dividends on our common stock in the foreseeable
future. We intend to retain future earnings to fund ongoing operations and future capital requirements. Any future determination to pay
dividends will be at the discretion of the Board of Directors and will be dependent upon financial condition, results of operations, capital
requirements and such other factors as the Board of Directors deems relevant.
The common stock is not entitled
to pre-emptive rights and is not subject to conversion or redemption. In the event of our liquidation, dissolution or winding up, the
holders of our common stock are entitled to receive pro rata our assets, which are legally available for distribution, after payments
of all debts and other liabilities.
Our shares of common stock
are listed on the Nasdaq Capital Market under the symbol “MOVE.”
DESCRIPTION
OF PREFERRED STOCK WE MAY OFFER
This section describes the
general terms and provisions of the preferred stock we may offer. This information may not be complete in all respects and is qualified
entirely by reference to the Certificate of Incorporation or certificate of designations with respect to each series of preferred stock.
The specific terms of any series will be described in a prospectus supplement. Those terms may differ from the terms discussed below.
Any series of preferred stock we issue will be governed by the Certificate of Incorporation and by the certificate of designations relating
to that series. We will file the certificate of designations with the SEC and incorporate it by reference as an exhibit to our registration
statement at or before the time we issue any preferred stock of that series.
Authorized Preferred Stock
The Certificate of Incorporation
authorizes us to issue 5,000,000 shares of preferred stock, par value $0.0001 per share. As of March 29, 2022, we had no shares
of preferred stock issued and outstanding. Our authorized but unissued shares of preferred stock are available for issuance without further
action by our stockholders, unless such action is required by applicable law or the rules of any stock exchange or automated quotation
system on which our securities may be listed or traded.
The Board of Directors has
the authority to issue preferred stock in one or more series, each of which will have such distinctive designation or title as shall be
determined by the Board of Directors prior to the issuance of any shares thereof. Preferred stock will have such voting powers, whole
or limited, or no voting powers, and such preferences and relative, participating, optional or other special rights and such qualifications,
limitations or restrictions thereof, as shall be stated in such resolution or resolutions providing for the issue of such class or series
of preferred stock as may be adopted from time to time by the Board of Directors prior to the issuance of any shares thereof. The designations,
powers, rights and preferences of the preferred stock could include voting rights, dividend rights, dissolution rights, conversion rights,
exchange rights, redemption rights, liquidation preferences, and the number of shares constituting any series or the designation of such
series, any or all of which may be greater than the rights of common stock. The issuance of preferred stock could adversely affect the
voting power of holders of common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation.
In addition, the issuance of preferred stock could have the effect of delaying, deferring or preventing change in our control or other
corporate action. No shares of our preferred stock are currently issued and outstanding.
Specific Terms of a Series of Preferred Stock
The preferred stock we may
offer will be issued in one or more series. A prospectus supplement will discuss the following features of the series of preferred stock
to which it relates:
| ● | the designations and stated
value per share; |
| ● | the number of shares offered; |
| ● | the amount of liquidation preference
per share; |
| ● | the public offering price at
which the preferred stock will be issued; |
| ● | the dividend rate, the method
of its calculation, the dates on which dividends would be paid and the dates, if any, from which dividends would cumulate; |
| ● | any redemption or sinking fund
provisions; |
| ● | any conversion or exchange rights;
and |
| ● | any additional voting, dividend,
liquidation, redemption, sinking fund and other rights, preferences, privileges, limitations and restrictions. |
Rank
Unless otherwise stated in
the prospectus supplement, the preferred stock will have priority over our common stock with respect to dividends and distribution of
assets, but will rank junior to all our outstanding indebtedness for borrowed money. Any series of preferred stock could rank senior,
equal or junior to our other capital stock, as may be specified in a prospectus supplement, as long as our amended and restated certificate
of incorporation so permits.
Dividends
Holders of each series of
preferred stock shall be entitled to receive cash dividends to the extent specified in the prospectus supplement when, as and if declared
by the Board of Directors, from funds legally available for the payment of dividends. The rates and dates of payment of dividends of each
series of preferred stock will be stated in the prospectus supplement. Dividends will be payable to the holders of record of preferred
stock as they appear on our books on the record dates fixed by the Board of Directors. Dividends on any series of preferred stock may
be cumulative or non-cumulative, as discussed in the applicable prospectus supplement.
Convertibility
Shares of a series of preferred
stock may be exchangeable or convertible into shares of our common stock, another series of preferred stock or other securities or property.
The conversion or exchange may be mandatory or optional. The prospectus supplement will specify whether the preferred stock being offered
has any conversion or exchange features, and will describe all the related terms and conditions.
Redemption
The terms, if any, on which
shares of preferred stock of a series may be redeemed will be discussed in the applicable prospectus supplement.
Liquidation
Upon any voluntary or involuntary
liquidation, dissolution or winding up of the affairs of Movano, holders of each series of preferred stock will be entitled to receive
distributions upon liquidation in the amount described in the related prospectus supplement. These distributions will be made before any
distribution is made on any securities ranking junior to the preferred stock with respect to liquidation, including our common stock.
If the liquidation amounts payable relating to the preferred stock of any series and any other securities ranking on a parity regarding
liquidation rights are not paid in full, the holders of the preferred stock of that series will share ratably in proportion to the full
liquidation preferences of each security. If the liquidation amounts payable are insufficient to pay any distribution to the preferred
stock of any series and any other securities ranking on a parity regarding liquidation rights, the holders of the preferred stock of that
series will receive nothing. Holders of our preferred stock will not be entitled to any other amounts from us after they have received
their full liquidation preference.
Voting
The holders of preferred stock
of each series will have voting rights as required by law or as described in the applicable prospectus supplement.
No Other Rights
The shares of a series of
preferred stock will not have any preferences, voting powers or relative, participating, optional or other special rights except:
|
● |
as discussed above or in the prospectus supplement; |
|
● |
as provided in our Certificate of Incorporation and in any certificate of designation; or |
|
● |
as otherwise required by law. |
DESCRIPTION
OF DEBT SECURITIES WE MAY OFFER
General
The debt securities that we
may issue will constitute debentures, notes, bonds or other evidences of indebtedness of Movano Inc., to be issued in one or more series,
which may include either senior debt securities, subordinated debt securities or senior subordinated debt securities. The particular terms
of any series of debt securities we offer, including the extent to which the general terms set forth below may be applicable to a particular
series, will be described in a prospectus supplement relating to such series.
Debt securities and any guarantees
that we may issue will be issued under an indenture between us and a trustee qualified to act as such under the Trust Indenture Act of
1939. We have filed the form of the indenture as an exhibit to the registration statement of which this prospectus is a part. When we
refer to the “indenture” in this prospectus, we are referring to the indenture under which the debt securities are issued
as supplemented by any supplemental indenture applicable to the debt securities. We will provide the name of the trustee in any prospectus
supplement related to the issuance of debt securities, and we will also provide certain other information related to the trustee, including
describing any relationship we have with the trustee, in such prospectus supplement.
THE FOLLOWING DESCRIPTION
IS A SUMMARY OF THE MATERIAL PROVISIONS OF THE INDENTURE. IT DOES NOT RESTATE THE INDENTURE IN ITS ENTIRETY. THE INDENTURE IS GOVERNED
BY THE TRUST INDENTURE ACT OF 1939. THE TERMS OF THE DEBT SECURITIES INCLUDE THOSE STATED IN THE INDENTURE AND THOSE MADE PART OF THE
INDENTURE BY REFERENCE TO THE TRUST INDENTURE ACT. WE URGE YOU TO READ THE INDENTURE BECAUSE IT, AND NOT THIS DESCRIPTION, DEFINES YOUR
RIGHTS AS A HOLDER OF THE DEBT SECURITIES.
Information You Will Find in the Prospectus
Supplement
The indenture provides that
we may issue debt securities from time to time in one or more series and that we may denominate the debt securities and make them payable
in foreign currencies. The indenture does not limit the aggregate principal amount of debt securities that can be issued thereunder. The
prospectus supplement for a series of debt securities will provide information relating to the terms of the series of debt securities
being offered, which may include:
| ● | the title and denominations
of the debt securities of the series; |
| ● | any limit on the aggregate principal
amount of the debt securities of the series; |
| ● | the date or dates on which the
principal and premium, if any, with respect to the debt securities of the series are payable or the method of determination thereof; |
| ● | the rate or rates, which may
be fixed or variable, at which the debt securities of the series shall bear interest, if any, or the method of calculating and/or resetting
such rate or rates of interest; |
| ● | the dates from which such interest
shall accrue or the method by which such dates shall be determined and the duration of the extensions and the basis upon which interest
shall be calculated; |
| ● | the interest payment dates for
the series of debt securities or the method by which such dates will be determined, the terms of any deferral of interest and any right
of ours to extend the interest payment periods; |
| ● | the place or places where the
principal and interest on the series of debt securities will be payable; |
| ● | the terms and conditions upon
which debt securities of the series may be redeemed, in whole or in part, at our option or otherwise; |
| ● | our obligation, if any, to redeem,
purchase, or repay debt securities of the series pursuant to any sinking fund or other specified event or at the option of the holders
and the terms of any such redemption, purchase, or repayment; |
| ● | the terms, if any, upon which
the debt securities of the series may be convertible into or exchanged for other securities, including, among other things, the initial
conversion or exchange price or rate and the conversion or exchange period; |
| ● | if the amount of principal,
premium, if any, or interest with respect to the debt securities of the series may be determined with reference to an index or formula,
the manner in which such amounts will be determined; |
| ● | if any payments on the debt
securities of the series are to be made in a currency or currencies (or by reference to an index or formula) other than that in which
such securities are denominated or designated to be payable, the currency or currencies (or index or formula) in which such payments
are to be made and the terms and conditions of such payments; |
| ● | any changes or additions to
the provisions of the indenture dealing with defeasance, including any additional covenants that may be subject to our covenant defeasance
option; |
| ● | the currency or currencies in
which payment of the principal and premium, if any, and interest with respect to debt securities of the series will be payable, or in
which the debt securities of the series shall be denominated, and the particular provisions applicable thereto in accordance with the
indenture; |
| ● | the portion of the principal
amount of debt securities of the series which will be payable upon declaration of acceleration or provable in bankruptcy or the method
by which such portion or amount shall be determined; |
| ● | whether the debt securities
of the series will be secured or guaranteed and, if so, on what terms; |
| ● | any addition to or change in
the events of default with respect to the debt securities of the series; |
| ● | the identity of any trustees,
authenticating or paying agents, transfer agents or registrars; |
| ● | the applicability of, and any
addition to or change in, the covenants currently set forth in the indenture; |
| ● | the subordination, ranking or
priority, if any, of the debt securities of the series and terms of the subordination; and |
| ● | any other terms of the debt
securities of the series which are not prohibited by the indenture. |
Holders of debt securities
may present debt securities for exchange in the manner, at the places, and subject to the restrictions set forth in the debt securities,
the indenture, and the prospectus supplement. We will provide these services without charge, other than any tax or other governmental
charge payable in connection therewith, but subject to the limitations provided in the indenture, any board resolution establishing such
debt securities and any applicable indenture supplement.
Senior Debt
We may issue senior debt securities
under the indenture. Unless otherwise set forth in the applicable indenture supplement and described in a prospectus supplement, the senior
debt securities will be senior unsecured obligations, ranking equally with all of our existing and future senior unsecured debt. The senior
debt securities will be senior to all of our subordinated debt and junior to any secured debt we may incur as to the assets securing such
debt.
Subordinated Debt
We may issue subordinated
debt securities under the indenture. These subordinated debt securities will be subordinate and junior in right of payment, to the extent
and in the manner set forth in the indenture and any applicable indenture supplement, to all of our senior indebtedness.
If this prospectus is being
delivered in connection with a series of subordinated debt securities, the accompanying prospectus supplement or the information incorporated
by reference will set forth the approximate amount of senior indebtedness outstanding as of the end of the most recent fiscal quarter.
Senior Subordinated Debt
We may issue senior subordinated
debt securities under the indenture. These senior subordinated debt securities will be, to the extent and in the manner set forth in the
applicable indenture supplement, subordinate and junior in right of payment to all of our “senior indebtedness” and senior
to our other subordinated debt.
Interest Rate
Debt securities that bear
interest will do so at a fixed rate or a variable rate. We may sell, at a discount below the stated principal amount, any debt securities
which bear no interest or which bear interest at a rate that at the time of issuance is below the prevailing market rate. The relevant
prospectus supplement will describe the special United States federal income tax considerations applicable to:
| ● | any discounted debt securities;
and |
| ● | any debt securities issued at
par which are treated as having been issued at a discount for United States federal income tax purposes. |
Registered Global Securities
We may issue registered debt
securities of a series in the form of one or more fully registered global securities. We will deposit the registered global security with
a depository or with a nominee for a depository identified in the prospectus supplement relating to such series. The global security or
global securities will represent and will be in a denomination or aggregate denominations equal to the portion of the aggregate principal
amount of outstanding registered debt securities of the series to be represented by the registered global security or securities. Unless
it is exchanged in whole or in part for debt securities in definitive registered form, a registered global security may not be transferred,
except as a whole in three cases:
| ● | by the depository for the registered
global security to a nominee of the depository; |
| ● | by a nominee of the depository
to the depository or another nominee of the depository; and |
| ● | by the depository or any nominee
to a successor of the depository or a nominee of the successor. |
The prospectus supplement
relating to a series of debt securities will describe the specific terms of the depository arrangement concerning any portion of that
series of debt securities to be represented by a registered global security. We anticipate that the following provisions will generally
apply to all depository arrangements.
Upon the issuance of a registered
global security, the depository will credit, on its book-entry registration and transfer system, the principal amounts of the debt securities
represented by the registered global security to the accounts of persons that have accounts with the depository. These persons are referred
to as “participants.” Any underwriters, agents or dealers participating in the distribution of debt securities represented
by the registered global security will designate the accounts to be credited. Only participants or persons that hold interests through
participants will be able to beneficially own interests in a registered global security. The depository for a global security will maintain
records of beneficial ownership interests in a registered global security for participants. Participants or persons that hold through
participants will maintain records of beneficial ownership interests in a global security for persons other than participants. These records
will be the only means to transfer beneficial ownership in a registered global security.
The laws of some states may
require that specified purchasers of securities take physical delivery of the securities in definitive form. These laws may limit the
ability of those persons to own, transfer or pledge beneficial interests in global securities.
So long as the depository,
or its nominee, is the registered owner of a registered global security, the depository or its nominee will be considered the sole owner
or holder of the debt securities represented by the registered global security for all purposes under the indenture. Except as set forth
below, owners of beneficial interests in a registered global security:
| ● | may not have the debt securities
represented by a registered global security registered in their names; |
| ● | will not receive or be entitled
to receive physical delivery of debt securities represented by a registered global security in definitive form; and |
| ● | will not be considered the owners
or holders of debt securities represented by a registered global security under the indenture. |
Accordingly, each person owning
a beneficial interest in a registered global security must rely on the procedures of the depository for the registered global security
and, if the person is not a participant, on the procedures of the participant through which the person owns its interests, to exercise
any rights of a holder under the indenture applicable to the registered global security.
We understand that, under
existing industry practices, if we request any action of holders, or if an owner of a beneficial interest in a registered global security
desires to give or take any action which a holder is entitled to give or take under the indenture, the depository for the registered global
security would authorize the participants holding the relevant beneficial interests to give or take the action, and the participants would
authorize beneficial owners owning through the participants to give or take the action or would otherwise act upon the instructions of
beneficial owners holding through them.
Payment of Interest on and Principal of Registered
Global Securities
We will make principal, premium,
if any, and interest payments on debt securities represented by a registered global security registered in the name of a depository or
its nominee to the depository or its nominee as the registered owner of the registered global security. None of Movano, the trustee, or
any paying agent for debt securities represented by a registered global security will have any responsibility or liability for:
| ● | any aspect of the records relating
to, or payments made on account of, beneficial ownership interests in such registered global security; |
| ● | maintaining, supervising, or
reviewing any records relating to beneficial ownership interests; |
| ● | the payments to beneficial owners
of the global security of amounts paid to the depository or its nominee; or |
| ● | any other matter relating to
the actions and practices of the depository, its nominee or any of its participants. |
We expect that the depository,
upon receipt of any payment of principal, premium or interest in respect of the global security, will immediately credit participants’
accounts with payments in amounts proportionate to their beneficial interests in the principal amount of a registered global security
as shown on the depository’s records. We also expect that payments by participants to owners of beneficial interests in a registered
global security held through participants will be governed by standing instructions and customary practices. This is currently the case
with the securities held for the accounts of customers registered in “street name.” Such payments will be the responsibility
of participants.
Exchange of Registered Global Securities
We may issue debt securities
in definitive form in exchange for the registered global security if both of the following occur:
| ● | the depository for any debt
securities represented by a registered global security is at any time unwilling or unable to continue as depository or ceases to be a
clearing agency registered under the Exchange Act; and |
| ● | we do not appoint a successor
depository within 90 days. |
In addition, we may, at any
time, determine not to have any of the debt securities of a series represented by one or more registered global securities. In this event,
we will issue debt securities of that series in definitive form in exchange for all of the registered global security or securities representing
those debt securities.
Covenants by Movano
The indenture includes covenants
by us, including among other things that we will make all payments of principal and interest at the times and places required. The supplemental
indenture establishing each series of debt securities may contain additional covenants, including covenants which could restrict our right
to incur additional indebtedness or liens and to take certain actions with respect to our businesses and assets.
Events of Default
Unless otherwise indicated
in the applicable prospectus supplement, the following will be events of default under the indenture with respect to each series of debt
securities issued under the indenture:
| ● | failure to pay when due any
interest on any debt security of that series, continued for 30 days; |
| ● | failure to pay when due the
principal of, or premium, if any, on, any debt security of that series; |
| ● | failure to perform any other
covenant or agreement of ours under the indenture or the supplemental indenture with respect to that series or the debt securities of
that series, continued for 90 days after written notice to us by the trustee or holders of at least 25% in aggregate principal amount
of the outstanding debt securities of the series to which the covenant or agreement relates; |
| ● | certain events of bankruptcy,
insolvency or similar proceedings affecting us; and |
| ● | any other event of default specified
in any supplemental indenture under which such series of debt securities is issued. |
Except as to certain events
of bankruptcy, insolvency or similar proceedings affecting us and except as provided in the applicable prospectus supplement, if any event
of default shall occur and be continuing with respect to any series of debt securities under the indenture, either the trustee or the
holders of at least 25% in aggregate principal amount of outstanding debt securities of such series may accelerate the maturity of all
debt securities of such series. Upon certain events of bankruptcy, insolvency or similar proceedings affecting us, the principal, premium,
if any, and interest on all debt securities of each series shall be immediately due and payable.
After any such acceleration,
but before a judgment or decree based on acceleration has been obtained by the trustee, the holders of a majority in aggregate principal
amount of each affected series of debt securities may waive all defaults with respect to such series and rescind and annul such acceleration
if all events of default, other than the non-payment of accelerated principal, have been cured, waived or otherwise remedied.
No holder of any debt securities
will have any right to institute any proceeding with respect to the indenture or for any remedy under the indenture, unless such holder
shall have previously given to the trustee written notice of a continuing event of default and the holders of at least 25% in aggregate
principal amount of the outstanding debt securities of the relevant series shall have made written request and offered indemnity satisfactory
to the trustee to institute such proceeding as trustee, and the trustee shall not have received from the holders of a majority in aggregate
principal amount of the outstanding debt securities of such series a direction inconsistent with such request and shall have failed
to institute such proceeding within 60 days. However, such limitations do not apply to a suit instituted by a holder of a debt security
for enforcement of payment of the principal of and premium, if any, or interest on such debt security on or after the respective due dates
expressed in such debt security.
Supplemental Indentures
We and the trustee may, at
any time and from time to time, without prior notice to or consent of any holders of debt securities, enter into one or more indentures
supplemental to the indenture, among other things:
| ● | to add guarantees to or secure
any series of debt securities; |
| ● | to provide for the succession
of another person pursuant to the provisions of the indenture relating to consolidations, mergers and sales of assets and the assumption
by such successor of our covenants, agreements, and obligations, or to otherwise comply with the provisions of the indenture relating
to consolidations, mergers, and sales of assets; |
| ● | to surrender any right or power
conferred upon us under the indenture or to add to our covenants further covenants, restrictions, conditions or provisions for the protection
of the holders of all or any series of debt securities; |
| ● | to cure any ambiguity or to
correct or supplement any provision contained in the indenture, in any supplemental indenture or in any debt securities that may be defective
or inconsistent with any other provision contained therein; |
| ● | to modify or amend the indenture
in such a manner as to permit the qualification of the indenture or any supplemental indenture under the Trust Indenture Act; |
| ● | to add to or change any of the
provisions of the indenture to supplement any of the provisions of the indenture in order to permit the defeasance and discharge of any
series of debt securities pursuant to the indenture, so long as any such action does not adversely affect the interests of the holders
of debt securities of any series in any material respect; |
| ● | to add to, change, or eliminate
any of the provisions of the indenture with respect to one or more series of debt securities, so long as any such addition, change or
elimination shall not apply to any debt securities of any series created prior to the execution of such supplemental indenture and entitled
to the benefit of such provision; |
| ● | to evidence and provide for
the acceptance of appointment by a successor or separate trustee; and |
| ● | to establish the form or terms
of debt securities of any series and to make any change that does not adversely affect the interests of the holders of debt securities. |
With the consent of the holders
of at least a majority in principal amount of debt securities of each series affected by such supplemental indenture (each series voting
as one class), we and the trustee may enter into one or more supplemental indentures for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of the indenture or modifying in any manner the rights of the holders of debt securities
of each such series.
Notwithstanding our rights
and the rights of the trustee to enter into one or more supplemental indentures with the consent of the holders of debt securities of
the affected series as described above, no such supplemental indenture shall, without the consent of the holder of each outstanding debt
security of the affected series, among other things:
|
● |
change the final maturity of the principal of, or any installment of interest on, any debt securities; |
|
● |
reduce the principal amount of any debt securities or the rate of interest on any debt securities; |
|
● |
change the currency in which any debt securities are payable; |
|
● |
impair the right of the holders to conduct a proceeding for any remedy available to the trustee; |
|
● |
reduce the percentage in principal amount
of any series of debt securities whose holders must consent to an amendment or supplemental indenture; |
|
● |
modify the ranking or priority of the securities; or |
|
● |
reduce any premium payable upon the redemption of any debt securities. |
Satisfaction and Discharge of the Indenture;
Defeasance
Except to the extent set forth
in a supplemental indenture with respect to any series of debt securities, we, at our election, may discharge the indenture and the indenture
shall generally cease to be of any further effect with respect to that series of debt securities if (a) we have delivered to the
trustee for cancellation all debt securities of that series (with certain limited exceptions) or (b) all debt securities of that
series not previously delivered to the trustee for cancellation shall have become due and payable, or are by their terms to become due
and payable within one year or are to be called for redemption within one year, and we have deposited with the trustee the entire amount
sufficient to pay at maturity or upon redemption all such debt securities.
In addition, we have a “legal
defeasance option” (pursuant to which we may terminate, with respect to the debt securities of a particular series, all of our obligations
under such debt securities and the indenture with respect to such debt securities) and a “covenant defeasance option” (pursuant
to which we may terminate, with respect to the debt securities of a particular series, our obligations with respect to such debt securities
under certain specified covenants contained in the indenture). If we exercise our legal defeasance option with respect to a series of
debt securities, payment of such debt securities may not be accelerated because of an event of default. If we exercise our covenant defeasance
option with respect to a series of debt securities, payment of such debt securities may not be accelerated because of an event of default
related to the specified covenants.
We may exercise our legal
defeasance option or our covenant defeasance option with respect to the debt securities of a series only if we irrevocably deposit in
trust with the trustee cash or U.S. government obligations (as defined in the indenture) for the payment of principal, premium, if any,
and interest with respect to such debt securities to maturity or redemption, as the case may be. In addition, to exercise either of our
defeasance options, we must comply with certain other conditions, including the delivery to the trustee of an opinion of counsel to the
effect that the holders of debt securities of such series will not recognize income, gain or loss for Federal income tax purposes as a
result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would
have been the case if such defeasance had not occurred (and, in the case of legal defeasance only, such opinion of counsel must be based
on a ruling from the Internal Revenue Service or other change in applicable Federal income tax law).
The trustee will hold in trust
the cash or U.S. government obligations deposited with it as described above and will apply the deposited cash and the proceeds from deposited
U.S. government obligations to the payment of principal, premium, if any, and interest with respect to the debt securities of the defeased
series.
Mergers, Consolidations and Certain Sales of
Assets
We may not:
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consolidate with or merge into any other person or entity or permit any other person or entity to consolidate with or merge into us in a transaction in which we are not the surviving entity, or |
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transfer, lease or dispose of all or substantially all of our assets to any other person or entity, unless: |
| o | the resulting, surviving or
transferee entity shall be a corporation organized and existing under the laws of the United States or any state thereof and such resulting,
surviving or transferee entity shall expressly assume, by supplemental indenture, executed and delivered in form satisfactory to the
trustee, all of our obligations under the debt securities and the indenture; |
| o | immediately after giving effect
to such transaction (and treating any indebtedness which becomes an obligation of the resulting, surviving or transferee entity as a
result of such transaction as having been incurred by such entity at the time of such transaction), no default or event of default would
occur or be continuing; and |
| o | we shall have delivered to
the trustee an officers’ certificate and an opinion of counsel, each stating that such consolidation, merger or transfer and such
supplemental indenture (if any) comply with the indenture. |
The phrase “substantially
all” of our assets will likely be interpreted under applicable state law and will be dependent upon particular facts and circumstances.
As a result, there may be a degree of uncertainty in ascertaining whether a sale or transfer of “substantially all” of our
assets has occurred.
Governing Law
The indenture and the debt
securities will be governed by the laws of the State of New York.
No Personal Liability of Directors, Officers,
Employees and Stockholders
No director, officer, incorporator
or stockholder of Movano, as such, shall have any liability for any obligations of Movano under the debt securities or the indenture or
for any claim based on, in respect of, or by reason of, such obligations or their creation, solely by reason of his, her, or its status
as director, officer, incorporator or stockholder of Movano. By accepting a debt security, each holder waives and releases all such liability,
but only such liability. The waiver and release are part of the consideration for issuance of the debt securities. Nevertheless, such
waiver may not be effective to waive liabilities under the federal securities laws and it has been the view of the SEC that such a waiver
is against public policy.
Conversion or Exchange Rights
Any debt securities offered
hereby may be convertible into or exchangeable for shares of our equity or other securities. The terms and conditions of such conversion
or exchange will be set forth in the applicable prospectus supplement. Such terms may include, among others, the following:
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the conversion or exchange price; |
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the conversion or exchange period; |
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provisions regarding our ability or that of the holder to convert or exchange the debt securities; |
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events requiring adjustment to the conversion or exchange price; and |
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provisions affecting conversion or exchange in the event of our redemption of such debt securities. |
Concerning the Trustee
The indenture provides that
there may be more than one trustee with respect to one or more series of debt securities. If there are different trustees for different
series of debt securities, each trustee will be a trustee of a trust under a supplemental indenture separate and apart from the trust
administered by any other trustee under such indenture. Except as otherwise indicated in this prospectus or any prospectus supplement,
any action permitted to be taken by a trustee may be taken by the trustee only with respect to the one or more series of debt securities
for which it is the trustee under an indenture. Any trustee under the indenture or a supplemental indenture may resign or be removed with
respect to one or more series of debt securities. All payments of principal of, premium, if any, and interest on, and all registration,
transfer, exchange authentication and delivery (including authentication and delivery on original issuance of the debt securities) of,
the debt securities of a series will be effected by the trustee with respect to such series at an office designated by the trustee.
The indenture contains limitations
on the right of the trustee, should it become a creditor of Movano, to obtain payment of claims in certain cases or to realize on certain
property received in respect of any such claim as security or otherwise. If the trustee acquires an interest that conflicts with any duties
with respect to the debt securities, the trustee is required to either resign or eliminate such conflicting interest to the extent and
in the manner provided by the indenture.
DESCRIPTION
OF WARRANTS WE MAY OFFER
We may issue warrants for
the purchase of debt securities, preferred stock or common stock. Warrants may be issued independently or together with debt securities,
preferred stock or common stock and may be attached to or separate from any offered securities. Any issue of warrants will be governed
by the terms of the applicable form of warrant and any related warrant agreement which we will file with the SEC and they will be incorporated
by reference to the registration statement of which this prospectus is a part on or before the time we issue any warrants.
The particular terms of any
issue of warrants will be described in the prospectus supplement relating to the issue. Those terms may include:
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the title of such warrants; |
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the aggregate number of such warrants; |
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the price or prices at which such warrants will be issued; |
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the currency or currencies (including composite currencies) in which the price of such warrants may be payable; |
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the terms of the securities purchasable upon exercise of such warrants and the procedures and conditions relating to the exercise of such warrants; |
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the price at which the securities purchasable upon exercise of such warrants may be purchased; |
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the date on which the right to exercise such warrants will commence and the date on which such right shall expire; |
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any provisions for adjustment of the number or amount of securities receivable upon exercise of the warrants or the exercise price of the warrants; |
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if applicable, the minimum or maximum amount of such warrants that may be exercised at any one time; |
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if applicable, the designation and terms of the securities with which such warrants are issued and the number of such warrants issued with each such security; |
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if applicable, the date on and after which such warrants and the related securities will be separately transferable; |
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information with respect to book-entry procedures, if any; and |
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any other terms of such warrants, including terms, procedures and limitations relating to the exchange or exercise of such warrants. |
The prospectus supplement
relating to any warrants to purchase equity securities may also include, if applicable, a discussion of certain U.S. federal income tax
and ERISA considerations.
Warrants for the purchase
of preferred stock and common stock will be offered and exercisable for U.S. dollars only. Each warrant will entitle its holder to purchase
the principal amount of debt securities or the number of shares of preferred stock or common stock at the exercise price set forth in,
or calculable as set forth in, the applicable prospectus supplement.
After the close of business
on the expiration date, unexercised warrants will become void. We will specify the place or places where, and the manner in which, warrants
may be exercised in the applicable prospectus supplement.
Prior to the exercise of any
warrants to purchase debt securities, preferred stock or common stock, holders of the warrants will not have any of the rights of holders
of the debt securities, preferred stock or common stock purchasable upon exercise.
DESCRIPTION
OF UNITS WE MAY OFFER
We may issue units composed
of any combination of our debt securities, common stock, preferred stock, warrants, and rights. We will issue each unit so that the holder
of the unit is also the holder of each security included in the unit. As a result, the holder of a unit will have the rights and obligations
of a holder of each included security. The unit agreement under which a unit is issued may provide that the securities included in the
unit may not be held or transferred separately, at any time or at any time before a specified date.
The following description
is a summary of selected provisions relating to units that we may offer. The summary is not complete. When units are offered in the future,
a prospectus supplement, information incorporated by reference or a free writing prospectus, as applicable, will explain the particular
terms of those securities and the extent to which these general provisions may apply. The specific terms of the units as described in
a prospectus supplement or free writing prospectus will supplement and, if applicable, may modify or replace the general terms described
in this section.
The specific terms of any
units offered will be set forth in a unit agreement, collateral arrangements and depositary arrangements, if applicable. We will file
each of these documents, as applicable, with the SEC and they will be incorporated by reference to the registration statement of which
this prospectus is a part on or before the time we issue a series of units. See “Where You Can Find More Information” and
“Incorporation by Reference” below for information on how to obtain a copy of a document when it is filed.
The applicable prospectus
supplement or free writing prospectus may describe:
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the designation and terms of the units and of the securities comprising the units, including whether and under what circumstances those securities may be held or transferred separately; |
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any provisions for the issuance, payment, settlement, transfer, or exchange of the units or of the securities composing the units; |
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whether the units will be issued in fully registered or global form; and |
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any other terms of the units. |
The applicable provisions
described in this section, as well as those described under “— Description of Debt Securities We May Offer,” “—
Description of Common Stock We May Offer,” “— Description of Preferred Stock We May Offer” and “—
Description of Warrants We May Offer” above, and “— Description of Rights We May Offer” below, will apply to each
unit and to each security included in each unit, respectively.
DESCRIPTION
OF RIGHTS WE MAY OFFER
We may issue rights to purchase
our debt securities, common stock, preferred stock or other securities. These rights may be issued independently or together with any
other security offered hereby and may or may not be transferable by the stockholder receiving the rights in such offering. In connection
with any offering of such rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to
which the underwriters or other purchasers may be required to purchase any securities remaining unsubscribed for after such offering.
Each series of rights will
be issued under a separate rights agreement which we will enter into with a bank or trust company, as rights agent, all which will be
set forth in the relevant offering material. The rights agent will act solely as our agent in connection with the certificates relating
to the rights and will not assume any obligation or relationship of agency or trust with any holders of rights certificates or beneficial
owners of rights.
The following description
is a summary of selected provisions relating to rights that we may offer. The summary is not complete. When rights are offered in the
future, a prospectus supplement, information incorporated by reference or a free writing prospectus, as applicable, will explain the particular
terms of those securities and the extent to which these general provisions may apply. The specific terms of the rights as described in
a prospectus supplement or free writing prospectus will supplement and, if applicable, may modify or replace the general terms described
in this section.
The specific terms of any
units offered will be set forth in a rights agreement and the rights certificate, as applicable. We will file each of these documents,
as applicable, with the SEC and they will be incorporated by reference to the registration statement of which this prospectus is a part
on or before the time we issue a series of rights. See “Where You Can Find More Information” and “Incorporation by Reference”
below for information on how to obtain a copy of a document when it is filed.
The applicable prospectus
supplement or free writing prospectus may describe:
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in the case of a distribution of rights to our stockholders, the date of determining the stockholders entitled to the rights distribution; |
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in the case of a distribution of rights to our stockholders, the number of rights issued or to be issued to each stockholder; |
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the exercise price payable for the underlying debt securities, common stock, preferred stock or other securities upon the exercise of the rights; |
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the number and terms of the underlying debt securities, common stock, preferred stock or other securities which may be purchased per each right; |
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the extent to which the rights are transferable; |
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the date on which the holder’s ability to exercise the rights shall commence, and the date on which the rights shall expire; |
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the extent to which the rights may include an over-subscription privilege with respect to unsubscribed securities; |
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if applicable, the material terms of any standby underwriting or purchase arrangement entered into by us in connection with the offering of such rights; and |
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any other terms of the rights, including, but not limited to, the terms, procedures, conditions and limitations relating to the exchange and exercise of the rights. |
The provisions described in
this section, as well as those described under “— Description of Debt Securities We May Offer,” “— Description
of Common Stock We May Offer” and “— Description of Preferred Stock We May Offer” above, will apply, as applicable,
to any rights we offer.
CERTAIN
PROVISIONS OF DELAWARE LAW AND OF THE COMPANY’S CERTIFICATE OF
INCORPORATION AND BYLAWS
The following paragraphs regarding
certain provisions of the DGCL, the Certificate of Incorporation, and the Bylaws are summaries of the material terms thereof and do not
purport to be complete. We urge you to read the applicable prospectus supplements, any related free writing prospectuses related to a
security that we may offer under this prospectus, the DGCL, and the Certificate of Incorporation and Bylaws. Copies of the Certificate
of Incorporation and Bylaws are on file with the SEC as exhibits to filings previously made by us. See “Where You Can Find More
Information.”
General
The provisions of the DGCL,
and the Certificate of Incorporation and Bylaws could have the effect of discouraging others from attempting an unsolicited offer to acquire
our company. Such provisions may also have the effect of preventing changes in our management. It is possible that these provisions could
make it more difficult to accomplish transactions that stockholders may otherwise deem to be in their best interests.
Effects of Authorized but Unissued Common Stock
One of the effects of the
existence of authorized but unissued common stock may be to enable our board of directors to make more difficult or to discourage an attempt
to obtain control of our Company by means of a merger, tender offer, proxy contest or otherwise, and thereby to protect the continuity
of management. If, in the due exercise of its fiduciary obligations, the board of directors were to determine that a takeover
proposal was not in our best interest, such shares could be issued by the board of directors without stockholder approval in one or more
transactions that might prevent or render more difficult or costly the completion of the takeover transaction by diluting the voting or
other rights of the proposed acquirer or insurgent stockholder group, by putting a substantial voting block in institutional or other
hands that might undertake to support the position of the incumbent board of directors, by effecting an acquisition that might complicate
or preclude the takeover, or otherwise.
Undesignated Preferred Stock
Our board of directors has
the ability to issue preferred stock with voting or other rights, preferences and privileges that could have the effect of deterring hostile
takeovers or delaying changes in control of our Company or management.
Cumulative Voting
Our Certificate of Incorporation
does not provide for cumulative voting in the election of directors, which would allow holders of less than a majority of the stock to
elect some directors.
Classified Board of Directors
Our Certificate of Incorporation
and Bylaws provide that our board of directors is divided into three classes, with members of each class serving staggered three-year
terms. Our classified Board of Directors could have the effect of delaying or discouraging an acquisition of us or a change in management.
Vacancies
Our Certificate of Incorporation
provides that all vacancies may be filled by the affirmative vote of a majority of directors then in office, even if less than a quorum.
Actions at Meetings of Stockholders; Special
Meeting of Stockholders and Advance Notice Requirements for Stockholder Proposals
Our Certificate of Incorporation
and Bylaws require that any action required or permitted to be taken by our stockholders must be effected at a duly called annual or special
meeting of the stockholders and may not be effected by a consent in writing. Our Certificate of Incorporation and Bylaws also provide
that special meetings of stockholders may be called from time to time only by a majority of our board of directors, our president, chief
executive officer or the chairman of the board for the purpose specified in the notice of meeting. In addition, the Bylaws provide that
candidates for director may be nominated and other business brought before an annual meeting only by the Board of Directors or by a stockholder
who gives written notice to us not less than 90 days, nor more than 120 days, prior to the first anniversary of the preceding year’s
annual meeting, subject to certain exceptions. Such stockholder’s notice must set forth certain information required by the Bylaws.
These provisions may have the effect of deterring unsolicited offers to acquire our company or delaying stockholder actions, even if they
are favored by the holders of a majority of our outstanding voting securities.
Supermajority Voting for Amendments to Our
Governing Documents
Amendments to certain provisions
our Certificate of Incorporation relating to our board of directors, actions of stockholders, director liability, choice of forum and
amendments to our Certificate of Incorporation will require the affirmative vote of at least 66 2/3% of the voting power of all shares
of our capital stock then outstanding. Our Certificate of Incorporation provides that the board of directors is expressly authorized to
adopt, amend or repeal our Bylaws and that our stockholders may amend our Bylaws only with the approval of at least 66 2/3% of the voting
power of all shares of our capital stock then outstanding.
Choice of Forum
Our Certificate of Incorporation
provides that, subject to certain exceptions, the Court of Chancery of the State of Delaware will be the exclusive forum for any claim,
including any derivative claim, (i) that is based upon a violation of a duty by a current or former director or officer or stockholder
in such capacity or (ii) as to which the Delaware General Corporation Law, or any other provision of Title 8 of the Delaware Code, confers
jurisdiction upon the Court of Chancery. Additionally, our Certificate of Incorporation provides that the federal district courts of the
United States of America shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the
Securities Act of 1933.
Effect of Delaware Anti-Takeover Statute
We are subject
to Section 203 of the Delaware General Corporation Law, an anti-takeover law. In general, Section 203 prohibits a Delaware corporation
from engaging in any business combination (as defined below) with any interested stockholder (as defined below) for a period of three
years following the date that the stockholder became an interested stockholder, unless:
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prior to that date, the board of directors of the corporation approved either the business combination or the transaction that resulted in the stockholder becoming an interested stockholder; |
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upon consummation of the transaction that resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the number of shares of voting stock outstanding (but not the voting stock owned by the interested stockholder) those shares owned by persons who are directors and officers and by excluding employee stock plans in which employee participants do not have the right to determine whether shares held subject to the plan will be tendered in a tender or exchange offer; or |
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on or subsequent to that date, the business combination is approved by the board of directors of the corporation and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested stockholder. |
In general, Section 203 defines
an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation,
or who beneficially owns 15% or more of the outstanding voting stock of the corporation at any time within a three-year period immediately
prior to the date of determining whether such person is an interested stockholder, and any entity or person affiliated with or controlling
or controlled by any of these entities or persons.
Under certain circumstances,
this provision could make it more difficult for a person who would be an “interested stockholder” to effect various business
combinations with a corporation for a three-year period. However, this provision generally does not apply to a corporation that does not
have a class of voting stock that is listed on a national securities exchange or held of record by more than 2,000 stockholders. Accordingly,
this provision does not currently apply to us.
LEGAL
MATTERS
The validity and legality
of the securities offered hereby and certain other legal matters will be passed upon for the Company by K&L Gates LLP, Charlotte,
North Carolina.
EXPERTS
The consolidated financial
statements of Movano Inc. (the “Company”) incorporated in this prospectus by reference from the Company’s Annual Report
on Form 10-K for the year ended December 31, 2021 and 2020 have been audited by Moss Adams LLP, an independent registered public accounting
firm, as stated in their report, which is incorporated herein by reference. Such consolidated financial statements have been so included
in reliance upon the report of such firm given upon their authority as experts in accounting and auditing.
WHERE
YOU CAN FIND MORE INFORMATION
We file annual reports, quarterly
reports, current reports, proxy statements and other information with the SEC under the Exchange Act. You can read our SEC filings, including
the registration statement, at the SEC’s website at www.sec.gov, which contains reports, proxy and information statements and other
information regarding issuers that file electronically with the SEC. Our web site is located at www.movano.com. The information contained
on, or that may be obtained from, our website is not, and shall not be deemed to be, a part of this prospectus.
We will provide, upon written
or oral request, without charge to you, including any beneficial owner to whom this prospectus is delivered, a copy of any or all of the
documents incorporated herein by reference other than the exhibits to those documents, unless the exhibits are specifically incorporated
by reference into the information that this prospectus incorporates. You should direct a request for copies to Movano Inc., 6800 Koll
Center Parkway, Suite 160, Pleasanton, CA 94566; Telephone: (415) 651-3172.
INCORPORATION
BY REFERENCE
The SEC permits us to “incorporate
by reference” the information and reports we file with it. This means that we can disclose important information to you by referring
to another document. The information that we incorporate by reference is considered to be part of this prospectus, and later information
that we file with the SEC automatically updates and supersedes this information. We incorporate by reference the documents listed below,
except to the extent information in those documents is different from the information contained in this prospectus, and all future documents
filed with the SEC under Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act until we terminate the offering of these securities:
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Our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, which was filed on March 30, 2022; |
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Our Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2022, which was filed on May 12, 2022; |
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The information specifically incorporated by reference
into our Annual Report on Form
10-K for the fiscal year ended December 31, 2021 from our definitive proxy statement on Schedule 14A (other than information
furnished rather than filed), filed with the SEC on April 28, 2022; and |
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The description of the Registrant’s Common Stock contained in the Registrant’s Registration Statement on Form S-1, originally filed with the Commission on February 2, 2021, as amended (No. 333-252671), which description is incorporated by reference into the Registrant’s Registration Statement on Form 8-A, originally filed with the Commission pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) on March 19, 2021 (No. 001-40254), including any further amendment or report filed hereafter for the purpose of updating such description. |
All reports and other documents
filed by the Registrant pursuant to Section 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date hereof, and prior to the filing
of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then
remaining unsold, shall be deemed to be incorporated by reference herein and to be part hereof from the date of filing of such reports
and documents. The Registrant is not incorporating by reference any reports or documents or portions thereof that are not considered to
be “filed” with the Commission.
Any statement contained herein
or in a document incorporated or deemed to be incorporated herein by reference shall be deemed to be modified or superseded for purposes
of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also
is or is deemed to be incorporated herein by reference modifies or supersedes such earlier statement. Any statement so modified or superseded
shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
We will furnish without charge
to you, on written or oral request, a copy of any or all of the documents incorporated by reference, including exhibits to these documents.
You should direct any requests for documents to:
Movano Inc.
6800 Koll Center Parkway, Suite 160
Pleasanton, CA 94566
Attention: Corporate Secretary
Telephone: (415) 651-3172
Copies of the above reports
may also be accessed from our website at ir.movano.com. We have authorized no one to provide you with any information that differs from
that contained in this prospectus supplement. Accordingly, you should not rely on any information that is not contained or incorporated
by reference in this prospectus supplement and the accompanying base prospectus. You should not assume that the information in this prospectus
is accurate as of any date other than the date of the front cover of this prospectus.
MOVANO INC.
Common Stock
Having an Aggregate Offering Price of up to
$50,000,000
PROSPECTUS SUPPLEMENT
B. Riley Securities
August 15, 2022
Movano (NASDAQ:MOVE)
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