PLEASANTON, Calif., Feb. 6, 2023
/PRNewswire/ -- Movano Health (Nasdaq: MOVE), a purpose-driven
healthcare solutions company at the intersection of medical and
consumer devices and makers of the Evie
Ring, today announced that it has completed a $7.5 million underwritten public offering of
5,340,600 shares of its common stock and warrants to purchase up to
2,670,300 shares of common stock, including the full exercise of
the underwriter's overallotment option. The warrants were sold at
the rate of one warrant for every two shares of common stock and
will be exercisable at a price per share of $1.57. The public offering price, before the
underwriters' discount and commissions, for each share of common
stock and accompanying warrant was $1.40. All of the securities in the
underwritten public offering were sold by Movano Inc. The warrants
will not be listed on any securities exchange or other nationally
recognized trading system.
The Company intends to use the net proceeds from the offering
for general corporate purposes, which may include funding product
development and commercialization activities.
Newbridge Securities Corporation acted as sole book-running
manager for the offering.
K&L Gates LLP represented Movano Inc. and McGuireWoods LLP
represented the underwriter in the transaction.
The common stock and warrants to purchase common stock described
above were offered by Movano pursuant to a registration statement
previously filed with and subsequently declared effective by the
Securities and Exchange Commission (the "SEC"). A preliminary
prospectus supplement relating to the offering has been filed with
the SEC and is available on the SEC's website at
http://www.sec.gov. A final prospectus supplement describing the
terms of the offering will filed with the SEC. Copies of the
final prospectus supplement, and accompanying base prospectus
relating to this offering, may be obtained from Newbridge
Securities Corporation, Attn: Equity Syndicate Department, 1200
North Federal Highway, Suite 400, Boca
Raton, FL 33432, email: syndicate@newbridgesecurities.com,
telephone: (877) 447-9625.
About Movano Health
Founded in 2018, Movano Inc. (Nasdaq: MOVE) dba Movano Health is
developing a suite of purpose-driven healthcare solutions to bring
medical-grade, high-quality data to the forefront of consumer
health devices. Featuring modern form factors, Movano Health's
devices capture a comprehensive picture of a person's vital health
information and uniquely translate the data into personalized and
intelligent insights that empower consumers to live healthier and
more balanced lives. Movano Health's end-to-end solutions will soon
enable consumers, caretakers, and healthcare professionals to
utilize daily medical-grade data as a tool to proactively monitor
and manage their health. For more information on Movano
Health, visit https://movanohealth.com/.
Movano Health's Evie Ring,
which is specifically designed to address women's health concerns,
will be available for purchase in mid-2023. To stay up to date
on Evie's launch, visit https://eviering.com/.
Forward Looking Statements
This press release contains
forward-looking statements regarding the expected closing of the
public offering and the intended use of proceeds from the
offering. The offering is subject to market and other
conditions and there can be no assurance as to whether or when the
offering may be completed. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that could
cause actual results to differ materially, including those risks
disclosed in the section "Risk Factors" included in the preliminary
prospectus supplement for the offering. Movano cautions
readers not to place undue reliance on any forward-looking
statements. Any forward-looking statement in this release speaks
only as of the date of this release. We undertake no obligation to
publicly update any forward-looking statement, whether written or
oral, that may be made from time to time, whether as a result of
new information, future developments or otherwise.
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SOURCE Movano