PLEASANTON, Calif., Nov. 14,
2023 /PRNewswire/ -- Movano Health (Nasdaq: MOVE)
("Movano Health" or the "Company"), a purpose-driven healthcare
solutions company at the intersection of medtech and consumer
devices and makers of the Evie Ring, today announced that it is
proposing to sell shares of its common stock in an underwritten
public offering. All of the shares of common stock in the
underwritten public offering are to be sold by the Company. The
Company intends to grant the underwriter a 30-day option to
purchase up to an additional 15% of shares of common stock sold in
the offering at the public offering price, less the underwriting
discount. The final terms of the proposed offering will depend on
market and other conditions, and there can be no assurance as to
whether the offering may be completed, or as to the actual size and
terms of the offering.
The Company intends to use the net proceeds from the offering
for general corporate purposes, which may include funding product
development and commercialization activities.
The Benchmark Company, LLC is acting as sole book-running
manager for the offering. The Liquid Venture Partners group at The
Benchmark Company, LLC is responsible for sourcing and executing
the offering.
The common stock described above is being offered by Movano
Health pursuant to a shelf registration statement on Form S-3 (File
No. 333-264116), including a base prospectus, 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 be
filed with the SEC. The offering will be made only by means of the
prospectus supplement and the accompanying base prospectus, as may
be further supplemented by any free writing prospectus and/or
pricing supplement that the Company may file with the SEC. Copies
of the preliminary prospectus supplement, and accompanying base
prospectus relating to this offering, may be obtained from The
Benchmark Company, LLC, 150 East 58th Street, 17th floor,
New York, NY 10155, by email at
prospectus@benchmarkcompany.com, or by calling +1
(212)-312-6700.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
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 and their healthcare professionals to utilize daily
medical-grade data as a tool to proactively monitor and manage
health outcomes.
Forward Looking Statements
This press release contains
forward-looking statements concerning our expectations,
anticipations, intentions, beliefs, or strategies regarding the
future. These forward-looking statements are based on assumptions
that we have made as of the date hereof and are subject to known
and unknown risks and uncertainties that could cause actual
results, conditions, and events to differ materially from those
anticipated. Therefore, you should not place undue reliance on
forward-looking statements. Examples of forward-looking statements
include, among others, statements we make regarding plans with
respect to commercial launch of the Evie Ring, anticipated FDA
clearance for the Evie Ring and other products in development,
expected future operating results; product development and
features, product releases, clinical trial, and regulatory
initiatives; our strategies, positioning and expectations for
future events or performance. Important factors that could cause
actual results to differ materially from those in the
forward-looking statements are set forth in our most recent Annual
Report on Form 10-K and any subsequent Quarterly Reports on Form
10-Q, and in our other reports filed with the Securities and
Exchange Commission, including under the caption "Risk Factors."
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