PLEASANTON, Calif., June 12,
2023 /PRNewswire/ -- Movano Health (Nasdaq:
MOVE) ("Movano Health" or the "Company"), a purpose-driven
healthcare solutions company at the intersection of medical 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 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
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, caretakers, and healthcare
professionals to utilize daily medical-grade data as a tool to
proactively monitor and manage their health.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
regarding the proposed 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 or as to the actual size or
terms of the offering. 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 Health 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