PLEASANTON, Calif., Nov. 15,
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 has priced a $3.6 million
underwritten public offering of 4,235,304 shares of its common
stock. The public offering price, before the underwriters' discount
and commissions, for each share of common stock is $0.85. All of the securities in the underwritten
public offering were sold by the Company. The Company has granted
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 offering is
expected to close on November 17,
2023.
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 acted as sole book-running manager
for the offering. The Liquid Venture Partners group at The
Benchmark Company, LLC was responsible for sourcing and executing
the offering.
K&L Gates LLP represented the Company and Greenberg Traurig,
LLP represented the underwriter in the transaction.
The common stock described above was 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. Copies of the final prospectus supplement, and
accompanying base prospectus relating to this offering, may be
obtained, when available, 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 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 within the meaning of the Private
Securities Litigation Reform Act of 1995 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 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