PLEASANTON, Calif., Jan. 27,
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 priced a $6.5 million
underwritten public offering of 4,644,000 shares of its common
stock and warrants to purchase up to 2,322,000 shares of common
stock. The warrants are being 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 is
$1.40. All of the securities in the
underwritten public offering were sold by Movano Inc. The
Company has granted the underwriter a 30-day option to purchase up
to an additional 15% of shares of common stock and/or warrants to
purchase shares of common stock sold in the offering at the public
offering price, less the underwriting discount. The warrants will
not be listed on any securities exchange or other nationally
recognized trading system. The offering is expected to close
on January 31, 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.
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