PLEASANTON, Calif., June 13,
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 has priced an $8.0 million underwritten public offering of
8,000,000 shares of its common stock. The public offering price,
before the underwriters' discount and commissions, for each share
of common stock is $1.00. 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
June 15, 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, 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 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