Movano Announces Two Key Hires to Further Its Go-To-Market Strategy for the Movano Ring and Future Medical Devices

Rhea-AI Summary

Movano Inc. (Nasdaq: MOVE) announced the addition of Stacy Salvi as Vice President of Strategy and Michael Soule as Vice President of Business Development. These strategic hires aim to enhance the company's go-to-market strategy for the upcoming Movano Ring, designed to provide vital health insights. The company has reserved 2,000,000 shares for equity awards to attract talent. Recently, 720,000 stock options were granted to nine new non-executive employees, enhancing Movano's operational capacity and growth potential.

Positive

• Appointment of experienced leaders Stacy Salvi and Michael Soule to strengthen strategy and business development.
• Strategic hires expected to enhance go-to-market strategy for upcoming product releases.
• Reservation of 2,000,000 shares to attract new talent indicates company growth ambitions.

Negative

• None.

PLEASANTON, Calif. , Feb. 15, 2022 /PRNewswire/ -- Movano Inc. (Nasdaq: MOVE), a health technology company designing devices that inspire and empower you to live a healthier, happier life, announced the expansion if its senior leadership team with two new strategic hires - Stacy Salvi as Vice President of Strategy and Michael Soule as Vice President of Business Development.

"Since unveiling plans for our first product, the Movano Ring, we've built a tremendous amount of forward momentum and are hyper focused on preparing to bring an attractive, intuitive and intelligent ring to the market this year. With Stacy and Michael at the helm of our strategy and business development teams, we're deepening relationships with potential corporate partners and refining our go-to-market strategies while building a long-term plan for our future product releases," said Dr. John Mastrototaro, CEO of Movano Inc. "The ability to attract these highly experienced and extremely talented leaders in today's competitive labor market highlights the appeal of our growing company, and we are looking forward to an exciting year ahead with Stacy and Michael on board."

Stacy joins Movano from Google where she was the Head of Strategic Partnerships for Fitbit. In her eight years with Fitbit, Stacy helped launch nearly 20 products to more than 116 million users, both as an attorney and from within the product team. She developed deep relationships with key technical partners to bring new features to Fitbit devices and guided strategy for partnerships, product development, sales and marketing to support the company's growth. As Vice President of Strategy at Movano, Stacy is responsible for leading Movano's commercial product and go-to-market strategies.

Michael Soule was the Vice President of Business Development and Partnerships at wearable thermal technology company, Embr Labs, before joining the Movano team. He has held numerous senior leadership roles managing global and national sales, strategic direction and new business development at notable consumer product, wearable and medical device companies, including Bose Health, Virgin Pulse, Weight Watchers Health Solutions and Medtronic. Michael has a strong track record for moving small to medium size and publicly traded companies to the next level and has forged partnerships with large B2B enterprises, US payers and the Department of Defense. As Movano's Vice President of Business Development, Michael will be responsible for sourcing, analyzing, developing and executing strategic relationships. 

In support of Movano's continued growth plans, the Company's Board of Directors has approved the reservation of 2,000,000 shares of common stock to be used exclusively for the grant of equity awards to individuals who were not previously employees of the Company (or following a bona fide period of non-employment), as an inducement to an individual's entry into employment with the Company within the meaning of Rule 5635(c)(4) of the NASDAQ Listing Rules.

On February 14, 2022, pursuant to the inducement award plan Movano granted inducement stock option awards covering a total of 720,000 shares of common stock to nine new non-executive employees. The stock options were granted on February 14, 2022 at an exercise price of $2.60 per share, which is equal to the closing price of Movano common stock on the date of grant. The stock options vest as follows: one-fourth vests on the first anniversary of the grant date and the balance vests in 36 equal monthly installments thereafter. The awards were approved by the independent Compensation Committee of the Company's Board of Directors and were granted as an inducement material to the new employees' entering into employment with the Company in accordance with NASDAQ Marketplace Rule 5635(c)(4). The Company is making this announcement as required by NASDAQ rules.

To learn more about Movano Inc., please visit www.movano.com.

About Movano
Founded in 2018, Movano Inc. is a health-focused technology company creating simple, smart and personalized devices designed to inspire and empower individuals on their health journey live a happier, healthier life. Movano's technology is being developed to provide vital health information, including glucose and blood pressure data, in a variety of form factors to meet individual style needs and give users actionable feedback in order to improve the quality of their life. For more information, visit https://movano.com/.

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 expected future operating results; product development, 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 registration statement on Form S-1, as amended, 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

FAQ

What are the key leadership changes at Movano announced on February 15, 2022?

Movano announced Stacy Salvi as Vice President of Strategy and Michael Soule as Vice President of Business Development to enhance market strategies.

How will the new hires impact Movano's product strategy?

The new hires are expected to strengthen Movano's go-to-market strategy for the Movano Ring and future products.

What stock options were granted to new employees at Movano?

Movano granted 720,000 stock options to nine new non-executive employees at an exercise price of $2.60 per share.

What is the significance of reserving 2,000,000 shares of common stock?

The reservation of shares is aimed at attracting new employees to support the company's growth ambitions.