Movano Health Announces Proposed Public Offering

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Movano Health (Nasdaq: MOVE) Announces Proposed Public Offering of Common Stock. Movano Health, a healthcare solutions company, is proposing to sell shares of its common stock in an underwritten public offering. 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. The net proceeds from the offering will be used for general corporate purposes, including funding product development and commercialization activities.

PLEASANTON, Calif., Nov. 14, 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 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 Liquid Venture Partners group at The Benchmark Company, LLC is responsible for sourcing and executing 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 be 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 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 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 plans with respect to commercial launch of the Evie Ring, anticipated FDA clearance for the Evie Ring and other products in development, expected future operating results; product development and features, product releases, 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 most recent Annual Report on Form 10-K 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 is Movano Health proposing?

Movano Health is proposing to sell shares of its common stock in an underwritten public offering.

What will the net proceeds from the offering be used for?

The net proceeds from the offering will be used for general corporate purposes, which may include funding product development and commercialization activities.

Who is acting as the book-running manager for the offering?

The Benchmark Company, LLC is acting as sole book-running manager for the offering.

Where can I obtain the preliminary prospectus supplement and accompanying base prospectus?

Copies of the preliminary prospectus supplement and accompanying base prospectus relating to this offering may be obtained from The Benchmark Company, LLC.

Is this press release an offer to sell or a solicitation of an offer to buy?

No, this press release shall not constitute an offer to sell or a solicitation of an offer to buy.