Movano Health Completes $7.5 Million Public Offering

Rhea-AI Summary

Movano Health, a healthcare solutions firm, announced on February 6, 2023, the completion of a $7.5 million public offering of 5,340,600 shares of common stock and warrants for 2,670,300 shares. The offering price was $1.40 per share, with warrants exercisable at $1.57. All securities were sold by Movano, and the net proceeds will support general corporate purposes like product development. Newbridge Securities Corporation acted as the underwriter. This offering is pivotal as Movano readies the launch of its health device, the Evie Ring, aimed at women's health, which is expected to be available in mid-2023.

Positive

• Completed a $7.5 million public offering to fund product development.
• Launch of Evie Ring, targeting women's health, anticipated in mid-2023.

Negative

• Potential dilution for existing shareholders due to the public offering.

PLEASANTON, Calif., Feb. 6, 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 completed a $7.5 million underwritten public offering of 5,340,600 shares of its common stock and warrants to purchase up to 2,670,300 shares of common stock, including the full exercise of the underwriter's overallotment option. The warrants were 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 was $1.40.  All of the securities in the underwritten public offering were sold by Movano Inc. The warrants will not be listed on any securities exchange or other nationally recognized trading system. 

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

FAQ

What is the amount raised in Movano's recent public offering?

Movano raised $7.5 million through its public offering.

When is the Evie Ring expected to launch?

The Evie Ring is expected to be available for purchase in mid-2023.

What was the offering price per share for Movano's stock?

The offering price was $1.40 per share.

What will the proceeds from the offering be used for?

The proceeds will be used for general corporate purposes, including product development.

What are the warrant terms associated with the public offering?

Warrants were sold at a rate of one for every two shares, exercisable at $1.57.