Movano Health Prices $6.5 Million Public Offering

Rhea-AI Summary

Movano Health (Nasdaq: MOVE) has priced a $6.5 million underwritten public offering involving 4,644,000 shares of common stock and warrants for 2,322,000 shares. Each share and warrant is priced at $1.40 and $1.57 respectively, with the offering expected to close on January 31, 2023. The company plans to use the proceeds for general corporate purposes, including product development and commercialization. Newbridge Securities Corporation is the sole book-running manager for this offering, which may have a 30-day option for the underwriter to purchase an additional 15% of the offering.

Positive

• Proceeds from the offering will support product development and commercialization activities.
• The pricing of the offering is structured to attract investor interest with a clear exercise price for the warrants.

Negative

• The offering may lead to shareholder dilution due to the issuance of additional shares.
• Market conditions may affect the successful completion of the offering.

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

FAQ

What is the size of Movano Health's recent public offering?

Movano Health's recent public offering is sized at $6.5 million.

When is the expected closing date for the Movano Health offering?

The expected closing date for the Movano Health offering is January 31, 2023.

What will Movano Health do with the proceeds from its public offering?

Movano Health intends to use the proceeds for general corporate purposes, including funding product development and commercialization.

What are the details of the warrants issued in the Movano Health offering?

The offering includes warrants to purchase up to 2,322,000 shares of common stock, exercisable at $1.57 per share.

Who is managing Movano Health's public offering?

Newbridge Securities Corporation is the sole book-running manager for Movano Health's public offering.