MOVANO HEALTH ANNOUNCES CLOSING OF $9.2 MILLION PUBLIC OFFERING INCLUDING FULL EXERCISE OF OVER-ALLOTMENT OPTION
June 15, 2023
PLEASANTON, Calif.,June 15, 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 theEvie Ring, today announced the closing of its$9.2 millionunderwritten public offering of 9,200,000 shares of its common stock, including 1,200,000 shares of its common stock issued pursuant to the full exercise by the underwriter of its over-allotment option. The public offering price, before the underwriters’ discount and commissions, for each share of common stock was$1.00. All of the securities in the underwritten public offering were sold by the Company.
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, LLCacted as sole book-running manager for the offering.The Liquid Venture Partnersgroup atThe Benchmark Company, LLCwas responsible for sourcing and executing the offering.
K&L Gates LLPrepresented the Company andGreenberg Traurig, LLPrepresented the underwriter in the transaction.
The common stock described above was offered byMovano Healthpursuant 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 theSecurities and Exchange Commission(the “SEC“). A final prospectus supplement relating to the offering has been filed with theSECand is available on theSEC’swebsite athttp://www.sec.gov. Copies of the final prospectus supplement, and accompanying base prospectus relating to this offering, may be obtained fromThe Benchmark Company, LLC,150 East 58th Street, 17th floor, New York, NY 10155, by email at email@example.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.
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 intended use of proceeds from the offering. 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 final prospectus supplement for the offering.Movano Healthcautions 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.