Financing included a strategic seed investment
by a tier-1 multi-billion dollar medical device company and
participation from insiders including members of Movano Health's
management team and board of directors
PLEASANTON, Calif., April 5,
2024 /PRNewswire/ -- Movano Health (Nasdaq: MOVE), a
pioneer in health technology, has closed on a $24.1 million private placement, totaling 45.3
million units, with each unit consisting of one share of the
Company's common stock (or pre-funded warrant in lieu thereof) and
one warrant to purchase a share of common stock, to a select group
of investors that includes a tier-one multi-billion dollar medical
device company, institutional and accredited investors, and members
of the Company's management team and board of directors.
The $24.1 million private
placement includes a $3.0 million
seed investment from the tier 1 medical device company and more
than $3.6 million from insiders
including members of Movano Health's management team and board of
directors. Movano Health intends to use the net proceeds from
the financing for working capital and general corporate
purposes.
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 data to the forefront of
wearables. Featuring modern and flexible form factors,
Movano Health's devices offer an innovative approach to
delivering trusted data to both customers and enterprises,
capturing a comprehensive picture of an individual's health data
and uniquely translating it into personalized and intelligent
insights.
Movano Health's proprietary technologies and wearable medical
device solutions will soon enable the use of data as a tool to
proactively monitor and manage health outcomes across a number of
patient populations that exist in healthcare. For more information
on Movano Health, visit https://movanohealth.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 the closing of
the private placement transaction, plans with respect to commercial
launch of the Evie Ring; planned cost-cutting initiatives;
anticipated FDA clearance for the Evie Ring and other products in
development; expected future operating results; product development
and features, product releases, clinical trials 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