Movano Health Announces Closing of $4.1 Million Public Offering Including Full Exercise of Over-Allotment Option
PLEASANTON, Calif., Nov. 17, 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 the closing of its $4.1 million underwritten public offering of 4,870,600 shares of its common stock, including 635,296 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 $0.85. 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, LLC acted as sole book-running manager for the offering. The Liquid Venture Partners group at The Benchmark Company, LLC was responsible for sourcing and executing the offering.
K&L Gates LLP represented the Company and Greenberg Traurig, LLP represented the underwriter in the transaction.
The common stock described above was offered by Movano Health pursuant to a shelf registration statement on Form S-3 (File No. 333-26416), including a base prospectus, previously filed with and subsequently declared effective by the Securities and Exchange Commission (the "SEC"). A final 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. Copies of the final 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 [email protected], 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.
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