Movano Health Announces $24 Million Private Placement
Summary
Financing included a strategic seed investment by a tier-1 multi-billion dollar medical device company and participation from members of Movano Healths management team and board of directorsHosting conference call on April 4, 2024 at 2:00 PM PT/5:00 PM ETPLEASANTON, Calif., April 2, 2024 /PRNewswire/ -- Movano Health (Nasdaq: MOVE), a pioneer in health technology, today has agreed to sell approximately 45 million units in a $24 million private placement, with each unit consisting of one share of the Companys 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 Companys management team and board of directors. "With this capital raise, we have the financial resources to accelerate the development of our proprietary technologies and wearable medical device solutions for the significant enterprise opportunity that exists in healthcare. For more information on Movano Health, visit https://movanohealth.com/.Forward Looking StatementsThis 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. Examples of forward-looking statements include, among others, statements we make regarding the anticipated 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.