Movano Inc. Announces Closing of Initial Public Offering and Exercise of Over-Allotment Option
PLEASANTON, CA / ACCESSWIRE / March 25, 2021 / Movano Inc. (NASDAQ:MOVE), a health technology company designing devices that empower individuals to optimize their health in order to prevent and better manage chronic diseases, has closed its previously announced initial public offering of 8,500,000 shares of its common stock at a public offering price of $5.00 per share. In connection with the closing of the offering, the underwriter exercised its over-allotment option to purchase an additional 1,275,000 shares in full.
As a result, the gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses payable by Movano Inc., were $48.9 million. The Company intends to use the net proceeds from the offering to advance the development and regulatory process of its proprietary glucose and blood pressure monitoring technology, which could help health-conscious individuals, including those with or at risk of diabetes, hypertension and other chronic diseases, improve health outcomes.
Movano’s common stock has been approved for listing on the Nasdaq Capital Market and began trading under the ticker symbol “MOVE” on March 23, 2021.
National Securities Corporation acted as the sole underwriter for the offering. The Liquid Venture Partners group at National Securities Corporation was responsible for sourcing and executing the offering.
The Securities and Exchange Commission declared a registration statement relating to these securities effective on March 22, 2021. Interested parties may obtain copies of the final prospectus relating to this offering from:
National Securities Corporation
200 Vesey Street, 25th Floor
New York, NY 10281
Attn: Adrian Adderley
Telephone: (561) 981-1074
Email: prospectusrequest@nationalsecurities.com
This press release shall not constitute an offer to sell or the 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 the registration or qualification under the securities laws of such state or jurisdiction.
About Movano Inc.
Founded in 2018, Movano Inc. is a health-focused technology company creating simple, smart and personalized devices designed to help individuals on their health journey optimize for good health today and prevent and manage chronic diseases in the future. Movano’s technology is being developed to provide vital health information, including glucose and blood pressure data, in a variety of form factors to meet individual style needs and give users actionable feedback in order to improve the quality of their life.
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 expected future operating results; 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 registration statement on Form S-1, as amended, 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.
Company Contact:
J. Cogan
Movano Inc.
Chief Financial Officer
jcogan@movano.com
Media Contact:
Lauren Jaeger
Movano Inc.
Chief of Staff
lauren@movano.com
SOURCE: Movano Inc.
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