Monday, 22 April 2024

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Movano Health secures $24 million in private placement By

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PLEASANTON, Calif. – Movano Health (NASDAQ:MOVE), a company specializing in health technology, has announced a private placement deal worth $24 million. The agreement involves the sale of approximately 45 million units, each comprising one share of common stock or a pre-funded warrant, plus one warrant to purchase a share of common stock.

The transaction, expected to close on April 4, 2024, attracted a group of select investors, including a prominent multi-billion dollar medical device company, institutional and accredited investors, as well as members of Movano Health’s own management team and board of directors.

The capital raised through this private placement is intended for use as working capital and general corporate purposes. Movano Health’s CEO, John Mastrototaro, expressed that the investment from a leading medical device company is a significant endorsement of the company’s vision and innovative approach to medical-grade data delivery. The company believes that the funds, complemented by existing cash reserves, will sustain its operating plan well into 2025.

The terms of the placement stipulate that each unit is sold at a price of $0.533, with common shares priced at $0.4071, and warrants priced at $0.125. These warrants are immediately exercisable with a five-year term and an exercise price of $0.4071 per share. Pre-funded warrants have an exercise price of $0.001 per share and are exercisable until used in full.

The Benchmark Company, LLC served as the placement agent for the offering, while K&L Gates LLP represented Movano Health and Greenberg Traurig, LLP represented the placement agent in the transaction. The securities offered have not been registered under the Securities Act of 1933, and as such, may not be sold in the United States absent registration or an exemption from registration requirements.

In related news, Movano Health will release its fourth quarter 2023 results and host a conference call on April 4, 2024, to discuss the results and provide a business update. This announcement is based on a press release statement.

InvestingPro Insights

Movano Health’s recent private placement deal signals a strategic move to strengthen its financial position and invest in its vision for the future. As per InvestingPro data, Movano Health has a market capitalization of $26.36 million, which is modest for a company in the competitive health technology sector. The company’s P/E ratio stands at -0.61, reflecting its current earnings…

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