April 12, 2024

Movano Health Announces $24 Million Private Placement

The financing included a strategic seed investment by a multi-billion dollar Tier 1 medical device company and participation from members of Movano Health’s management team and board of directors.

Conference call hosting enabled April 4, 2024 bee 2:00 PM PT/5:00 PM ET

PLEASANTON, California., April 2, 2024 /PRNewswire/ — Movano Health (Nasdaq: MOVE), a health technology pioneer, today agreed to sell approximately 45 million units in a $24 million private placement, where each unit consists of one share of the Company’s common stock (or a pre-funded warrant in lieu) and one warrant to purchase one common share, to a select group of investors, including a tier-one multi – multi-billion dollar medical device company, institutional and accredited investors and members of the company’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. Proceeds from this financing, combined with current cash, cash equivalents and marketable securities, are expected to be sufficient to fund the current operating plan well into 2025.

“Today marks a pivotal moment in our company’s journey – securing a strategic investment from one of the world’s leading medical device companies as part of a significant capital injection. This event not only underlines the tremendous potential of Movano Health’s innovative approach to delivering medical device data to both consumers and businesses, but also acts as an affirmation of the company’s vision and technological advancements,” the company said Johannes MastrototaroCEO of Movano Health.

The $24 million private placement includes a $3.0 million start-up investments of the first-rate medical device company and more than $3.6 million from members of Movano Health’s management team and board of directors.

“We are thrilled to have the support of such a prestigious strategic investor, in addition to the substantial investment from Movano Health’s management team and board of directors and the broad support from institutional and accredited investors,” said Mastrototaro. “With this capital increase, we have the financial resources to accelerate the development of our proprietary technologies and wearable medical device solutions for the significant business opportunities that exist in healthcare.”


Each unit includes one common share sold at a price of $0.4071and one warrant priced at $0.125 to purchase one common share, for a unit price of $0.533. The warrants will have an exercise price of € $0.4071 per ordinary share, is immediately exercisable and has a term of five years. The pre-financed warrants will have an exercise price of € $0.001 per common share, will be immediately exercisable and remain exercisable until fully exercised. Financing is expected to be completed April 4, 2024, subject to the usual closing conditions. Movano Health expects gross proceeds from the private placement to be approximately $24 millionbefore any promotion-related costs are deducted.

The Benchmark Company, LLC acted as placement agent for the offering. The Liquid Venture Partners group of 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 placement agent in the transaction.

The securities described above have not been registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be offered or sold the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act. Movano Health has agreed to file a registration statement with the U.S. Securities and Exchange Commission (the “SEC”) registering the resale of its common stock and the common stock issuable upon exercise of the pre-funded warrants issued in this private sector . placement. Any offering of the securities under the resale registration statement will be made only by means of a prospectus.

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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Fourth Quarter 2024 Results and Conference Call April 4, 2024
In a separate press release today, Movano Health announced that it will announce its results for the fourth quarter of 2023 April 4, 2024, after the market has closed. Management will host a conference call on the same day to discuss the results and provide a business update 2:00 PM PT/5:00 PM ET.

Visitors can access the live webcast here or via the investor section of Movano Health’s website at https://ir.movano.com. You can access the conference call by calling 1-877-407-0989 (domestic) or 1 201-389-0921 (international). Participants can also use the Call Me Link, which dials them directly into the conference call at the number provided, without any wait time. An archived webcast will be available on Movano Health’s website approximately one hour after the completion of the event and for two years thereafter.

About Movano Health
Movano Inc. (Nasdaq: MOVE) Founded in 2018, dba Movano Health develops a range of purpose-driven healthcare solutions to bring medical-grade data to the forefront of wearables. With modern and flexible form factors, Movano Health devices offer an innovative approach to delivering reliable data to both consumers and enterprises, capturing a comprehensive view 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 range of healthcare patient populations. For more information about Movano Health, visit https://movanohealth.com/.

Forward-Looking Statements
This press release contains forward-looking statements about our expectations, expectations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on assumptions 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 statements we make regarding the expected closing of the private placement transaction, plans regarding the commercial launch of the Evie Ring; planned cost-saving initiatives; expected FDA approval 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 heading “Risk Factors.” Any forward-looking statement in this press release speaks only as of the date of this press release. We undertake no obligation to publicly update any forward-looking statements, 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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