Movano Inc.
Movano Inc. Prices $42.5 Million Public Offering of Common Stock
PLEASANTON, CA / ACCESSWIRE / March 23, 2021 / Today, 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, announced the pricing of its initial public offering of 8,500,000 shares of its common stock at a public offering price of $5.00 per share. All of the shares are being offered by Movano Inc. In addition, Movano Inc. has granted the underwriter a 45-day option to purchase an additional 1,275,000 shares of common stock at the initial public offering price, less underwriting discounts and commissions. The gross proceeds from the offering, before deducting underwriting discounts and commissions and offering expenses payable by Movano Inc., are expected to be approximately $42.5 million, excluding any proceeds from the exercise of the underwriter's option to purchase additional shares. 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 is expected to begin trading under the ticker symbol "MOVE" on March 23, 2021. The proposed offering is expected to close on March 25, 2021, subject to customary closing conditions. National Securities Corporation is acting 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 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. Forward Looking Statements Company Contact: J. Cogan Media Contact: Lauren Jaeger SOURCE: Movano Inc.
03/23/2021 EQS Newswire / EQS Group AG |