- Movano Health (NASDAQ:MOVE) on Tuesday said it has agreed to sell about 45M units in a $24M private placement, with each unit consisting of one share of the company’s common stock and one warrant to purchase a share of common stock.
- Movano Health intends to use the net proceeds from the financing for working capital and general corporate purposes.
- The 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.
- The $24M private placement includes a $3M seed investment from a tier 1 medical device company and more than $3.6M from members of Movano Health’s management team and board of directors.
- Each unit includes one common share sold at a price of $0.4071, and one warrant priced at $0.125 to purchase one common share, for a unit price of $0.533.
- The financing is expected to close on April 4.
- Movano Health also said it will release its fourth quarter 2023 results on April 4, after the market close.
- MOVE +2.48% after hours to $0.4909.
- Source: Press Release
