Movano Health announces $24M private placement (NASDAQ:MOVE)
Press Room
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.
