Movano Health, a healthcare solutions company at the intersection of medical and consumer devices and makers of the Evie Ring, today announced that it has completed a $7.5 million underwritten public offering of 5,340,600 shares of its common stock and warrants to purchase up to 2,670,300 shares of common stock, including the full exercise of the underwriter's overallotment option.
The warrants were sold at the rate of one warrant for every two shares of common stock and will be exercisable at a price per share of $1.57. The public offering price, before the underwriters' discount and commissions, for each share of common stock and accompanying warrant was $1.40. All of the securities in the underwritten public offering were sold by Movano Inc. The warrants will not be listed on any securities exchange or other nationally recognized trading system.
The company intends to use the net proceeds from the offering for general corporate purposes, which may include funding product development and commercialization activities.
