Movano Health, makers of the Evie Ring, today announced that it has priced an $8 million underwritten public offering of 8,000,000 shares of its common stock. The public offering price, before the underwriters' discount and commissions, for each share of common stock is $1. All of the securities in the underwritten public offering were sold by the company. The company has granted the underwriter a 30-day option to purchase up to an additional 15% of shares of common stock sold in the offering at the public offering price, less the underwriting discount. The offering is expected to close on June 15, 2023.
The company intends to use the net proceeds from the offering for general corporate purposes, which may include funding product development and commercialization activities.
