Shares Expected to Begin Trading on
Split-Adjusted Basis on October 29,
2024
PLEASANTON, Calif., Oct. 25,
2024 /PRNewswire/ -- Movano
Health (Nasdaq: MOVE) announced today that it will
implement a 1-for-15 reverse stock split of the issued shares of
its common stock (the "Reverse Stock Split"), effective at
12:01 a.m. Eastern time on
October 29, 2024. The Company's
common stock is expected to begin trading on a split-adjusted basis
when the market opens on Tuesday, October
29, 2024, and will continue to trade on The Nasdaq Capital
Market under the symbol "MOVE." The new CUSIP number for the common
stock will be 62459M 206.
The Reverse Stock Split is intended to increase the bid price of
the common stock to enable the Company to regain compliance with
the minimum bid price requirement for continued listing on The
Nasdaq Capital Market. The Company's stockholders authorized the
reverse stock split at the Company's annual meeting of stockholders
held on July 9, 2024, with the final
ratio subsequently determined by the Company's Board of
Directors.
As a result of the Reverse Stock Split, every 15 shares of the
Company's pre-split common stock issued and outstanding will be
automatically reclassified into one new share of the Company's
common stock. This will reduce the number of shares outstanding
from approximately 99.5 million shares to approximately 6.6 million
shares. The number of authorized shares of the Company's common
stock will remain unchanged. Stockholders who would otherwise be
entitled to receive a fractional share will instead automatically
have their fractional interests rounded up to the next whole share,
after aggregating all the fractional interests of a holder
resulting from the Reverse Stock Split. Proportionate adjustments
will be made to the exercise prices and the number of shares
underlying the Company's equity plans and grants thereunder, as
applicable. The Reverse Stock Split will not affect the par value
of the common stock.
The combination of, and reduction in, the issued shares of
common stock as a result of the Reverse Stock Split will occur
automatically at the effective time of the Reverse Stock Split
without any additional action on the part of the Company's
stockholders. The Company's transfer agent, Pacific Stock Transfer
Company, is acting as the exchange agent for the Reverse Stock
Split and will send stockholders of record holding their shares
electronically in book-entry form a transaction notice indicating
the number of shares of common stock held after the Reverse Stock
Split. Stockholders who hold their shares through a broker, bank,
or other nominee will have their positions adjusted to reflect the
Reverse Stock Split, subject to their broker, bank, or other
nominee's particular processes, and are not expected to be required
to take any action in connection with the Reverse Stock Split.
Additional information regarding the Reverse Stock Split can be
found in the Company's definitive proxy statement for the annual
meeting of stockholders of the Company held on July 9, 2024, which was filed with the U.S.
Securities and Exchange Commission on May
28, 2024, a copy of which is available at
www.sec.gov and on the Company's website.
About Movano Health
Founded in 2018, Movano Inc.
(Nasdaq: MOVE) dba Movano Health, maker of the Evie Ring
(www.eviering.com), is developing a suite of purpose-driven
healthcare solutions to bring medical-grade data to the forefront
of wearables. Featuring modern and flexible form factors, Movano
Health's devices offer an innovative approach to delivering trusted
data to both customers and enterprises, capturing a comprehensive
picture of an individual's health data and uniquely translating it
into personalized and intelligent insights.
Movano Health's proprietary technologies and wearable medical
device solutions will soon enable the use of data as a tool to
proactively monitor and manage health outcomes across a number of
patient populations that exist in healthcare. For more information
on Movano Health, visit https://movanohealth.com/.
Forward Looking Statements
This press release contains
forward-looking statements concerning our expectations,
anticipations, intentions, beliefs, or strategies regarding the
future. These forward-looking statements are based on assumptions
that we have made as of the date hereof and are subject to known
and unknown risks and uncertainties that could cause actual
results, conditions, and events to differ materially from those
anticipated. Therefore, you should not place undue reliance on
forward-looking statements. Examples of forward-looking statements
include, among others, statements we make regarding plans with
respect to the timing and impact of the Reverse Stock Split, the
commercial launches of the Evie Ring and EvieMED Ring; our
expectations regarding potential commercial opportunities; planned
cost-cutting initiatives; anticipated FDA clearance decisions with
respect to our products; expected future operating results; product
development and features, product releases, clinical trials and
regulatory initiatives; our strategies, positioning and
expectations for future events or performance. Important factors
that could cause actual results to differ materially from those in
the forward-looking statements are set forth in our most recent
Annual Report on Form 10-K and any subsequent Quarterly Reports on
Form 10-Q, and in our other reports filed with the Securities and
Exchange Commission, including under the caption "Risk Factors."
Any forward-looking statement in this release speaks only as of the
date of this release. We undertake no obligation to publicly update
any forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
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SOURCE Movano