Company Continues to Work with Securities
Regulators, Legal Advisors and Other Partners to Protect Interests
of Shareholders
PLEASANTON, Calif., Nov. 4, 2024
/PRNewswire/ -- Movano
Health (Nasdaq: MOVE) (the "Company") provided
an update on an investigation to expose apparent manipulation
in trading of the Company's common shares, following the recent
announcement of a shareholder approved reverse stock split.
Based on its preliminary investigation, the Company believes
that between the announcement of the reverse split on October 25, 2024, and its effective date on
October 29, 2024, a large number of
single share transactions were executed in an apparent attempt to
take advantage of the convention of rounding up reverse split
fractional shares at the beneficial owner level. The Company
was able to uncover this activity before any round up shares were
issued and continues to expect the number of common shares
outstanding to be approximately 6.6 million following the reverse
split.
"We are committed to transparency and protecting the interests
of our Company and shareholders," said John
Mastrototaro, President and CEO of Movano Health. "It has
come to our attention that several small cap stocks have suffered
similar manipulation in recent weeks following their respective
reverse stock splits. We are in direct communication with
securities regulators, legal counsel and other interested partners,
including affected companies, as we pursue this issue to the
fullest extent necessary."
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 is developing its proprietary technologies and
wearable medical device solutions to enable the future 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