Movano Health (NASDAQ: MOVE) noticed its shares climbing Friday, as the company, a pioneer in health technology, closed on a $24.1-million private placement, totaling 45.3 million units, with each unit consisting of one share of the Company's common stock (or pre-funded warrant in lieu thereof) and one warrant to purchase a share of common stock, to a select group of investors that includes a tier-one multi-billion dollar medical device company, institutional and accredited investors, and members of the Company's management team and board of directors.
The placement includes a $3-million seed investment from the tier 1 medical device company and more than $3.6 million from insiders including members of Movano Health's management team and board of directors. Movano Health intends to use the net proceeds from the financing for working capital and general corporate purposes.
Founded in 2018, Movano Inc. 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.
MOVE opened Friday up six cents, or 12%, to 57 cents.
