Movano (MOVE) Prices 8M Share Offering at $1/sh

Movano Health (Nasdaq: MOVE) today announced that it has priced an $8.0 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 $1.00. 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.

The Benchmark Company, LLC acted as sole book-running manager for the offering. The Liquid Venture Partners group at The Benchmark Company, LLC was responsible for sourcing and executing the offering.

K&L Gates LLP represented the Company and Greenberg Traurig, LLP represented the underwriter in the transaction.

The common stock described above was offered by Movano Health pursuant to a shelf registration statement on Form S-3 (File No. 333-264116), including a base prospectus, previously filed with and subsequently declared effective by the Securities and Exchange Commission (the "SEC"). A preliminary prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC's website at http://www.sec.gov. A final prospectus supplement describing the terms of the offering will be filed with the SEC. Copies of the final prospectus supplement, and accompanying base prospectus relating to this offering, may be obtained, when available, from The Benchmark Company, LLC, 150 East 58th Street, 17th floor, New York, NY 10155, by email at [email protected], or by calling +1 (212)-312-6700.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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