Movano Inc. announced that it expects to receive $24.14411 million in funding

Movano Inc. announced that it has entered into a securities purchase agreement to issue 45,298,517 units at a price of $0.533 per unit for the gross proceeds of $24,144,109.561 on April 2, 2024. Each unit includes one common share sold at a price of $0.44 and one warrant priced at $0.125 to purchase one common share. The warrants will have an exercise price of $0.44 per share of common stock, will be immediately exercisable, and have a five year term.

The pre-funded warrants will have an exercise price of $0.001 per share of common stock, will be immediately exercisable, and will remain exercisable until exercised in full. The transaction is expected to close on April 4, 2024, subject to customary closing conditions. The transaction will include participation from tier 1 medical device company for the gross proceeds of $3,000,000 and more than $3,600,000 from members of company's management team and board of directors.

The Private Placement is exempt from the registration requirements of the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and in reliance on similar exemptions under applicable state laws.