Movano raises $5.8M in underwritten public offering of common stock and warrants

Corvex, Inc.

Offered 4,644,000 shares at $1.40 each plus one warrant per two shares.
Warrants exercisable at $1.57/share, expire in 5 years; redeemable by company if stock ≥$4.87 for 10 days.
Net proceeds ~$5.8M after underwriting discounts; will fund product development and commercialization.
Offering closed Jan 31, 2023; Newbridge Securities acted as sole book-runner.
Warrants will not be listed on any exchange; no trading market expected.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Corvex, Inc. entered into Underwriting Agreement with Newbridge Securities Corporation valued at approximately $5.8 million (effective 2023-01-27).

Action: entry
Agreement: underwriting
Counterparty: Newbridge Securities Corporation
Value: approximately $5.8 million
Effective: 2023-01-27

Exact text from the filing

On January 27, 2023, Movano Inc. (the “Company”) entered into an Underwriting Agreement (the “Agreement”) with Newbridge Securities Corporation (the “Underwriter”), relating to an underwritten offering (the “Offering”) of 4,644,000 shares (“Company Shares”) of common stock (“Common Stock”) and warrants to purchase up to 2,322,000 shares of Common Stock (“Warrants”).

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Corvex, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-006456

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