Movano Health Receives Notification of Deficiency from Nasdaq Related to Delayed Filing of Quarterly Report on Form 10-Q

Rhea-AI Summary

Movano Health (MOVE) has received a notification from Nasdaq regarding non-compliance with listing rules due to its failure to file the Form 10-Q for Q1 2025 on time. The quarterly report was due on May 15, 2025. The company has until July 21, 2025 to submit a compliance plan to Nasdaq. If the plan is accepted, Movano could receive up to 180 calendar days (until November 11, 2025) to file the delayed Form 10-Q. If Nasdaq rejects the plan, Movano will have the opportunity to appeal to a Nasdaq Hearings Panel.

Positive

• None.

Negative

• Failure to file Q1 2025 Form 10-Q by the required deadline
• Risk of potential delisting from Nasdaq if compliance is not achieved
• Company needs to submit and get approval for a compliance plan within 60 days

PLEASANTON, Calif., May 23, 2025 /PRNewswire/ -- Movano Health (Nasdaq: MOVE)(the "Company") announced today that it received a notice (the "Notice") from the Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") indicating that because the Company had not yet filed its Form 10-Q for the quarterly period ended March 31, 2025 (the "Form 10-Q"), the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1) (the "Listing Rule") requiring Nasdaq-listed companies to timely file all periodic financial reports with the Securities and Exchange Commission (the "SEC"). The Form 10-Q was due on May 15, 2025.

The Notice states that the Company has 60 calendar days, or until July 21, 2025, to submit a plan to regain compliance with the Listing Rule (the "Plan"). If Nasdaq accepts the Company's Plan to regain compliance, then Nasdaq may grant the Company up to 180 calendar days from the Form 10-Q filing due date, or until November 11, 2025, to file its Form 10-Q to regain compliance. If Nasdaq does not accept the Company's Plan, then the Company will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.

About Movano Health

Founded in 2018, Movano Inc. (Nasdaq: MOVE) dba Movano Health 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's proprietary technologies and wearable medical device solutions enable the 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 relating to the Company's plan to regain compliance with Nasdaq's rules and the timing thereof. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including but not limited to the timing of the Company's submission of a compliance plan, Nasdaq's acceptance of any such plan, and the duration of any extension that may be granted by Nasdaq; the potential inability to meet Nasdaq's requirements; uncertainties associated with the Company's preparation of the Delinquent Filing; and the possibility of additional delays in the filing of the delinquent filing and the Company's other SEC filings. 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

FAQ

Why did Movano Health (MOVE) receive a Nasdaq deficiency notice in May 2025?

Movano Health received a Nasdaq deficiency notice for failing to file its Q1 2025 Form 10-Q by the May 15, 2025 deadline, violating Nasdaq Listing Rule 5250(c)(1).

What is the deadline for Movano Health (MOVE) to submit a compliance plan to Nasdaq?

Movano Health has until July 21, 2025 (60 calendar days) to submit a plan to regain compliance with Nasdaq listing rules.

What happens if Nasdaq accepts Movano Health's (MOVE) compliance plan?

If Nasdaq accepts the compliance plan, Movano Health will have up to 180 calendar days (until November 11, 2025) to file its delayed Q1 2025 Form 10-Q.

What options does Movano Health (MOVE) have if Nasdaq rejects their compliance plan?

If Nasdaq rejects the compliance plan, Movano Health will have the opportunity to appeal that decision to a Nasdaq Hearings Panel.

Could Movano Health (MOVE) be delisted from Nasdaq?

Yes, Movano Health could face delisting if it fails to submit an acceptable compliance plan by July 21, 2025, or fails to file its Form 10-Q by the extended deadline if granted.