Movano Health's Board of Directors Initiates Process to Maximize Shareholder Value

Rhea-AI Summary

Movano Health (MOVE) has announced that its Board of Directors has initiated a strategic review process to explore potential options including a sale, merger, or similar transaction to maximize shareholder value. The company has engaged Aquilo Partners as financial advisor and K&L Gates LLP as legal counsel to support this process.

The company emphasized that there is no guarantee this process will result in any transaction or strategic change. Additionally, Movano disclosed that due to resource constraints, it will not be able to file its Q1 2025 Form 10-Q report on time.

Positive

• Board's proactive approach to maximize shareholder value through strategic alternatives
• Professional engagement of financial and legal advisors for the strategic review process

Negative

• Inability to file Q1 2025 10-Q report on time due to resource constraints
• Financial difficulties implied by resource constraints
• Uncertainty regarding the outcome of the strategic review process

PLEASANTON, Calif., May 16, 2025 /PRNewswire/ -- Movano Health (Nasdaq: MOVE), a pioneer in health technology, announced today that its Board of Directors has initiated a process to explore strategic alternatives, including a sale, merger or similar transaction involving the Company, to maximize shareholder value.  To support this process, Movano Health's Board of Directors has engaged Aquilo Partners as its financial advisor and K&L Gates LLP as its legal counsel.

There can be no assurance that this process will result in any transaction or other strategic change or as to the timing of any such potential agreement or transaction. Movano Health does not intend to disclose further developments unless and until the Board of Directors has approved a specific course of action or determines that further disclosure is appropriate or required.  The Company also reported that due to resource constraints, it does not plan to timely file its quarterly report on Form 10-Q for the quarter ended March 31, 2025.

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 we make regarding the Company's strategic plans and value, plans with respect to the commercial launches of the Evie Ring and EvieMED; our expectations regarding potential commercial opportunities and addressable markets; planned cost-cutting initiatives; anticipated FDA clearance decisions with respect to our products; expected future operating results; product development efforts and product releases; clinical trial and regulatory initiatives; commercial partner activities; our strategies, positioning and expectations for future events or performance. 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 is Movano Health (MOVE) exploring strategic alternatives?

Movano Health is exploring strategic alternatives to maximize shareholder value, indicating the board is seeking options such as a sale or merger of the company.

What financial advisors has MOVE hired for its strategic review?

Movano Health has engaged Aquilo Partners as financial advisor and K&L Gates LLP as legal counsel for the strategic review process.

Why can't Movano Health file its Q1 2025 10-Q report on time?

The company cited resource constraints as the reason for not being able to timely file its quarterly report for Q1 2025.

Is Movano Health (MOVE) being sold?

While the company is exploring strategic alternatives including a potential sale, there is no guarantee that this process will result in any transaction or strategic change.

What are the potential outcomes of MOVE's strategic review?

Potential outcomes include a sale of the company, a merger, or similar strategic transactions, though the company states there is no guarantee of any specific outcome.