Movano Inc. (MOVE) stock prices were down to USD$5.50 after having experienced a 2.65% decline as of the market close on April 16th, 2021. Subsequent pre-market fluctuations saw the price further fall to USD$5.30, a decrease of 3.64%.
Public Offering Right Out the Gate
The health technology company began trading on the Nasdaq Capital Market on March 23rd, 2021, announcing a public offering of its common stock the same day. The offering closed on March 25th, 2021 with 8.5 million shares of its common stock having been sold at a price of USD$5.00 per share. As an option offered to underwriters, n additional 1.275 million shares were purchased due to an over-allotment of shares.
Specifics of the Offering
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The capital generated from this offering came out to USD$48.9 million before the deduction of costs associated with the offering. MOVE plans to allocate these funds towards its proprietary glucose and blood pressure monitoring technology, specifically to facilitate its development and advance the regulatory process. This technology will serve to facilitate the improvement of health outcomes in individuals with or at risk of various chronic diseases, such as diabetes and hypertension.
Promising History of Financials
According to the MOVE’s financial reports, the company saw consistent year-over-year growth in their Cash and Equivalents for the year of 2020 since their inception in 2018, with 2020 reporting USD$5.7 million in C&E whereas 2019 had reported USD$4.3 million. Total Receivables came out to USD$0.5 million for the year of 2020, compared the USD$0.1 million reported in 2019.
Consistent Growth from Year to Year
Total Current Assets climbed from USD$3.2 million in 2018 to USD$4.5 million in 2019, further climbing to USD$6.9 million reported for 2020. Total Assets for 2020 were USD$7.1 million, a considerable increase from the USD$4.9 million reported in 2019.
MOVE reported Total Current Liabilities of USD$1.2 million and Total Liabilities of USD$15.1 million for the year of 2020. This is compared to USD$0.9 million in both Total Current Liabilities and Total Liabilities for the year of 2019.
Where is MOVE Headed?
While it is too early to tell where such a newly-listed company is headed, these fiscal reports indicate substantial financial growth that is consistent from year to year. With a promising financial track record and the influx of capital from the public offering, MOVE is poised to capitalize on being listed on the Nasdaq Capital Market. Current investors are optimistic that with the new CEO, the company is headed in a direction that will facilitate shareholder value creation.