false
0001734750
0001734750
2025-07-07
2025-07-07
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of report (Date of earliest event reported):
July 7, 2025
MOVANO INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware |
|
001-40254 |
|
82-4233771 |
(State or Other Jurisdiction
of Incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification Number) |
6800 Koll Center Parkway
Pleasanton, CA 94566
(Address of principal executive offices)
(415) 651-3172
(Registrant’s telephone number, including
area code)
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions.
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14d-2(b) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) |
Securities registered pursuant to Section 12(b)of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common stock, par value $0.0001 |
|
MOVE |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 3.01 Notice of Delisting or Failure to
Satisfy a Continued Listing Rule or Standard; Transfer of Listing
On July 7, 2025, Movano Inc. (the
“Company”) received a written notice (the “Notice”) from the Listing Qualifications Department of Nasdaq
Stock Market (“Nasdaq”) indicating that, because the closing bid price for the Company’s common stock has fallen
below $1.00 per share for 30 consecutive trading days, the Company was no longer in compliance with the $1.00 Minimum Bid Price
requirement set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market (the “Bid Price
Requirement”) and the late filing requirement, as set forth in Listing Rule 5250(c)(1), given the delay in filing its Form
10-Q for the quarter ended March 31, 2025 (the “Filing Requirement”). Pursuant to Listing Rule 5810(c)(3)(A)(iv), the
Company is not eligible for any compliance period specified in Rule 5810(c)(3)(A) due to the fact that the Company has effected a
reverse stock split over the prior one-year period.
The Notice stated that the Company’s
securities will be suspended from trading on The Nasdaq Capital Market at the opening of business on July 16, 2025, and a Form
25-NSE will be filed with the U.S. Securities and Exchange Commission, which will remove the Company’s securities from listing
and registration on The Nasdaq Stock Market, unless the Company requests an appeal of such determination to Nasdaq’s Hearings
Panel (the “Panel”) by July 14, 2025. The Company plans to timely appeal the determination and submit a hearing request
to Nasdaq’s Hearings Department, which will stay the suspension of the Company’s securities and the filing of the Form
25-NSE for 15 calendar days. The Company is also permitted to submit a request for an extended stay of suspension at the time it
submits its hearing request. The Company intends to submit an extended stay request, which will be reviewed by the Panel no later
than 15 days following the deadline to request a hearing. If the Panel grants the Company’s extended stay request, any further
suspension or delisting action by Nasdaq will be stayed pending the conclusion of the hearing process and the expiration of any exception period granted by the Panel following the hearing. There can be no assurance
that the Panel will grant the Company’s extended stay request or the Company’s request for continued listing or that the
Company will be able to regain compliance and thereafter maintain its listing on Nasdaq.
Item 7.01 Regulation
FD Disclosure
The information contained
in Item 3.01 of this Current Report on Form 8-K is incorporated herein by reference.
On July 11, 2025, the
Company issued a press release announcing the receipt of the Notice, a copy of which is furnished as Exhibit 99.1 to this report.
The information in this
Item 7.01, including Exhibit 99.1 to this report, is being furnished and shall not be deemed “filed” for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section
or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”). The information contained in
this Item 7.01 and Exhibit 99.1 shall not be incorporated by reference into any filing under the Exchange Act or the Securities Act, whether
made before or after the date hereof, regardless of any general incorporation language in such filing.
Forward-Looking Statements
This Current Report on Form 8-K contains certain
forward-looking statements within the meaning of federal securities laws with respect to the Company. Forward-looking statements are predictions,
projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication,
including but not limited to: our ability to cure any deficiencies in compliance with the Bid Price Requirement and Nasdaq’s requirements
related to the timely filing of periodic financial reports or maintain compliance with other Nasdaq Listing Rules; our ability to ultimately
obtain relief or extended periods to regain compliance from Nasdaq, if necessary, or to meet applicable Nasdaq requirements for any such
relief or extension; and risks related to the substantial costs and diversion of personnel’s attention and resources due to these
matters. Delisting from Nasdaq would materially and adversely affect our ability to raise capital and our financial condition and business.
Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking
statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events, or otherwise.
Item 9.01 Financial Statements and Exhibits.
Exhibits
The following exhibits are filed herewith:
Exhibit No. |
|
Exhibit Description |
99.1 |
|
Press Release dated July 11, 2025 furnished herewith |
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
MOVANO INC. |
|
|
Dated: July 11, 2025 |
/s/ Jeremy Cogan |
|
Jeremy Cogan |
|
Chief Financial Officer |