Company Continues to Work with Securities Regulators, Legal Advisors and Other Partners to Protect Interests of Shareholders
PLEASANTON, Calif., Nov. 4, 2024 /PRNewswire/ -- Movano Health (Nasdaq: MOVE) (the "Company") provided an update on an investigation to expose apparent manipulation in trading of the Company's common shares, following the recent announcement of a shareholder approved reverse stock split.
Based on its preliminary investigation, the Company believes that between the announcement of the reverse split on October 25, 2024, and its effective date on October 29, 2024, a large number of single share transactions were executed in an apparent attempt to take advantage of the convention of rounding up reverse split fractional shares at the beneficial owner level. The Company was able to uncover this activity before any round up shares were issued and continues to expect the number of common shares outstanding to be approximately 6.6 million following the reverse split.
