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PLEASANTON, Calif. - Movano Health (NASDAQ:MOVE), a developer of healthcare solutions, has been notified by the Nasdaq Stock Market of non-compliance with its filing requirements. The company, whose stock has declined nearly 90% over the past year and currently trades at $0.56, failed to submit its quarterly financial report, Form 10-Q, for the period ending March 31, 2025, by the due date of May 15, 2025. According to InvestingPro data, the company’s market capitalization has dropped to just $4 million.
Nasdaq’s Listing Qualifications Department issued the notice, which gives Movano Health 60 days until July 21, 2025, to present a plan to regain compliance. If the plan is accepted, the company may receive an extension until November 11, 2025, to file the overdue Form 10-Q. Failure to submit an acceptable plan could lead to an appeal process before a Nasdaq Hearings Panel.
Movano Health, established in 2018, focuses on integrating medical-grade data into wearable technologies. The company aims to offer devices that provide trusted health data to both consumers and enterprises, thereby enabling proactive health management.
The company’s delay in filing the Form 10-Q has introduced uncertainty regarding its ability to meet Nasdaq’s continued listing requirements. While Movano Health has expressed intentions to submit a compliance plan, the acceptance of this plan and the potential for an extension are not guaranteed.
This situation is subject to various risks, including the timing and acceptance of the compliance plan by Nasdaq, as well as the possibility of further delays in Movano Health’s SEC filings. The company has acknowledged these risks in its forward-looking statements, advising that actual results could materially differ from current expectations.
Information about Movano Health’s non-compliance notice is based on a press release statement from the company.
In other recent news, Movano Inc. announced that its Board of Directors is exploring strategic alternatives to enhance shareholder value. This exploration may include a sale, merger, or other similar transactions. The company has engaged Aquilo Partners as its financial advisor and K&L Gates LLP as legal counsel to assist in this process. Movano Inc. has reported financial constraints, which will delay the filing of its quarterly report for the quarter ending March 31, 2025. Preliminary estimates show the company had approximately $4.3 million in cash and cash equivalents and $2.5 million in accounts payable as of March 31. Movano Health, a related entity, also announced the exploration of strategic alternatives, with no guarantee of a specific transaction or timeline. Both companies have made it clear that they will not provide updates unless a specific action is approved by the Board or further disclosure is necessary. Investors are advised that forward-looking statements in these announcements are subject to risks and uncertainties.
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