Movano Health receives Nasdaq deficiency notice over late filing

PLEASANTON, Calif. - Movano Health (NASDAQ:MOVE), a micro-cap healthcare technology company currently valued at $4.89 million, announced Friday that it has received a notice from Nasdaq indicating the company is not in compliance with listing rules due to its failure to file its quarterly report for the period ended June 30, 2025. According to InvestingPro data, the company’s stock has declined 88% year-to-date, though analysis suggests the stock may be undervalued at current levels.

The Form 10-Q was due on August 14, 2025. This notification marks another compliance issue for the company, which is already facing challenges related to the $1.00 minimum bid price requirement. Despite these challenges, the company maintains a healthy current ratio of 3.02 and holds more cash than debt on its balance sheet.

Movano appealed a previous delisting determination at a hearing with the Nasdaq Hearing Panel on August 19, where it presented a compliance plan. As part of this plan, the company engaged RBSM LLP as its new independent registered public accounting firm on August 13.

The company is currently awaiting the Panel’s determination on its appeal. Movano cautioned that there is no guarantee the Panel will grant a stay of suspension to allow the company time to execute its compliance plan or that it will ultimately regain compliance with Nasdaq’s requirements.

Movano Health, founded in 2018, develops wearable healthcare solutions including the Evie Ring. The company aims to provide medical-grade data through wearable devices.

This information is based on a press release statement from Movano Health.

In other recent news, Movano Inc. has appointed RBSM LLP as its new independent auditor for the fiscal year ending December 31, 2025, as well as for interim periods. This decision was approved by the company’s audit committee and was made without prior consultation with RBSM LLP regarding accounting principles or audit opinions for previous fiscal years. Additionally, Movano Health has faced a compliance issue with the Nasdaq Stock Market due to a delay in submitting its quarterly financial report, Form 10-Q, for the period ending March 31, 2025. The company missed the filing deadline of May 15, 2025, prompting a notice from Nasdaq’s Listing Qualifications Department. Movano Health now has until July 21, 2025, to present a plan to regain compliance, which, if accepted, could extend the deadline to November 11, 2025. Failure to submit an acceptable plan may result in an appeal process before a Nasdaq Hearings Panel. These developments highlight the company’s current focus on addressing both auditing and regulatory compliance matters.

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