06:08 PM EDT, 04/02/2024 (MT Newswires) -- Movano Health (MOVE) said late Tuesday it agreed to sell about 45 million units in a $24 million private placement to a select group of investors, including a "multi-billion dollar" medical device company and management team.

The company said the placement includes a $3 million seed investment from the medical device company and more than $3.6 million from members of Movano's management team and board.

Each unit includes one share sold at $0.4071, and one warrant priced at $0.125 to buy one share, for a unit price of $0.533, the company said. It expects to close the deal Thursday.

The proceeds will help it fund the current operating plan well into 2025, Movano said.

The stock was up more than 40% in extended trading.

Price: 0.67, Change: +0.2, Percent Change: +40.75