Movano permitted to sell current operating assets prior to merger with Corvex

Pursuant to the Merger Agreement, prior to completion of the Merger, Movano (MOVE) is permitted to market for sale its current operating assets, including the EvieMED Ring, which received U.S. FDA 510(k) clearance for its pulse oximetry feature, and proprietary mmWave radio frequency technology for cuffless blood pressure and noninvasive glucose monitoring. To the extent it is able to sell such assets and realize net proceeds after paying off the balance due under its recently amended loan agreement and satisfying certain other reserve requirements, at the closing of the Merger Movano is permitted to distribute such net proceeds to pre-merger Movano shareholders.