TLDR
- Movano Inc. (NASDAQ: MOVE) stock jumped 60% after announcing an all-stock merger with Corvex, Inc., an AI cloud computing company.
- The merger values Movano at $6.25 per share, with Corvex shareholders receiving 46.6 million shares of Movano stock.
- The combined companies raised $40 million through private placement financings to support the new venture.
- Pre-merger Corvex stockholders will own approximately 96.2% of the combined company, while Movano stockholders will retain about 3.8%.
- The merged entity will be renamed “Corvex, Inc.” and is expected to close in the first quarter of 2026, subject to shareholder approvals.
Movano Inc. stock climbed 60% on Monday after the company announced a definitive merger agreement with Corvex, Inc. The all-stock transaction will transform Movano into an AI infrastructure company.
The merger exchange ratio is based on a Movano per share value of $6.25. Corvex shareholders will receive 46.6 million shares of Movano stock after accounting for concurrent financings.
Both companies raised a combined $40 million through private placement financings. The funds will support the new venture as it moves forward.
Following the merger, the combined company will be renamed “Corvex, Inc.” The new headquarters will be located in Arlington, Virginia.
Pre-merger Corvex stockholders will own approximately 96.2% of the combined company. Pre-merger Movano stockholders will retain approximately 3.8%, subject to certain adjustments.
The deal gives Movano shareholders exposure to Corvex’s Amplified AI Cloud platform. Corvex specializes in GPU-accelerated infrastructure for AI workloads.
The company addresses three main challenges in the AI era. These include scale, efficiency, and security for AI computing needs.
Leadership and Operations
Corvex’s leadership team will manage the combined company after the merger closes. Co-CEOs Seth Demsey and Jay Crystal will lead the organization.
Corvex offers several services to its customers. These include AI factories, GPU clusters, confidential computing, and inference-as-a-service.
The company plans to expand its AI factory offering with guaranteed power access. This strategy aims to support faster growth in the AI infrastructure market.
Corvex also plans to leverage software capabilities for scalable growth. The company will use third-party owned and operated hardware for this asset-light approach.
Medical Device Business
Movano will resume marketing its medical device operations as part of the agreement. This includes the FDA-cleared EvieMED Ring.
The company also plans to market its proprietary mmWave RF technology. This technology is used for cuffless blood pressure and noninvasive glucose monitoring.
John Mastrototaro, Movano’s Chief Executive Officer, praised the Corvex team’s capabilities. He highlighted their ability to rapidly deliver power at AI factory scale and their reliable operations.
Jay Crystal, Co-CEO of Corvex, called the announcement an important milestone. He stated that entering the public markets allows the company to accelerate growth.
Seth Demsey, Co-CEO of Corvex, said the platform is designed for builders who need to train and secure models at scale. The company aims to provide reliable infrastructure with strong support.
The transaction is expected to close in the first quarter of 2026. The deal is subject to shareholder approvals and other customary closing conditions.
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