Corvex Announces Closing of All-Stock Merger

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Corvex, Inc., an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads, today announced the completion of an all-stock merger with Movano Inc. The combined company will be renamed Corvex, Inc. and will continue to trade on Nasdaq under the ticker symbol "MOVE".

Why it matters

The merger marks Corvex's plan to enter the public markets and underscores its emerging leadership in addressing the three defining challenges of the AI era—more scale, more efficiency, and more security—via its Amplified AI Cloud™ platform. As global demand for reliable and secure AI computing accelerates, Corvex offers investors differentiated exposure to the infrastructure layer powering the AI innovators of today and tomorrow.

The details

Pursuant to the Merger Agreement, Movano issued to the securityholders of Corvex (i) 240.562 shares of Series B Convertible Preferred Stock, representing, on an as converted basis, no more than 19.9% of the outstanding shares of Common Stock, (ii) 23,551.5195 shares of Series C Non-Voting Convertible Preferred Stock, and 30,227.0524 shares of Series D Non-Voting Convertible Preferred Stock. The conversion of the Series C Preferred Stock and Series D Preferred Stock into shares of Common Stock remains subject to stockholder approval.

• The Merger was completed on March 19, 2026.
• The Company expects to hold a meeting of its stockholders no later than May 31, 2026 to vote on the conversion of the Series C Preferred Stock and Series D Preferred Stock into shares of Common Stock.

What’s next

The Company expects to hold a meeting of its stockholders no later than May 31, 2026 to vote on the conversion of the Series C Preferred Stock and Series D Preferred Stock into shares of Common Stock.