Corvex to merge with Movano in all-stock deal creating AI infrastructure firm

Movano Inc. (NASDAQ: MOVE) announced an all-stock merger agreement with Corvex Inc., an AI cloud computing company specializing in GPU-accelerated infrastructure. The transaction will create a publicly traded AI infrastructure platform.

Under the merger terms, the exchange ratio is based on a Movano per share value of $6.25. Corvex shareholders will receive 46.6 million shares of Movano stock, taking into account concurrent financings. The companies raised an aggregate $40 million from private placement financings, with Corvex raising $37.1 million and Movano raising $3 million in bridge financing.

Following the merger, pre-Corvex stockholders would own approximately 96.2% of the combined company and pre-Movano stockholders would own approximately 3.8%, based on a fully-diluted basis excluding out-of-the-money options and warrants. The combined company is expected to have approximately 48.7 million shares outstanding.