CORVEX ANNOUNCES CLOSING OF ALL-STOCK MERGER
Rhea-AI Summary
Corvex (NASDAQ: MOVE) completed an all‑stock merger with Movano and will trade as Corvex, Inc. effective March 23, 2026. The combined company named Jay Crystal and Seth Demsey as Co‑CEOs and Co‑Founders, subject to stockholder approval at a May 2026 meeting.
Corvex and Movano raised $40.2 million before the merger. The company declared a stock dividend of 0.358 share per share, record date March 30, 2026 and distribution April 6, 2026.
Positive
- All‑stock merger completed and company renamed Corvex (effective March 23, 2026)
- Continued Nasdaq listing under ticker MOVE preserves public market access
- $40.2 million raised pre‑merger to fund AI infrastructure expansion
Negative
- Stock dividend of 0.358 share per share increases shares outstanding (~35.8% dilution)
- Co‑CEO appointments are subject to stockholder approval at May 2026 meeting
News Market Reaction – MOVE
In the Mar 24 session, MOVE gained 2.29%, reflecting a moderate positive market reaction. Argus tracked a peak move of +7.9% during that session. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Acquisition Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 19 | Merger closing | Positive | -3.6% | Announced completion of all-stock Corvex–Movano merger and stock dividend. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific history for acquisitions is limited, but the prior merger-closing headline on March 19, 2026 also saw a modest negative reaction.
Over recent months, MOVE has transitioned from a medical-device profile toward AI infrastructure. The prior March 19, 2026 acquisition-tag event detailed completion of the all-stock Corvex–Movano merger, a $40.2 million capital raise, and a 0.358-share stock dividend, yet the stock fell 3.64% over 24 hours. Today’s announcement reiterates that closing, leadership plans, and dividend mechanics, continuing the shift toward GPU-accelerated AI infrastructure under the Corvex identity.
Key Terms
all-stock merger financial
stock dividend financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Upon the 2026 Stockholders' Meeting to be held in May 2026, subject to approval by the stockholders and board of directors of the Company, Corvex will be led by Jay Crystal and Seth Demsey as Co-Chief Executive Officers, Co-Founders and Directors.
- Movano Inc. to be renamed Corvex, Inc. and continue to trade on The Nasdaq Stock Market under the symbol "MOVE" after the Merger.
- Prior to the Merger, Corvex, together with Movano, raised
$40.2 million
Pursuant to the Merger Agreement, the Company today also announced a stock dividend payable to holders of outstanding shares of Movano's common stock, par value
About Corvex
Corvex is an engineering-led, AI computing platform specializing in GPU-accelerated infrastructure for AI workloads. Corvex's mission is to become the trusted infrastructure partner for AI model training and inference.
Corvex's platform allows organizations to leverage the advantage of AI by providing secure, scalable, and cost-efficient computational resources. Corvex's infrastructure leverages advanced GPU-accelerated compute clusters, high-throughput storage systems and layered architecture to provide enhanced security, consistent performance and efficiency at scale.
Corvex provides a range of capabilities, including:
- AI Factories and GPU Clusters: Corvex's integrated computing and data-center platform is designed to deliver artificial intelligence workloads at scale by combining high-performance AI accelerators, networking, power, cooling, and systems software to support reliable and cost-efficient production AI training and inference. Deployments may be delivered using managed Kubernetes or as bare metal, and operated on-premise or in multi-tenant or single-tenant configurations that are compliant with the Health Insurance Portability and Accountability Act of 1996 ("HIPAA") and SOC 2 Type II ("SOC 2").
- Confidential Computing: Confidential computing is designed to protect customers' valuable intellectual property and enhance compliance with data security mandates. The company's patent-pending Corvex Secure Model Weights product enables AI model builders and security-conscious enterprises to safely deploy inference workloads on third-party GPU infrastructure without exposing their model weights via the integration of Trusted Execution Environments, post-quantum key exchange, and remote attestation.
- Token Factory: Currently in development, Token Factory is expected to provide access to premium open-source AI models through simplified API integration and a performance-optimized inference engine operating on automatically scaling infrastructure. The platform is designed to improve performance and reduce per-token inference costs relative to certain alternatives by leveraging a proprietary inference engine and custom orchestration logic intended to maximize compute resource utilization when serving multiple models concurrently. The Company intends for Token Factory to achieve SOC 2 Type II certification and to support HIPAA-compliant deployments.
Corvex is headquartered inArlington, Virginia . For more information, visit https://corvex.ai.
Management and Board of Directors
Upon the 2026 Stockholders' Meeting, subject to approval by the stockholders and board of directors of the Company, Corvex will be led by Jay Crystal and Seth Demsey as Co-Chief Executive Officers, Co-Founders and Directors.
Following the Merger, the Company's board of directors will initially consist of five members: Seth Demsey, Emily Wang Fairbairn, Brian Cullinan, Rubén Caballero and John Mastrototaro.
About the Merger
Pursuant to the terms of the Amended and Restated Agreement and Plan of Merger, dated March 19, 2026 (the "Merger Agreement"), Thor Merger Sub Inc., a wholly-owned subsidiary of Movano, merged with and into Corvex, with Corvex surviving as a wholly-owned subsidiary of Movano. At the Closing of the Merger, Movano issued to the securityholders of Corvex (i) 240.562 shares of Series B Convertible Preferred Stock, par value
Each share of Series B Preferred Stock will automatically convert into 1,000 shares of Common Stock on March 31, 2026, which is the business day following the March 30, 2026 record date of the Stock Dividend. The conversion of the Series C Preferred Stock and Series D Preferred Stock into shares of Common Stock remains subject to stockholder approval in accordance with Nasdaq Listing Rules. The Company expects to hold a meeting of its stockholders no later than May 31, 2026 (the "2026 Stockholders' Meeting"), at which stockholders will be requested to vote on, among other matters, (i) the conversion of the Series C Preferred Stock and Series D Preferred Stock into shares of Common Stock in accordance with Nasdaq Listing Rule 5635 (the "Conversion Proposal"), (ii) the issuance of the underlying Common Stock upon exercise of Corvex options issued and outstanding prior to the Closing, (iii) the election of Jay Crystal as a Class III director, (iv) the election of two Class II directors, (v) the ratification of the appointment of BDO
The Merger is intended to qualify as a "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code for
Trading Information
The Company's Common Stock will continue to trade on The Nasdaq Stock Market LLC under the ticker symbol "MOVE."
Advisors
Chardan acted as exclusive M&A advisor to Corvex in connection with the Merger, and JonesTrading Institutional Services LLC also served as an advisor to Corvex. DLA Piper LLP (US) served as legal counsel to Corvex. K&L Gates LLP served as legal counsel to Movano. Goodwin Procter LLP served as legal counsel to Chardan.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as "could," "estimate," "expect," "intend," "may," "plan," "potentially," or "will" or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements relating to the Merger and the expected effects, perceived benefits or opportunities thereof; stockholder approval of the shares of Common Stock issuable upon conversion of the Series C Preferred Stock and Series D Preferred Stock; stockholder approval of the Meeting Proposals; the future operations and pipeline, estimates of financial position, competitive landscape, addressable market and strategic and financial initiatives of the Company after the Merger; the nature, strategy and focus of the Company after the Merger; and expectations regarding the trading of the Company's stock on Nasdaq after the Merger. All statements other than statements of historical fact contained in this press release are forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are made based on current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management, concerning future developments and their potential effects. There can be no assurance that future developments affecting Movano, Corvex, or the Merger will be those that have been anticipated. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including the risks and uncertainties described in the Company's SEC reports, and under the heading "Risk Factors" in its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at www.sec.gov and in other filings the Company makes and will make with the SEC. The forward-looking statements contained herein speak only as of the date of this press release. Except as required by law, the Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release.
Contacts
Investor Contact
Jay Crystal, Chief Executive Officer and Co-Founder of Corvex, Inc.
Email: investor-relations@corvex.ai
Media Contact
Chris Donahoe, Stillpoint
corvex.media@stillpointglobaladvisors.com
SOURCE Corvex