CORVEX ANNOUNCES CLOSING OF ALL-STOCK MERGER
Rhea-AI Summary
Corvex (Nasdaq: MOVE) completed an all-stock merger with Movano and will be renamed Corvex, Inc. effective March 23, 2026. The combined company retains the ticker MOVE. Prior to the merger, Corvex and Movano raised $40.2 million to expand AI infrastructure. The merger agreement also includes a stock dividend of 0.358 share per outstanding Movano share, record date March 30, 2026 and distribution on April 6, 2026. Leadership will be led by Jay Crystal and Seth Demsey as co-CEOs and directors, subject to stockholder approval at the May 2026 meeting.
Positive
- $40.2 million raised to expand AI infrastructure
- Public listing retained on Nasdaq under MOVE
- Named Co-CEOs Jay Crystal and Seth Demsey
Negative
- Stock dividend of 0.358 share per share implies significant dilution
- Merger and leadership effective events are subject to shareholder approval in May 2026
- Name change effective March 23, 2026 may cause short-term brand transition costs
News Market Reaction – MOVE
On the day this news was published, MOVE declined 3.64%, reflecting a moderate negative market reaction. Argus tracked a trough of -17.0% from its starting point during tracking. This price movement removed approximately $679K from the company's valuation, bringing the market cap to $18M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
MOVE gained 1.75% while peers showed mixed momentum: HSCS and AMIX up, TIVC and BMRA down. With 2 peers up and 2 down, MOVE’s modest rise occurs alongside broader sector activity but appears more company-specific given the merger close.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 12 | Product security launch | Positive | +1.6% | Launch of Corvex Secure Model Weights for encrypted AI model protection. |
| Mar 03 | Confidential compute deploy | Positive | +0.4% | Verified production deployment of confidential computing on NVIDIA HGX B200. |
| Mar 03 | Confidential compute deploy | Positive | +6.1% | Further details on confidential computing deployment with NVIDIA and Intel tech. |
| Jan 22 | GPU lease agreement | Positive | +140.2% | Long-term NVIDIA H200 GPU cluster lease for an AI battery tech customer. |
| Nov 10 | Merger announcement | Positive | +149.7% | Initial all-stock merger with Corvex and creation of pure-play AI infrastructure platform. |
Recent AI and merger-related announcements have generally coincided with positive moves, including large spikes of 140.17% and 149.69% on major strategic deals.
Over the past several months, MOVE has issued a series of AI infrastructure and merger updates. On Nov 10, 2025, the initial all-stock merger announcement with Corvex and a $40.0M raise saw a 149.69% move. Subsequent AI platform milestones on Jan 22, 2026 and Mar 3–12, 2026 produced positive reactions, including a 140.17% spike tied to a long-term NVIDIA H200 deployment. Today’s closing of the all-stock merger and stock dividend announcement follow this trajectory of AI-focused, market-moving developments.
Market Pulse Summary
This announcement finalizes the all-stock merger, rebrands the combined entity as Corvex, Inc., and adds a stock dividend of 0.358 share per existing Movano share, following a $40.2 million capital raise. It continues a sequence of AI infrastructure milestones and merger steps detailed in recent filings. Investors may focus on how the new AI-focused platform scales its GPU-accelerated cloud business, the impact of the stock dividend on the share base, and ongoing regulatory and listing requirements highlighted in prior documents.
Key Terms
all-stock merger financial
stock dividend financial
ai cloud computing technical
gpu-accelerated infrastructure technical
stockholders' meeting financial
AI-generated analysis. 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.
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SOURCE Movano
FAQ
What does the all-stock merger mean for Movano shareholders of MOVE?
When will Movano officially become Corvex and keep the symbol MOVE?
Who will lead Corvex after the merger and what are their roles?
How much capital did Corvex and Movano raise before the merger?
What are the key dates for the stock dividend related to the merger (MOVE)?
Is the merger and leadership change final or subject to approvals for MOVE?
