Corvex CEO reports initial MOVE share holdings
Corvex, Inc. Chief Executive Officer Crystal John Adler III reports his initial ownership in MOVE.
Rhea-AI Filing Summary
Corvex, Inc. Chief Executive Officer Crystal John Adler III reports his initial ownership in MOVE. He directly holds 3,054,235 shares of common stock and an incentive stock option covering 2,902,143 shares at an exercise price of $10.06 per share expiring on March 19, 2036.
He also holds Series B and Series C convertible preferred stock that will convert into common stock, including portions held through the John Adler Crystal III Roth IRA trust. Some Series B shares automatically convert on March 31, 2026, while the Series C conversion is contingent on stockholder approval under the Movano–Corvex Merger Agreement.
Positive
- None.
Negative
- None.
Insider Trade Summary
6 transactions reported
Mixed
6 txns
Insider
Crystal John Adler III
Role
Chief Executive Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Incentive Stock Option (right to buy) | -- | -- | -- |
| holding | Series B Convertible Preferred Stock | -- | -- | -- |
| holding | Series B Convertible Preferred Stock | -- | -- | -- |
| holding | Series C Non-Voting Convertible Preferred Stock | -- | -- | -- |
| holding | Series C Non-Voting Convertible Preferred Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Incentive Stock Option (right to buy) — 2,902,143 contracts (Direct);
Series B Convertible Preferred Stock — 14,965 contracts (Direct);
Series B Convertible Preferred Stock — 3,167 contracts (Indirect, By John Adler Crystal III Roth IRA);
Series C Non-Voting Convertible Preferred Stock — 3,345,524 contracts (Direct);
Series C Non-Voting Convertible Preferred Stock — 708,154 contracts (Indirect, By John Adler Crystal III Roth IRA);
Common Stock — 3,054,235 shares (Direct)
Footnotes (7)
- F1. Restricted stock units ("RSUs") convert into common stock on a one-for-one basis. RSUs vest in equal quarterly installments over four years following the closing of the Merger (as defined below).
- F2. Options will vest in equal quarterly installments over four years following the closing of the Merger.
- F3. Granted pursuant to the Amended and Restated Agreement and Plan of Merger dated as of March 19, 2026 (the "Merger Agreement") among Movano Inc. (the "Movano" or the "Issuer"), Corvex, Inc. ("Corvex"), Thor Merger Sub, Inc., a Delaware corporation, and a wholly owned subsidiary of Movano, under which (a) the Merger Sub merged with and into Corvex, with Corvex surviving as a wholly-owned subsidiary of Movano (the "Merger"). Movano's name following the Merger was changed to "Corvex, Inc."
- F4. In accordance with the Merger Agreement, in exchange for the shares of common stock of Corvex held by the Reporting Person, at the effective time of the Merger, the Reporting Person received 14.9652 shares of Issuer Series B Convertible Preferred Stock, par value $0.0001 per share (the "Series B Preferred Stock") and the Trust (as defined below) received 3.1677 shares of Issuer Series B Preferred Stock, which shall automatically convert into 14,965 shares and 3,167 shares, respectively, of Issuer common stock, par value $0.0001 per share ("Common Stock") on March 31, 2026.
- F5. The preferred stock is perpetual and therefore has no expiration date.
- F6. The securities are held by John Adler Crystal III Roth IRA (the "Trust"). The Reporting Person is the trustee of the Trust. The Reporting Person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.
- F7. In accordance with the Merger Agreement, in exchange for the shares of common stock of Corvex held by the Reporting Person, at the effective time of the Merger, the Reporting Person received 3,345.5239 shares of Issuer Series C Non-Voting Convertible Preferred Stock, par value $0.0001 per share (the "Series C Preferred Stock") and the Trust received 708.1544 shares of Issuer Series C Preferred Stock, which shall automatically convert into 3,345,524 shares and 708,154 shares, respectively (with adjustments for fractional shares which shall be paid in cash), of Issuer Common Stock subject to and contingent upon the affirmative vote of a majority of the shares of Common Stock entitled to vote at a meeting of stockholders of the Issuer to approve the issuance of shares of Common Stock underlying the Series C Preferred Stock.
Key Figures
Direct common stock holdings: 3,054,235 shares
Incentive Stock Option size: 2,902,143 shares
Option exercise price: $10.06 per share
+5 more
8 metrics
Direct common stock holdings
3,054,235 shares
Common Stock held directly after Merger
Incentive Stock Option size
2,902,143 shares
Underlying common shares for option position
Option exercise price
$10.06 per share
Incentive Stock Option strike price
Option expiration date
March 19, 2036
Incentive Stock Option term
Series B conversion (CEO)
14,965 common shares
Automatic conversion on March 31, 2026
Series B conversion (Roth IRA)
3,167 common shares
Automatic conversion on March 31, 2026
Series C conversion (CEO)
3,345,524 common shares
Subject to stockholder approval
Series C conversion (Roth IRA)
708,154 common shares
Subject to stockholder approval
Key Terms
Restricted stock units ("RSUs"), Incentive Stock Option, Series B Convertible Preferred Stock, Series C Non-Voting Convertible Preferred Stock, +2 more
6 terms
Restricted stock units ("RSUs") financial
"Restricted stock units ("RSUs") convert into common stock on a one-for-one basis."
Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.
Incentive Stock Option financial
"Incentive Stock Option (right to buy) with underlying common stock."
An incentive stock option is a type of employee benefit that gives a worker the right to buy company shares at a fixed price, with special tax advantages if the employee holds the shares for a required period. Think of it as a coupon to buy future shares at today’s price that can result in lower tax on the gain. Investors care because ISOs can dilute share count, align staff incentives with the stock price, and affect company compensation costs and the timing of potential share sales.
Series B Convertible Preferred Stock financial
"The Reporting Person received 14.9652 shares of Issuer Series B Convertible Preferred Stock."
Series B convertible preferred stock is a class of shares sold during a later-stage private financing that combines features of a loan and common stock: it usually pays priority dividends or has a priority claim if the company is sold, and it can be converted into common shares under predefined rules. Investors care because these shares affect ownership stakes and payout order—like having a reserved place in line and a ticket that can turn into regular ownership—so they influence potential returns and dilution for other shareholders.
Series C Non-Voting Convertible Preferred Stock financial
"The Reporting Person received 3,345.5239 shares of Issuer Series C Non-Voting Convertible Preferred Stock."
Amended and Restated Agreement and Plan of Merger financial
"Granted pursuant to the Amended and Restated Agreement and Plan of Merger dated as of March 19, 2026."
Roth IRA financial
"The securities are held by John Adler Crystal III Roth IRA (the "Trust")."
A Roth IRA is a retirement savings account you fund with money that’s already been taxed, and withdrawals taken in retirement under the account rules are tax-free. It matters to investors because it shifts the tax bill to today instead of retirement, potentially increasing after-tax income later—think of it like paying for a lifetime subscription now so you can use it without extra charges in the future—helpful for long-term tax planning and flexibility.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What stock options does the MOVE CEO hold according to this Form 3?
He holds an Incentive Stock Option to acquire 2,902,143 shares of common stock at an exercise price of $10.06 per share, expiring on March 19, 2036, providing significant potential equity exposure over a long time frame.
What are the terms of MOVE’s Series C Non-Voting Convertible Preferred Stock holdings?
He and his Roth IRA trust received Series C Non-Voting Convertible Preferred Stock that will convert into 3,345,524 and 708,154 common shares, respectively. Conversion is subject to approval by a majority of common shareholders voting to authorize those issuances.
What merger transaction underlies the MOVE CEO’s reported holdings?
The holdings stem from a Merger Agreement under which Thor Merger Sub merged into Corvex, making Corvex a wholly owned subsidiary of Movano. Following the deal, Movano’s name changed to Corvex, Inc., and the CEO received preferred and option securities as merger consideration.
AI-generated analysis. How Rhea-AI works. Not financial advice.
