- Movano is merging with Corvex, Inc. in an all‑stock deal that will transform Movano into a pure‑play AI infrastructure company. At close, the company will be renamed “Corvex, Inc.” and headquartered in Arlington, VA. [1]
- Ownership split (pre-financing adjustments): ~96.2% Corvex holders / 3.8% Movano holders; an earnout could deliver additional shares if future price milestones are met. [2]
- Financing in tandem with the deal: $37.1M raised by Corvex; Movano entered a $1.0B equity facility with Chardan and raised $3.0M bridge financing. [3]
- Legacy assets: Movano is permitted to market and sell its Evie‑brand wearables and RF technologies pre‑close, with potential net proceeds distributable to legacy Movano shareholders. [4]
- Stock reaction: MOVE shares spiked intraday following the announcement (live chart below).
What Happened
Movano Inc. (NASDAQ: MOVE) and Corvex, Inc., a GPU‑accelerated AI cloud company, signed a definitive all‑stock merger agreement. The combined business will focus squarely on secure, high‑performance AI infrastructure—including GPU clusters for training/inference, confidential computing, and inference‑as‑a‑service—repositioning Movano away from consumer health wearables. Upon closing, “Movano Inc.” will be renamed “Corvex, Inc.” and move its headquarters to Arlington, Virginia. [5]
The boards of both companies have unanimously approved the transaction, which is targeted to close in Q1 2026, subject to customary approvals, Nasdaq listing conditions for the new shares, and the effectiveness of an S‑4 registration statement. [6]
Deal Terms at a Glance
- Structure: All‑stock merger; Corvex becomes a wholly owned subsidiary of Movano at close. [7]
- Ownership (pre‑adjustment): ~96.2% Corvex / 3.8% Movano on a fully‑diluted basis (excluding out‑of‑the‑money options and warrants). The ratio can adjust for concurrent financings and liabilities. [8]
- Valuation reference points: Exchange ratio reflects valuations of $250M for Corvex and $10M for Movano. [9]
- Earnout: Additional shares to Corvex stakeholders if the combined company achieves a $15.00 VWAP for 20 of 30 trading days by the 5th anniversary, and $25.00 by the 7th anniversary of closing. [10]
- Concurrent/related financing:
- Corvex Concurrent Financing:$37.1M of equity capital.
- Movano Bridge Financing:$3.0M via Series A preferred.
- Chardan Equity Facility (“ChEF”): Up to $1.0B equity facility entered by Movano. [11]
- Capitalization (illustrative): ~48.7M shares outstanding anticipated at closing (excluding potential ChEF issuances). [12]
- Governance:Six‑member board expected; five designated by Corvex, one by Movano. Co‑CEOs Seth Demsey and Jay Crystal to lead, with Brian Raymond as CTO. [13]
- Support agreements / lock‑ups: Movano directors, officers, and certain holders representing ~21.2% of outstanding shares signed support agreements and 180‑day lock‑ups (subject to exceptions). [14]
- Termination fee: Under certain alternative‑transaction scenarios, Movano would owe $500,000. [15]
Why It Matters
This deal pivots Movano from health wearables to enterprise AI infrastructure, placing it within the fast‑growing “neocloud” cohort building GPU‑rich compute for model training and secure inference. The segment has seen multi‑billion‑dollar capacity commitments and contracts in 2024–2025, underscoring robust demand for third‑party AI compute at scale. [16]
Corvex’s platform emphasizes confidential computing and flexible deployment models (multi‑tenant, single‑tenant, and on‑prem), targeting security‑sensitive AI builders. That focus—combined with white‑glove engineering and the ability to deliver power at “AI factory” scale—forms the strategic rationale for the merger. [17]
What Changes for Movano’s Legacy Assets (Evie/EvieMED & RF IP)
Under the merger agreement, Movano may market and sell its current operating assets—including the EvieMED Ring (which previously obtained FDA 510(k) clearance for pulse oximetry) and mmWave RF technology for cuffless blood pressure and non‑invasive glucose monitoring—before closing. Net proceeds, after loan pay‑down and reserves, may be distributed to pre‑merger Movano shareholders at closing. [18]
Timeline and Next Steps
- SEC Filings: Movano will file a Form S‑4 with a joint proxy/prospectus; shareholder votes will be required. [19]
- Regulatory/Listing Conditions: Nasdaq listing approval for the merger‑related shares and standard closing conditions apply. [20]
- Target Close:Q1 2026 (subject to approvals and other customary conditions). [21]
Market Reaction (Today)
MOVE traded sharply higher intraday following the announcement (see live chart above for the latest price, high/low, and volume). Coverage from financial outlets likewise highlighted the magnitude of the move and the transformative nature of the transaction. [22]
Executive Commentary (From Today’s Announcement)
Company leaders framed the combination as a way to deliver reliable, secure AI compute at scale with a software‑driven approach that improves cost and performance efficiency for inference. Movano’s CEO said Corvex’s engineering depth and security posture make it “an indispensable partner” for target customer segments—hence the pivot to create a “pure‑play platform for secure AI infrastructure and high‑performance inference.” (Paraphrased from the joint release.) [23]
The Bottom Line for Investors
- The merger recasts MOVE as an AI‑infrastructure vehicle with a new leadership team and HQ, while offering potential upside tied to AI compute demand. [24]
- Dilution and ownership are substantial: Corvex holders will own the vast majority of the combined entity; earnout and financing structures add further moving parts. [25]
- The sale of Movano’s legacy assets could return net cash to pre‑merger shareholders, but outcomes depend on sale proceeds, liabilities, and closing conditions. [26]
This article is for informational purposes only and does not constitute investment advice. Always do your own research and consider consulting a licensed financial advisor.
Sources & Filings (Nov. 10, 2025)
- Joint press release: transaction terms, financing, rebrand/location, asset‑sale permission. [27]
- SEC Form 8‑K / 425: ownership split, valuations, earnout triggers, support/lock‑up agreements, closing conditions, termination fee. [28]
- Market coverage: stock reaction and additional reporting. [29]
- Corvex product context: platform positioning and offerings. [30]
References
1. www.prnewswire.com, 2. www.sec.gov, 3. www.prnewswire.com, 4. www.prnewswire.com, 5. www.prnewswire.com, 6. www.prnewswire.com, 7. www.sec.gov, 8. www.sec.gov, 9. www.sec.gov, 10. www.sec.gov, 11. www.prnewswire.com, 12. www.prnewswire.com, 13. www.prnewswire.com, 14. www.sec.gov, 15. www.sec.gov, 16. www.barrons.com, 17. www.prnewswire.com, 18. www.prnewswire.com, 19. www.sec.gov, 20. www.sec.gov, 21. www.prnewswire.com, 22. www.investing.com, 23. www.prnewswire.com, 24. www.prnewswire.com, 25. www.sec.gov, 26. www.prnewswire.com, 27. www.prnewswire.com, 28. www.sec.gov, 29. www.investing.com, 30. www.corvex.ai
