Movano Inc. and Corvex, Inc. have entered into a definitive all‑stock merger agreement that will combine the two companies into a single entity that will be renamed Corvex, Inc. The combined company will relocate its headquarters to Arlington, Virginia, and will operate under the Corvex brand, reflecting the stronger market position of the AI‑cloud platform.
Under the terms of the deal, pre‑merger Corvex shareholders will own approximately 96.2 % of the combined company and pre‑merger Movano shareholders will own about 3.8 % on a fully diluted basis. The exchange ratio is based on a $6.25 post‑closing per‑share value and is adjusted for Corvex’s Series A financing, the Chardan Equity Facility, and a concurrent private placement. The transaction is expected to result in roughly 48.7 million shares outstanding once all adjustments are made.
The merger is strategically designed to combine Movano’s FDA‑cleared EvieMED Ring and proprietary millimeter‑wave RF technology with Corvex’s GPU‑accelerated AI infrastructure. By integrating health‑tech assets with a high‑performance AI platform, the new company aims to accelerate the development of AI‑driven medical‑device solutions, broaden Corvex’s customer base into the growing medical‑device market, and unlock new revenue streams through cross‑sell opportunities.
Movano’s decision to pursue the merger follows a period of significant cash burn and a 1‑for‑10 reverse stock split that was implemented on October 10 2025 to meet Nasdaq’s minimum bid‑price requirement. In May 2025, Movano announced it was exploring strategic alternatives, citing resource constraints and the need to maximize shareholder value. The merger offers a path to scale Movano’s health‑tech portfolio while providing Corvex with a foothold in a high‑growth vertical that complements its AI‑infrastructure expertise.
Corvex specializes in GPU‑accelerated infrastructure for artificial‑intelligence workloads, offering GPU clusters, AI factories, confidential computing, and inference‑as‑a‑service. The company’s “Amplified AI Cloud” platform is positioned to capture market share in the projected $130 billion AI‑aaS and GPU‑aaS markets by 2030. The combination with Movano’s health‑tech assets is expected to create a unique value proposition that leverages Corvex’s technical depth and Movano’s FDA‑cleared products.
The parties anticipate closing the merger in the first quarter of 2026, subject to customary closing conditions including shareholder approval, Nasdaq listing approval, and regulatory clearance. Following the announcement, Movano’s stock traded over 15 % higher in Monday’s pre‑market session, and retail sentiment on Stocktwits remained bullish, indicating investor confidence in the strategic rationale.
John Mastrototaro, Movano’s CEO, said the merger “immediately clarified that Corvex is not just another AI infrastructure company; it brings engineering excellence, customer obsession, and disciplined capital allocation that will accelerate our health‑tech roadmap.” Jay Crystal, Co‑CEO and Co‑Founder of Corvex, highlighted the complementary strengths and expressed optimism about entering the public market to fuel growth.
The merger is expected to create significant value by combining complementary technologies, expanding market reach, and enabling cross‑sell opportunities. While the deal offers a path to scale and unlock new revenue streams, it also introduces integration risks and regulatory scrutiny, particularly in the medical‑device and AI sectors. Nonetheless, the strategic alignment positions the new Corvex to capitalize on the growing demand for AI‑driven health‑tech solutions.
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