• The combined entity aims to compete in the high-performance cloud and GPU infrastructure market.
• Upon closing, Corvex shareholders will hold roughly 96.2% of the combined company, while Movano shareholders will own about 3.8%.

Movano Inc. (MOVE) and Corvex Inc., a U.S.-based artificial intelligence (AI) cloud infrastructure firm, announced on Monday plans to merge in an all-stock transaction that will create a new publicly traded company positioned to capitalize on the increased demand for large-scale AI computing. 

The combined entity aims to compete in the high-performance cloud and GPU infrastructure market as AI workloads surge globally.

Transaction Details and Capital Structure

Under the merger terms, the transaction values Movano shares at $6.25 each. Corvex and Movano have raised about $40 million in private placement financing to support the deal. 

Upon closing, Corvex shareholders will hold roughly 96.2% of the combined company, while Movano shareholders will own about 3.8%. The firms expect approximately 48.7 million shares to be outstanding following completion.

Following the update, Movano's stock traded over 15% higher in Monday's premarket. On Stocktwits, retail sentiment around the stock remained in 'bullish' territory. Message volume shifted to 'normal' from 'low' levels in 24 hours.

Editor's Note: An earlier version misstated the percentage change in Movano's stock price. The headline has been corrected.<Get updates to this developing story directly on Stocktwits.

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