Corvex (NASDAQ:MOVE) today announced the successful completion of its all-stock merger with Movano, marking a definitive strategic pivot for the entity.
Effective March 23, 2026, the combined company began trading on the Nasdaq under the name Corvex while retaining the ticker symbol "MOVE."
The merger marks the culmination of a transition first announced in late 2025, effectively sidelining Movano's legacy medical device business in favor of Corvex’s high-performance AI cloud platform.
The combined company will be led by Co-Founders Jay Crystal and Seth Demsey, who will serve as Co-Chief Executive Officers.
This leadership structure, along with the formal conversion of preferred stock issued during the merger, remains subject to final stockholder approval at a special meeting scheduled for May 2026.
Prior to the closing, Corvex and Movano successfully raised an aggregate of $40.2 million in private placements to fund the expansion of its "Amplified AI Cloud™" platform, which specializes in GPU-accelerated infrastructure for large-scale AI model training and inference.
In connection with the merger agreement, Corvex has declared a significant stock dividend of 0.358 shares of common stock for every outstanding share held.
The dividend is payable to stockholders of record as of the close of business on March 30, 2026, with the distribution and allocation of shares scheduled for April 6, 2026.
This move is intended to align the capital structure as the company scales its fleet of NVIDIA HGX B200 and H200 systems.