Corvex Inc (MOVE)

Corvex Stockholders Approve Key Governance and Capital Structure Proposals at 2026 Annual MeetingJuly 1, 2026 3:42 PM
PR Newswire (US) Company Disposes of Legacy Movano Assets; Shareholders Elect Three New Directors; Approve Conversion of Series C and Series D Preferred Stock; Chance Moreland Joins as CFOARLINGTON, Va., July 1, 2026 /PRNewswire/ -- Corvex, Inc. (Nasdaq: MOVE), an engineering-led AI computing platform specializing in GPU-accelerated infrastructure for AI workloads, today announced the results of its 2026 Annual Meeting of Stockholders, held virtually. Shareholders voted to approve all proposals before them, including the election of three new directors to the Company's Board, authorization of the full conversion of the Company's Series C and Series D Non-Voting Convertible Preferred Stock into common shares, and ratification of BDO USA, P.C. as the Company's independent auditor. The meeting also marks a pivotal moment in Corvex's transition from its legacy Movano healthcare origins to an AI infrastructure company.Disposition of Legacy Movano AssetsAs disclosed in the Company's proxy statement for the annual meeting, the Annual Meeting comes as Corvex has completed disposition of the assets associated with its predecessor company, Movano Inc., including the Wellness Ring and Medical Ring wearable health technology products and related intellectual property, to a lender in satisfaction of certain secured indebtedness. The Company had been operating the healthcare division in a reduced capacity while exploring available strategic opportunities.The legacy Movano healthcare assets represented a distinct and separate line of business from Corvex's core GPU-accelerated AI infrastructure operations. The company's AI cloud computing business, launched in the first quarter of 2025, is expected to remain Corvex's singular strategic priority following disposition of the healthcare assets.Election of New DirectorsStockholders elected three new directors.Patrick Fleury brings more than 25 years of finance and capital markets experience to the Corvex Board. He currently serves as Chief Financial Officer and Treasurer of TeraWulf Inc., a large-scale digital infrastructure company. Previously, Mr. Fleury was a founding member of the credit team at Platinum Equity and a Managing Director at Blackstone's GSO Capital Partners global credit platform. He is expected to join the Audit Committee upon his election.Jay Crystal is co-Founder and co-Chief Executive Officer of Corvex. Prior to co-founding Corvex, Crystal co-founded and served as a board director of clean.io (now HUMAN Security, Inc.) and configure8. He previously held multiple senior management roles at AOL, Inc. and its successors, including Director of Corporate Development and Vice President of Corporate Strategy and Partnerships. Mr. Crystal began his career in growth equity, private equity, and investment banking at Staley Capital, American Capital, and Banc of America Securities.Nicholas Donofrio brings a distinguished 44-year career at IBM, where he held senior executive and technical leadership roles including Executive Vice President of Innovation and Technology from 2005 until his retirement in 2008, and Senior Vice President of Technology and Manufacturing from 1997 to 2005. Donofrio holds seven technology patents and is a Life Fellow of the Institute for Electrical and Electronics Engineers, a Fellow of the Royal Academy of Engineering and the American Academy of Arts and Sciences, and a member of the U.S. National Academy of Engineering. He previously served on the Board of Directors of Aptiv PLC from 2009 to 2022.Following the Annual Meeting, the full Board of Directors will consist of six members across three staggered classes. Class I directors Emily Wang Fairbairn and Seth Demsey serve through 2028; Class II directors Jay Crystal and Patrick Fleury serve through 2029; and Class III directors Brian Cullinan and Nicholas Donofrio serve through 2027.Additionally, Seth Demsey was appointed co-Chief Executive Officer of the company, alongside Jay Crystal, effective following the Annual Meeting.Stockholders Approve Lifting of Preferred Stock Conversion CapStockholders approved the Conversion Proposal, authorizing the issuance of more than 20% of Corvex's outstanding common stock in connection with the conversion of its Series C and Series D Non-Voting Convertible Preferred Stock, a requirement under Nasdaq Listing Rules 5635(a) and 5635(b).The Series C and Series D Preferred Stock was issued at the close of the Merger in March 2026 to former security holders of Corvex Legacy Holdings, Inc. (formerly known as Corvex, Inc., or "Corvex OpCo"). As a result of stockholder approval, each share of Series C Preferred Stock will automatically convert into 1,000 shares of Corvex common stock, while each share of Series D Preferred Stock will become convertible into 1,000 shares of common stock at the option of the holder.In aggregate, following the automatic conversion of the Series C Preferred Stock, Corvex will have outstanding approximately 27.6 million shares of common stock and shares of Series D Preferred Stock convertible into 28.9 million shares of common stock, fully realizing the equity structure contemplated under the Merger Agreement.Chance Moreland Joins as CFOCorvex also noted that Chance Moreland recently joined Corvex AI as Chief Financial Officer. Moreland's arrival marks a significant step in the build-out of Corvex's permanent senior management team as the Company continues to scale its AI infrastructure business and strengthen its public company reporting and financial operations capabilities.As an inducement to join Corvex and in accordance with Nasdaq listing rule 5635(c)(4), Mr. Moreland will be granted 523,211 restricted stock units, which will vest in four equal annual installments.ABOUT CORVEX, INC.Corvex, Inc. (Nasdaq: MOVE) is a GPU-accelerated AI infrastructure company delivering high-performance, secure cloud computing services for AI workloads. Formerly known as Movano Inc., Corvex completed its merger with Corvex Legacy Holdings, Inc. in March 2026 and rebranded to reflect its focus on next-generation AI infrastructure, including confidential computing and neocloud differentiation. Corvex is headquartered in Arlington, Virginia.Cautionary Statements Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as "could," "estimate," "expect," "intend," "may," "plan," "potentially," or "will" or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements relating to product capabilities, customer deployment, business strategy, growth plans and objectives for future operations. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including the risks and uncertainties described in the Company's SEC reports, and under the heading "Risk Factors" in its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at www.sec.gov and in other filings the Company makes and will make with the SEC. The forward-looking statements contained herein speak only as of the date of this press release. Except as required by law, the Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release.Media Contact
Chris Donahoe, Stillpoint
corvex.media@stillpointglobaladvisors.com View original content to download multimedia:https://www.prnewswire.com/news-releases/corvex-stockholders-approve-key-governance-and-capital-structure-proposals-at-2026-annual-meeting-302816294.htmlSOURCE Corvex Original: Corvex Stockholders Approve Key Governance and Capital Structure Proposals at 2026 Annual Meeting

Finance and AI Executive Patrick Fleury to Join Corvex Board of Directors as Company Scales AI Cloud Infrastructure Platform and Prepares to Launch Token FactoryJune 26, 2026 9:00 AM
PR Newswire (US) TeraWulf CFO brings deep expertise across data center transactions, energy-advantaged digital infrastructure campuses, and large-scale capital formationARLINGTON, Va., June 26, 2026 /PRNewswire/ -- Corvex, Inc. (Nasdaq:MOVE), an engineering-led AI computing platform specializing in GPU-accelerated infrastructure for AI workloads, today announced the appointment of Patrick A. Fleury to its Board of Directors, upon election at the Company's upcoming annual meeting. Fleury currently serves as Chief Financial Officer of TeraWulf Inc. (Nasdaq:WULF), a publicly traded developer, owner and operator of environmentally sustainable, industrial-scale data center infrastructure for AI and high-performance computing.Fleury will join Corvex at a pivotal moment following its recent public listing, as the Company scales its AI infrastructure platform and prepares to launch its token factory business. Corvex's model, combining contracted demand, flexible access to power, proprietary software to optimize workload performance and security, and disciplined capital formation, requires deep expertise across infrastructure development, capital markets, and governance. Fleury brings direct experience across each of these areas, having helped lead a similar transition at TeraWulf.Since joining TeraWulf in 2022, shortly after that company's own reverse-merger debut, Fleury has led over $8 billion dollars of financings to support the company's data center infrastructure build-out and its expansion into AI and high-performance computing hosting. His experience scaling a power-focused, newly public compute platform directly parallels Corvex's current phase of growth, where aligning infrastructure deployment with customer demand and capital availability is critical.Fleury has more than 25 years of experience across capital markets, credit investing, and corporate finance. Prior to TeraWulf, he was a founding member of the credit investing team at Platinum Equity and a Managing Director at Blackstone's GSO Capital Partners (now Blackstone Credit), where he focused on energy and infrastructure credit. He began his career in the Global Energy & Power investment banking group at Bank of America Securities and has held senior roles at Jefferies and Satellite Asset Management. He has also served as a director of CVR Partners LP and as a board observer at Rentech, Inc., bringing public company governance experience through complex strategic transactions."Corvex sits at the intersection of AI compute, power infrastructure, and capital, and Patrick has spent his career structuring and scaling exactly these systems," said Jay Crystal, Chief Executive Officer and Co-Founder of Corvex. "He brings a rare combination of experience across data center transactions—from powered land acquisition through structured leases—as well as deep capital markets expertise at scale. As we expand our AI infrastructure platform and continue to invest in our proprietary software capabilities, his perspective will be invaluable in helping guide disciplined, capital-efficient growth.""The next phase of AI infrastructure will be defined by platforms that can deliver both performance and trust at scale," said Fleury. "Corvex has built a differentiated model that combines flexible access to power, long-term customer alignment, and a software-driven approach to optimizing workload performance and enabling secure compute through confidential computing. Paired with a disciplined approach to capital formation across both corporate and project-level structures, this model positions Corvex to scale efficiently while maintaining control over execution."Fleury holds a B.A., magna cum laude, in Economics and Government and Legal Studies from Bowdoin College. He will serve as an independent director and will join the Audit Committee.About Corvex
Corvex is an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads. Corvex's platform integrates proprietary software, including confidential computing and workload optimization tools, to enhance security, performance, and capital efficiency across its infrastructure. By combining advanced compute, flexible power strategies, and disciplined capital formation, Corvex enables organizations to deploy AI workloads at scale with consistency and efficiency.Cautionary Statements Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as "could," "estimate," "expect," "intend," "may," "plan," "potentially," or "will" or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements relating to product capabilities, customer deployment, business strategy, growth plans and objectives for future operations. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including the risks and uncertainties described in the Company's SEC reports, and under the heading "Risk Factors" in its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at www.sec.gov and in other filings the Company makes and will make with the SEC. The forward-looking statements contained herein speak only as of the date of this press release. Except as required by law, the Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release.Media Contact
Chris Donahoe, Stillpoint
corvex.media@stillpointglobaladvisors.com View original content to download multimedia:https://www.prnewswire.com/news-releases/finance-and-ai-executive-patrick-fleury-to-join-corvex-board-of-directors-as-company-scales-ai-cloud-infrastructure-platform-and-prepares-to-launch-token-factory-302811856.htmlSOURCE Corvex Original: Finance and AI Executive Patrick Fleury to Join Corvex Board of Directors as Company Scales AI Cloud Infrastructure Platform and Prepares to Launch Token Factory

Semiconductor and Computing Veteran Nicholas Donofrio to Join Corvex Board of Directors as the Company Scales Secure AI Infrastructure and Prepares to Launch Token FactoryJune 8, 2026 9:00 AM
PR Newswire (US) Longtime IBM technology leader and former AMD director to strengthen independent board oversight and capital disciplineARLINGTON, Va., June 8, 2026 /PRNewswire/ -- Corvex, Inc. (Nasdaq: MOVE), an engineering-led AI computing platform specializing in GPU-accelerated infrastructure for AI workloads, today announced Nicholas M. Donofrio will join its Board of Directors upon election at the Company's upcoming annual meeting. Donofrio is a 44-year IBM veteran and IBM Fellow Emeritus — the company's highest technical distinction — who served as Executive Vice President of Innovation and Technology. Across his IBM career, he helped lead the company's technology strategy and major semiconductor, microprocessor, storage, and server development organizations."Nick has helped shape modern computing at the highest levels for decades," said Jay Crystal, Chief Executive Officer and Co-Founder of Corvex. "From semiconductors to high-performance computing systems and enterprise infrastructure, his experience spans the foundational layers of the AI ecosystem. As Corvex scales its AI Factory, prepares to launch its Token Factory inference platform, and extends its innovation in securing AI workloads, Nick brings exceptional technical depth, strategic judgment, a track record of innovation, and a career-long commitment to strong corporate governance. This is exactly the perspective our board needs."His experience aligns with Corvex's next phase of growth and mission to deliver innovative AI computing solutions for AI model labs, enterprises, and federal customers. Nick brings decades of leadership in high-performance computing and semiconductors, including work on logic and memory chips. He holds seven technology patents and was elected to the U.S. National Academy of Engineering for contributions to semiconductor memory and technical leadership in computing.Donofrio's board-level governance experience spans decades across technology, financial services, and national security organizations. He served as a director of Advanced Micro Devices (AMD) from 2009 to 2018, where he created and chaired the company's Innovation and Technology Committee, and as a director of Delphi Automotive and its successor Aptiv from 2009 to 2022, where he also created and chaired the Innovation and Technology Committee. He served as a trustee of The MITRE Corporation from 2010 to 2022 and for nearly two decades as a director of The Bank of New York Mellon, chairing its Risk and Technology Committees. He has also held board chair and lead independent director roles across technology companies, including Quantexa, SecurityScorecard, and HYPR, and previously co-chaired the U.S. Secretary of Energy's Advisory Board."Technology only matters when it is applied to a real problem," said Donofrio. "The hard part of AI isn't any one layer — it's making the whole stack work together: delivering the compute, turning it into inference economically, and keeping it secure and trusted at every step. That is the problem Corvex has taken on, and it's the kind I've spent my career on — from the silicon, to the systems, to the trust they have to earn. I look forward to helping the company solve it."Donofrio is a Life Fellow of the IEEE, a Fellow of the U.K. Royal Academy of Engineering, and a Fellow of the American Academy of Arts and Sciences, and is the recipient of honorary doctorates from institutions including the University of Edinburgh and Drexel University.About Corvex
Corvex is an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads. Corvex's platform integrates proprietary software, including confidential computing and workload optimization tools, to enhance security, performance, and capital efficiency across its infrastructure. By combining advanced compute, flexible power strategies, and disciplined capital formation, Corvex enables organizations to deploy AI workloads at scale with consistency and efficiency.Cautionary Statements Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as "could," "estimate," "expect," "intend," "may," "plan," "potentially," or "will" or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements relating to product capabilities, customer deployment, business strategy, growth plans and objectives for future operations. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including the risks and uncertainties described in the Company's SEC reports, and under the heading "Risk Factors" in its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at www.sec.gov and in other filings the Company makes and will make with the SEC. The forward-looking statements contained herein speak only as of the date of this press release. Except as required by law, the Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release.Media Contact
Chris Donahoe, Stillpoint
corvex.media@stillpointglobaladvisors.com View original content to download multimedia:https://www.prnewswire.com/news-releases/semiconductor-and-computing-veteran-nicholas-donofrio-to-join-corvex-board-of-directors-as-the-company-scales-secure-ai-infrastructure-and-prepares-to-launch-token-factory-302793400.htmlSOURCE Corvex Original: Semiconductor and Computing Veteran Nicholas Donofrio to Join Corvex Board of Directors as the Company Scales Secure AI Infrastructure and Prepares to Launch Token Factory

Corvex Reports Q1 2026 Financial Results and Provides Business UpdateMay 19, 2026 4:06 PM
PR Newswire (US) Conference Call at 4:30 PM ET / 1:30 PM PTARLINGTON, Va., May 19, 2026 /PRNewswire/ -- Corvex, Inc. (Nasdaq:MOVE), an engineering-led AI computing platform specializing in GPU-accelerated infrastructure for AI workloads, reported first quarter 2026 results and provided a business update. Reported Q1'26 Highlights:Completed acquisition of Corvex OpCo on March 19, 2026, transitioning the Company's primary business to AI cloud computing and renaming Movano Inc. to Corvex, Inc., effective March 23, 2026.Including 12 days of Corvex OpCo operations in the period, Q1'26 total revenue was $510 thousand, compared to $206 thousand in Q1'25, including $475 thousand in AI Platform and services revenue contributed during the post-close stub period.Deferred revenue, including current and non-current portions, grew to $4.4 million at March 31, 2026, from $12 thousand at December 31, 2025, reflecting contracted AI compute capacity not yet recognized.Net loss of $(5.1) million, or $(3.13) per share, compared to a net loss of $(5.2) million, or $(5.35) per share, in Q1'25.Adjusted EBITDA1 loss of $(1.6) million, improved by $3.3 million, or 67%, compared to $(4.9) million in Q1'25, reflecting disciplined execution as the Company concentrates resources on its AI platform opportunity.The Company provided supplemental information, including pro forma consolidated financial data for the first quarter of 2026, including pro forma revenue of $3.7 million, pro forma net loss of $(15.9) million and pro forma adjusted EBITDA loss of $(0.9) million.Cash and cash equivalents of $29.3 million at March 31, 2026."The first quarter marked a defining moment for Corvex as we transitioned into the public markets. With our AI platform now operating as a public company, we believe Corvex is well-positioned to help define the next era of AI infrastructure. AI is reshaping the global computing landscape, and by combining scalable AI infrastructure, inference software, and confidential computing into a unified platform, we believe we are well-positioned to help AI-native organizations, enterprises, and government deploy and secure AI at an industrial scale," said Jay Crystal, Chief Executive Officer of Corvex.









1 See "Non-GAAP Financial Measures" and the reconciliation of GAAP to non-GAAP results table in this press release for additional information.First Quarter 2026 Financial Highlights
Three Months Ended March 31,
2026
2025Revenue$                    510
$                    206Operating expenses5,357
5,444Loss from operations(4,847)
(5,238)Other income (expense), net(158)
60Net loss$                (5,005)
$                (5,178)



Cumulative dividends on Series A preferred stock(96)
—Net loss attributable to common stockholders$                (5,101)
$                (5,178)



Net loss per share, basic and diluted$                  (3.13)
$                  (5.35)



Weighted average shares used in computing net loss per share, basic and
diluted1,628,515
967,331Conference CallManagement will host a conference call and live audio webcast to discuss these results and provide a business update today at 4:30pm ET / 1:30pm PT. The live webcast of the earnings conference call can be accessed at the Corvex Investor Relations website at investors.corvex.ai. A replay of the webcast will be available at the same website.About CorvexCorvex is an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads. Corvex's platform allows organizations to leverage the advantage of AI by providing secure, scalable, and cost-efficient computational resources. Corvex's infrastructure leverages advanced GPU-accelerated compute clusters, high-throughput storage systems and layered architecture to provide enhanced security, consistent performance, and efficiency at scale. As previously announced on March 19, 2026, Corvex, Inc. (formerly known as Movano Inc.) acquired Corvex Legacy Holdings, Inc. (Corvex OpCo, formerly known as Corvex, Inc.) (such acquisition the "Merger"). Following the Merger, the Company was renamed Corvex, Inc., effective March 23, 2026.Forward-Looking StatementsThis press release contains "forward-looking statements" within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements related to our business; our strategy; our capital structure; our future growth; our technology; our projections for future active power; demand for our platform; other estimated amounts included in our revenue backlog figure; our plans to scale our platform and accelerate AI innovation; and strategic opportunities. In some cases, you can identify forward-looking statements by terms such as "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "will," "would," "should," "could," "can," "predict," "potential," "target," "explore," "continue," "outlook," "guidance," or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements.Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include but are not limited to our ability to execute our business strategies and manage our growth, our ability to maintain and grow our customer base, continued demand for AI infrastructure, any disruption in our strategic relationships or disruptions with our third-party providers, including our suppliers and data center partners, our ability to develop and maintain our corporate infrastructure and internal controls, our financial performance, capital requirements and ability to raise additional capital and the impact of global political and macroeconomic conditions, including the effects of global geopolitical conflicts, inflation, tariffs, interest rates, any instability in the global banking sector and foreign currency exchange rates. More information about factors that could affect our operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent filings with the SEC, including in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, copies of which may be obtained by visiting our Investor Relations website at investors.corvex.ai or the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Our results for the fiscal quarter ended March 31, 2026 are not necessarily indicative of our operating results for any future periods.Non-GAAP Financial MeasuresTo supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we use adjusted EBITDA to help us evaluate our business. We use this non-GAAP financial measure to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that this non-GAAP financial measure may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. This non-GAAP financial measure is presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.Adjusted EBITDA is defined as net loss, excluding (i) depreciation and amortization, (ii) stock-based compensation, (iii) transaction costs related to the Merger, (iv) Other expense (income), and (v) benefit from income taxes.A reconciliation is provided below to reconcile adjusted EBITDA to net loss, the most directly comparable financial measure stated in accordance with GAAP. Corvex encourages investors to review the related GAAP financial measure and the reconciliation of the non-GAAP financial measure to their most directly comparable GAAP financial measure, and not to rely on any single financial measure to evaluate Corvex's business.Summary Historical and Pro Forma Consolidated Financial DataTo supplement our consolidated financial statements, we have also prepared the unaudited pro forma condensed combined financial information that is included below. This information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786, "Amendments to Financial Disclosures about Acquired and Disposed Businesses." In the unaudited pro forma condensed combined financial information, the Merger has been accounted for as a business combination, using the acquisition method of accounting under U.S. GAAP, where the Company is considered to be the accounting acquirer and Corvex OpCo is the accounting acquiree. For more information on the unaudited pro forma condensed combined financial information, including the notes thereto, see Exhibit 99.1 to the Company's Current Report on Form 8-K, filed with the SEC on May 19, 2026.This unaudited pro forma condensed combined financial information is for informational purposes only and does not purport to indicate the financial conditions or results that would have been obtained had the Merger actually been completed on the assumed date or for the periods presented, nor what may be realized or expected in the future. The unaudited pro forma adjustments represent management's estimates based on information available as of the date of these unaudited pro forma condensed combined statements of operations and are subject to change as additional information becomes available and analyses are performed. The unaudited pro forma condensed combined statements of operations do not include any management adjustments related to the realization of any costs (or cost savings) from operating efficiencies or synergies. The unaudited condensed combined pro forma statements of operations are subject to certain risks and uncertainties that could cause actual results to differ materially from those illustrated.Media ContactChris Donahoe, Stillpoint
corvex.media@stillpointglobaladvisors.comCORVEX, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except share and per share data) (unaudited)


Three Months Ended
March 31,


2026

2025
REVENUE:





Revenue - AI Platform and services
$475

$–
Revenue - Connected devices and services

35


206
Total revenue

510


206









OPERATING EXPENSES:







Cost of revenue - AI Platform and services (exclusive of depreciation and amortization)

247


–
Cost of revenue - Connected devices and services (exclusive of depreciation and
amortization)

265


642
Depreciation and amortization

326


38
Technology and infrastructure

822


2,364
Sales and marketing

304


763
General and administrative

3,393


1,637
Total operating expenses

5,357


5,444









Loss from operations

(4,847)


(5,238)









Other (expense) income, net:







Interest expense (related party)

(178)


–
Interest and other income, net

20


60
Other (expense) income, net

(158)


60









Loss before provision for income taxes

(5,005)


(5,178)
Income tax provision

–


–
Net loss
$(5,005)


(5,178)









Cumulative dividends on Series A preferred stock
$(96)

$–
Net loss attributable to common stockholders
$(5,101)


(5,178)









Net loss per share, basic and diluted
$(3.13)

$(5.35)









Weighted average shares used in computing net loss per share, basic and diluted

1,628,515


967,331
 CORVEX, INC.CONSOLIDATED BALANCE SHEETS(in thousands) (unaudited)


March 31,
2026

December 31,
2025
ASSETS





Current assets





Cash and cash equivalents
$29,330

$2,827
Accounts receivable, net

1,504


–
Inventory

1,776


1,766
Prepaid expenses and other current assets

5,293


394
Total current assets

37,903


4,987
Property and equipment, net

29,074


101
Operating lease right-of-use assets, net

3,792


415
Intangible assets, net

15,359


–
Goodwill

518,263


–
Other assets

92


97
Total assets

604,483


5,600









LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)







Current liabilities







Accounts payable

3,668


3,477
Accrued liabilities

1,535


683
Deferred revenue, current

2,226


12
Bridge loan (related party)

4,500


4,382
Operating lease liabilities, current

1,893


253
Finance lease liabilities, current

3,856


–
Total current liabilities

17,678


8,807
Operating lease liabilities, non-current

2,090


267
Finance lease liabilities, non-current

6,559


–
Deferred revenue, non-current

2,153


–
Total non-current liabilities

10,802


267
Total liabilities

28,480


9,074









Commitments and contingencies (Note 13)
















Stockholders' equity (deficit)







Preferred stock, $0.0001 par value, 5,000,000 shares authorized at March 31, 2026;
     56,639 and 3,000 shares issued and outstanding at March 31, 2026 and December 31,
     2025, respectively.

574,469


–
Common stock, $0.0001 par value, 500,000,000 shares authorized at March 31, 2026 and
     December 31, 2025; 1,921,809 and 1,228,272 shares issued and outstanding at March
     31, 2026 and December 31, 2025, respectively

–


10
Additional paid-in capital

172,931


162,908
Accumulated deficit

(171,397)


(166,392)
Total stockholders' equity (deficit)

576,003


(3,474)
Total liabilities and stockholders' equity
$604,483

$5,600
 CORVEX, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands) (unaudited)


For the three months
ended
March 31,


2026

2025
CASH FLOWS FROM OPERATING ACTIVITIES:





Net loss
$(5,005)

$(5,178)
Adjustments to reconcile net loss to net cash used in operating activities







Depreciation and amortization

326


38
Stock-based compensation

2,178


299
Noncash lease expense

–


8
Write down of inventory to net realizable value

32


–
Amortization of debt discount (related party)

118


–
Changes in operating assets and liabilities, net of acquisition:







Accounts receivable

(162)


–
Inventory

(42)


(212)
Prepaid expenses and other current assets

(747)


142
Other assets

48


(4)
Accounts payable

(1,362)


509
Deferred revenue

27


(18)
Operating lease liabilities, net

50


–
Accrued liabilities

251


113
Net cash used in operating activities

(4,288)


(4,303)









CASH FLOWS FROM INVESTING ACTIVITIES:







Purchase of property and equipment

(6,238)


–
Cash acquired in business combination

36,679




Net cash provided by investing activities

30,441


–









CASH FLOWS FROM FINANCING ACTIVITIES:







Payments on finance lease liabilities

(32)


–
Issuance of common stock, net of issuance costs

–


758
Issuance of common stock upon exercise of stock options

382


–
Net cash provided by financing activities

350


758









Net increase (decrease) in cash and cash equivalents

26,503


(3,545)
Cash and cash equivalents at beginning of period

2,827


7,902
Cash and cash equivalents at end of period
$29,330

$4,357









SUPPLEMENTAL CASH FLOW INFORMATION:







Cash paid for interest
$1

$–
Cash paid for taxes
$–

$–









NONCASH INVESTING AND FINANCING ACTIVITIES:







Issuance of common stock upon exercise of stock options in exchange for receivable
$11

$–
Business acquired by issuance of equity instruments
$581,911

$–
Broker receivable recorded in prepaid and other current assets for payroll withholding taxes
$97

$–
 Reconciliation of GAAP to Non-GAAP ResultsReconciliation of Net Loss to Adjusted EBITDA(in thousands, except percentages)


Three Months Ended
March 31,

Change



2026

2025

$

%

Net loss












AI Platform and services
$(1,625)

$–

$(1,625)


(100)%
Connected devices and services

(3,380)


(5,178)


1,798


35%
Total net loss

(5,005)


(5,178)


173


3%


















Adjusted EBITDA(1)
















AI Platform and services

(98)


–


(98)


(100)%
Connected devices and services

(1,506)


(4,901)


3,395


69%
Total adjusted EBITDA
$(1,604)

$(4,901)

$3,297


67%


(1)See the "Non-GAAP Financial Measures" section included above for a reconciliation to the most directly comparable GAAP measure. 

Three Months Ended
March 31,
AI Platform and services
2026

2025
Net loss
$(1,625)

$–
Depreciation and amortization

295


–
Stock-based compensation(1)

1,232


–
Transaction costs(2)

–


–
Income tax

–


–
Other expense (income), net

–


–
Adjusted EBITDA
$(98)

$–
 

Three Months Ended
March 31,
Connected devices and services
2026

2025
Net loss
$(3,380)

$(5,178)
Depreciation and amortization

31


38
Stock-based compensation(1)

946


299
Transaction costs(2)

719


–
Income tax

–


–
Other expense(income), net

178


(60)
Adjusted EBITDA
$(1,506)

$(4,901)


(1)Stock-based compensation: related to 2024 Equity Incentive Plan for employees, contractors, or other entities.(2)Related to the transaction costs associated with the merger. UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONSFOR THE THREE MONTHS ENDED MARCH 31, 2026(in thousands, except share and per share data)

Historical
Total Pro Forma Adjustments















Corvex, Inc.

Corvex Legacy
Holdings, Inc.

Transaction Accounting
Adjustments: MergerNote 1
Pro Forma
Combined











Revenue$510
$3,143
$-
$3,653











COSTS AND EXPENSES:










Cost of revenue (exclusive of depreciation and amortization)
512

1,089

592(b), (c)
2,193Depreciation and amortization
326

1,671

272(a)
2,269Technology and infrastructure
822

274

946(c), (d)
2,042Sales and marketing
304

278

263(c)
845General and administrative
3,393

1,965

6,316(b), (c),
(d)
11,674Total costs and expenses
5,357

5,277

8,389

19,023











Loss from operations
(4,847)

(2,134)

(8,389)

(15,370)











Other income (expense), net:










Interest expense (related party)
(178)

-

-

(178)Interest and other income, net
20

(462)

57(b)
(385)Other income (expense), net
(158)

(462)

57

(563)











Net loss and total comprehensive loss$(5,005)
$(2,596)
$(8,332)
$(15,933)











Net loss per share, basic and diluted$(3.13)



$(4.08)
$(7.81)











Weighted average shares used in computing net loss per
share, basic and diluted
1,628,515




2,039,726

2,039,726 UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONSFOR THE YEAR ENDED DECEMBER 31, 2025(in thousands, except share data)

Historical
Total Pro Forma Adjustments






















Corvex,
Inc.

Corvex
Legacy
Holdings,
Inc.

Reclassification
AdjustmentsNote 2
Transaction
Accounting
Adjustments:
MergerNote 2
Total Pro
Forma
Adjustments

Pro Forma
Combined

















Revenue$433
$7,102
$-
$-
$-
$7,535

















COSTS AND EXPENSES:
















Cost of revenue (exclusive
of depreciation and
amortization)
2,273

2,851

-

2,744(e), (i)
2,744

7,868Depreciation and
amortization
-

4,392

149(a)
1,061(b)
1,210

5,602Technology and
infrastructure
-

1,342

5,667(a)
4,357(e), (f)
10,024

11,366Research and development
5,740

-

(5,740)(a)
-

(5,740)

-Sales and marketing
-

1,186

1,410(a)
1,213(e)
2,623

3,809General and administrative
-

7,099

6,437(a)
30,864(e), (f),
(g), (h),
(i)
37,301

44,400Sales, general and
administrative
7,923

-

(7,923)(a)
-

(7,923)

-Total costs and
expenses
15,936

16,870

-

40,239

40,239

73,045

















Loss from operations (1)
(15,503)

(9,768)

-

(40,239)

(40,239)

(65,510)

















Other income (expense), net:
















Interest expense (related
party)
(2,965)

-

-

-

-

(2,965)Loss (Gain) change in
warrant liability fair value
-

(9,575)

-

9,575(c)
9,575

-Loss (Gain) in fair value of
SAFE liability
-

9,856

-

(9,856)(d)
(9,856)

-Interest and other income,
net
183

30

-

(77)(i)
(77)

136Other income
(expense), net
(2,782)

311

-

(358)

(358)

(2,829)

















Income tax benefits
(expense)
-

(60)

-

-

-

(60)

















Net loss and total
comprehensive loss$(18,285)
$(9,517)
$-
$(40,597)
$(40,597)
$(68,399)

















Net loss per share, basic and
diluted$(21.79)






$(19.90)
$(19.90)
$(33.53)

















Weighted average shares
used in computing net loss
per share, basic and diluted
840,720







2,039,726

2,039,726

2,039,726Note 1 – Merger and Reclassification Transaction Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations for three months ended March 31, 2026 (a)Reflects the estimated incremental amortization expense of $272 resulting from the Merger.


Amortization expense related to the acquired finite-lived intangible assets has been calculated based on preliminary estimated fair values and estimated useful lives of 7 years for customer relationships and 20 years for trade names.


The amount of amortization expense will ultimately be based on the periods in which the associated economic benefits are expected to be derived and the pattern of benefit for each intangible asset, and therefore, the preliminary amount reported may differ significantly between periods based upon the final values assigned to amortization methodology used for each asset.


A 10% increase or decrease in the estimated fair value of the intangible assets would cause an increase or decrease of $27 to the amortization expense amounts as presented in the unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2026.

(b)Reflects decrease of lease expense in cost of revenue of $39, sales, general and administrative of $10 and interest expense of $57.

(c)Reflects stock options post-combination expense of $631 to cost of revenue, $769 to technology and infrastructure, $263 to sales and marketing, and $2,955 to general and administrative.

(d)Reflects restricted stock units post-combination expense of $177 in technology and infrastructure and $3,371 in general and administrative.Note 2 – Merger and Reclassification Transaction Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations for the year ended December 31, 2025 (a)Represents the reclassification of sales, general and administrative expenses into sales and marketing and general and administrative expenses; the reclassification of research and development into technology and infrastructure; and the reclassification of historical Movano depreciation expense from research and development and sales, general and administrative expenses into depreciation expense. 

(b)Reflects the estimated incremental amortization expense of $1,061 resulting from the Merger.


A 10% increase or decrease in the estimated fair value of the intangible assets would cause an increase or decrease of $106 to the amortization expense amounts as presented in the unaudited pro forma condensed combined statements of operations for the year ended December 31, 2025.

(c)Elimination of change in fair value of warrant liability as the Corvex Preferred Stock Warrants converted into shares of Corvex common stock and subsequently into Payment Shares, at the Exchange Ratio on the merger date.

(d)Elimination of change in fair value of SAFE liability as the SAFEs automatically converted into shares of Corvex common stock and subsequently into Payment Shares, at the Exchange Ratio on the merger date.

(e)Reflects stock options post-combination expense of $2,823 to cost of revenue, $3,540 to technology and infrastructure, $1,213 to sales and marketing, and $13,559 to general and administrative.

(f)Reflects restricted stock units post-combination expense of $817 in technology and infrastructure and $15,526 in general and administrative.

(g)Reflects estimated incremental transaction-related costs of approximately $719 incurred by the Company after December 31, 2025.

(h)Reflects the accrual of severance payments pursuant to pre-existing employment agreements of $1,125.

(i)Reflects decrease of lease expense in cost of revenue of $79, sales, general and administrative of $65 and interest expense of $77. Reconciliation of Unaudited Pro Forma GAAP to Non-GAAP ResultsReconciliation of Net Loss to Adjusted EBITDA(in thousands, except percentages)




Historical
Pro Forma (i)



Three Months Ended
March 31,
Year Ended
December 31,
Three Months Ended
March 31,
Year Ended
December 31,Other financial
information
2026
2025
2026
2025(in thousands of USD)







Net loss

$(5,005)$(18,322)$(15,933)$(68,399)Depreciation and
amortization
326
149
2,269
5,602Stock-based compensation
2,178
2,913
10,344
42,031Transaction costs (ii)

719
1,093
1,824
4,209Income tax

-
-
-
60Interest expense

178
2,782
563
2,829Adjusted EBITDA
$(1,604)$(11,385)$(933)$(13,668)

(i)Pro forma combined non-GAAP financial information is derived from the unaudited pro forma condensed combined statements of operations included within the unaudited pro forma condensed combined financial information contained elsewhere in this filing, which has been prepared in accordance with Article 11 of Regulation S-X.

(ii)Transaction costs in the unaudited pro forma condensed combined statements of operations include transaction-related expenses arising from the Merger, as reflected in the transaction accounting adjustments within the unaudited pro forma condensed combined financial information. These amounts include both historical transaction expenses incurred prior to the closing of the Merger and additional expenses recognized in connection with the transaction.  View original content to download multimedia:https://www.prnewswire.com/news-releases/corvex-reports-q1-2026-financial-results-and-provides-business-update-302776777.htmlSOURCE Corvex Original: Corvex Reports Q1 2026 Financial Results and Provides Business Update

Corvex to Host First Quarter 2026 Earnings Call on Tuesday, May 19, 2026May 11, 2026 8:30 AM
PR Newswire (US) Conference Call at 4:30 PM ET/ 1:30 PM PTARLINGTON, Va., May 11, 2026 /PRNewswire/ -- Corvex, Inc. (Nasdaq:MOVE), an engineering-led AI computing platform specializing in GPU-accelerated infrastructure for AI workloads, today announced that it will hold its first quarter 2026 earnings call on Tuesday, May 19, 2026 at 4:30 pm ET / 1:30 pm PT. Management will host a conference call and live audio webcast to discuss first quarter 2026 results and provide a business update. The live webcast of the earnings conference call can be accessed at the Corvex Investor Relations website at investors.corvex.ai.  A replay of the webcast will be available at the same website.About Corvex
Corvex is an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads. Corvex's platform allows organizations to leverage the advantage of AI by providing secure, scalable, and cost-efficient computational resources. Corvex's infrastructure leverages advanced GPU-accelerated compute clusters, high-throughput storage systems and layered architecture to provide enhanced security, consistent performance, and efficiency at scale. As previously announced on March 19, 2026, Corvex, Inc. (formerly known as Movano Inc.) acquired Corvex Legacy Holdings, Inc. (Corvex OpCo, formerly known as Corvex, Inc.). Following the Merger, the Company was renamed Corvex, Inc., effective March 23, 2026.Media Contact
Chris Donahoe, Stillpoint
corvex.media@stillpointglobaladvisors.com  View original content to download multimedia:https://www.prnewswire.com/news-releases/corvex-to-host-first-quarter-2026-earnings-call-on-tuesday-may-19-2026-302767422.htmlSOURCE Corvex Original: Corvex to Host First Quarter 2026 Earnings Call on Tuesday, May 19, 2026

thanks MOVE for the $$$ dividends!!

MOVE....................................P/M

CORVEX, INC. ANNOUNCES ADDITIONAL DETAILS OF SPECIAL 35.8% STOCK DIVIDEND FOR SHAREHOLDERS OF RECORD ON MARCH 30, 2026March 24, 2026 8:00 AM
PR Newswire (US)

ARLINGTON, Va., March 24, 2026 /PRNewswire/ -- Corvex, Inc. (Nasdaq:MOVE) ("Corvex" or the "Company") today announced additional details regarding the special 35.8% stock dividend (the "Stock Dividend") previously announced on March 19, 2026. 







Each stockholder of record as of the close of business on March 30, 2026 will be entitled to receive a 35.8% stock dividend at no cost and with no action required on the part of the stockholder.For example, a stockholder holding 10,000 shares of Corvex common stock, par value $0.0001 per share (the "Common Stock") as of the close of trading on March 30, 2026 would receive 3,580 additional shares of Common Stock on the distribution date of April 6, 2026.No fractional shares will be issued. Any fractional share entitlement will be paid out in cash.To be eligible to receive the Stock Dividend, you must hold shares of Corvex, Inc. Common Stock (Nasdaq:MOVE) as of the close of business on March 30, 2026.Eligible stockholders do not need to take any action to receive the Stock Dividend. Additional shares will be automatically credited to your brokerage account or delivered through the Depository Trust Company on the distribution date.The Stock Dividend is payable pursuant to the terms of the Amended and Restated Agreement and Plan of Merger, dated March 19, 2026 (the "Merger Agreement"), by and among the Company (formerly Movano Inc.), Thor Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of the Company, and Corvex, Inc.About Corvex, Inc.Corvex is an engineering-led AI computing platform specializing in GPU-accelerated infrastructure for AI workloads. The Company provides secure, scalable, and cost-efficient computational resources through its Amplified AI Cloud™ platform, including AI Factories and GPU Clusters, Confidential Computing solutions, and its forthcoming Token Factory inference platform. Prior to the merger, Corvex raised $40.2 million to fund platform expansion.Corvex is headquartered in Arlington, Virginia. For more information, visit https://corvex.ai.Trading InformationCommon Stock trades on The Nasdaq Stock Market under the ticker symbol "MOVE."ContactsInvestor Contact J. Cogan, investor-relations@corvex.aiMedia Contact Chris Donahoe, Stillpoint, corvex.media@stillpointglobaladvisors.comCautionary Note Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as "could," "estimate," "expect," "intend," "may," "plan," "potentially," or "will" or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements relating to the timing and payment terms of the Stock Dividend. All statements other than statements of historical fact contained in this press release are forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are made based on current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management, concerning future developments and their potential effects. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including the risks and uncertainties described in the Company's SEC reports, and under the heading "Risk Factors" in its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at www.sec.gov and in other filings the Company makes and will make with the SEC. The forward-looking statements contained herein speak only as of the date of this press release. Except as required by law, the Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release.



View original content to download multimedia:https://www.prnewswire.com/news-releases/corvex-inc-announces-additional-details-of-special-35-8-stock-dividend-for-shareholders-of-record-on-march-30--2026--302722801.htmlSOURCE Corvex

Original: CORVEX, INC. ANNOUNCES ADDITIONAL DETAILS OF SPECIAL 35.8% STOCK DIVIDEND FOR SHAREHOLDERS OF RECORD ON MARCH 30, 2026

CORVEX ANNOUNCES CLOSING OF ALL-STOCK MERGERMarch 24, 2026 2:03 AM
PR Newswire (US)

Upon the 2026 Stockholders' Meeting to be held in May 2026, subject to approval by the stockholders and board of directors of the Company, Corvex will be led by Jay Crystal and Seth Demsey as Co-Chief Executive Officers, Co-Founders and Directors.Movano Inc. to be renamed Corvex, Inc. and continue to trade on The Nasdaq Stock Market under the symbol "MOVE" after the Merger.Prior to the Merger, Corvex, together with Movano, raised $40.2 million to expand its pure play platform for secure, high-performance AI Infrastructure.ARLINGTON, Va., March 19, 2026 /PRNewswire/ -- Corvex, Inc. ("Corvex" or the "Company"), an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads, today announced the completion of an all-stock merger (the "Merger") with Movano Inc. ("Movano"). The Merger marks the culmination of Corvex's plan to enter the public markets and underscores its emerging leadership addressing the three defining challenges of the AI era—more scale, more efficiency, and more security—via its Amplified AI Cloud™ platform. As global demand for reliable and secure AI computing accelerates, Corvex offers investors differentiated exposure to the infrastructure layer powering the AI innovators of today and tomorrow. In connection with the Merger, the combined company will be renamed Corvex, Inc., effective March 23, 2026, and will continue to trade on Nasdaq under the ticker symbol "MOVE".







Pursuant to the Merger Agreement, the Company today also announced a stock dividend payable to holders of outstanding shares of Movano's common stock, par value $0.0001 per share (the "Common Stock") of 0.358 share of Common Stock for every share of outstanding Common Stock (collectively, the "Stock Dividend"). The Stock Dividend will be issuable to stockholders of record at the close of business on March 30, 2026 and will be distributed and allocated on April 6, 2026.  About CorvexCorvex is an engineering-led, AI computing platform specializing in GPU-accelerated infrastructure for AI workloads. Corvex's mission is to become the trusted infrastructure partner for AI model training and inference.Corvex's platform allows organizations to leverage the advantage of AI by providing secure, scalable, and cost-efficient computational resources. Corvex's infrastructure leverages advanced GPU-accelerated compute clusters, high-throughput storage systems and layered architecture to provide enhanced security, consistent performance and efficiency at scale.Corvex provides a range of capabilities, including:AI Factories and GPU Clusters: Corvex's integrated computing and data-center platform is designed to deliver artificial intelligence workloads at scale by combining high-performance AI accelerators, networking, power, cooling, and systems software to support reliable and cost-efficient production AI training and inference. Deployments may be delivered using managed Kubernetes or as bare metal, and operated on-premise or in multi-tenant or single-tenant configurations that are compliant with the Health Insurance Portability and Accountability Act of 1996 ("HIPAA") and SOC 2 Type II ("SOC 2").Confidential Computing: Confidential computing is designed to protect customers' valuable intellectual property and enhance compliance with data security mandates. The company's patent-pending Corvex Secure Model Weights product enables AI model builders and security-conscious enterprises to safely deploy inference workloads on third-party GPU infrastructure without exposing their model weights via the integration of Trusted Execution Environments, post-quantum key exchange, and remote attestation.Token Factory: Currently in development, Token Factory is expected to provide access to premium open-source AI models through simplified API integration and a performance-optimized inference engine operating on automatically scaling infrastructure. The platform is designed to improve performance and reduce per-token inference costs relative to certain alternatives by leveraging a proprietary inference engine and custom orchestration logic intended to maximize compute resource utilization when serving multiple models concurrently. The Company intends for Token Factory to achieve SOC 2 Type II certification and to support HIPAA-compliant deployments.Corvex is headquartered in Arlington, Virginia. For more information, visit https://corvex.ai.Management and Board of DirectorsUpon the 2026 Stockholders' Meeting, subject to approval by the stockholders and board of directors of the Company, Corvex will be led by Jay Crystal and Seth Demsey as Co-Chief Executive Officers, Co-Founders and Directors.Following the Merger, the Company's board of directors will initially consist of five members: Seth Demsey, Emily Wang Fairbairn, Brian Cullinan, Rubén Caballero and John Mastrototaro.About the MergerPursuant to the terms of the Amended and Restated Agreement and Plan of Merger, dated March 19, 2026 (the "Merger Agreement"), Thor Merger Sub Inc., a wholly-owned subsidiary of Movano, merged with and into Corvex, with Corvex surviving as a wholly-owned subsidiary of Movano. At the Closing of the Merger, Movano issued to the securityholders of Corvex (i) 240.562 shares of Series B Convertible Preferred Stock, par value $0.0001 per share (the "Series B Preferred Stock"), representing, on an as converted basis, no more than 19.9% of the outstanding shares of Common Stock, immediately prior to the Closing of the Merger, (ii) 23,551.5195 shares of Series C Non-Voting Convertible Preferred Stock, par value $0.0001 per share (the "Series C Preferred Stock") and 30,227.0524 shares of Series D Non-Voting Convertible Preferred Stock, par value $0.0001 per share (the "Series D Preferred Stock"), and together with the Series B Preferred Stock and the Series C Preferred Stock (the "Preferred Stock").Each share of Series B Preferred Stock will automatically convert into 1,000 shares of Common Stock on March 31, 2026, which is the business day following the March 30, 2026 record date of the Stock Dividend. The conversion of the Series C Preferred Stock and Series D Preferred Stock into shares of Common Stock remains subject to stockholder approval in accordance with Nasdaq Listing Rules. The Company expects to hold a meeting of its stockholders no later than May 31, 2026 (the "2026 Stockholders' Meeting"), at which stockholders will be requested to vote on, among other matters, (i) the conversion of the Series C Preferred Stock and Series D Preferred Stock into shares of Common Stock in accordance with Nasdaq Listing Rule 5635 (the "Conversion Proposal"), (ii) the issuance of the underlying Common Stock upon exercise of Corvex options issued and outstanding prior to the Closing, (iii) the election of Jay Crystal as a Class III director, (iv) the election of two Class II directors, (v) the ratification of the appointment of BDO USA, P.C. as the Company's independent registered public accounting firm for the year ending December 31, 2026, (vi) the approval of the Corvex, Inc. 2026 Employee Incentive Plan and (vii) the approval of the Corvex, Inc. 2026 Employee Stock Purchase Plan. Upon shareholder approval of the Conversion Proposal, each share of Series C Preferred Stock will automatically convert into 1,000 shares of Common Stock and each share of Series D Preferred Stock will be convertible into 1,000 shares of Common Stock. The Series D Preferred Stock was issued to each former Corvex securityholder that elected to receive Series D Preferred Stock in lieu of Series C Preferred Stock and includes a beneficial ownership limitation of 4.99% of the outstanding shares of Common Stock, which may be increased or decreased at the holder's option to a percentage not in excess of 19.99% upon at least 61 days' prior notice to the Company.The Merger is intended to qualify as a "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code for U.S. federal income tax purposes.Trading InformationThe Company's Common Stock will continue to trade on The Nasdaq Stock Market LLC under the ticker symbol "MOVE."AdvisorsChardan acted as exclusive M&A advisor to Corvex in connection with the Merger, and JonesTrading Institutional Services LLC also served as an advisor to Corvex. DLA Piper LLP (US) served as legal counsel to Corvex. K&L Gates LLP served as legal counsel to Movano. Goodwin Procter LLP served as legal counsel to Chardan.Cautionary Note Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as "could," "estimate," "expect," "intend," "may," "plan," "potentially," or "will" or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements relating to the Merger and the expected effects, perceived benefits or opportunities thereof; stockholder approval of the shares of Common Stock issuable upon conversion of the Series C Preferred Stock and Series D Preferred Stock; stockholder approval of the Meeting Proposals; the future operations and pipeline, estimates of financial position, competitive landscape, addressable market and strategic and financial initiatives of the Company after the Merger; the nature, strategy and focus of the Company after the Merger; and expectations regarding the trading of the Company's stock on Nasdaq after the Merger. All statements other than statements of historical fact contained in this press release are forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are made based on current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management, concerning future developments and their potential effects. There can be no assurance that future developments affecting Movano, Corvex, or the Merger will be those that have been anticipated. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including the risks and uncertainties described in the Company's SEC reports, and under the heading "Risk Factors" in its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at www.sec.gov and in other filings the Company makes and will make with the SEC. The forward-looking statements contained herein speak only as of the date of this press release. Except as required by law, the Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release.  ContactsInvestor Contact
Jay Crystal, Chief Executive Officer and Co-Founder of Corvex, Inc.
Email: investor-relations@corvex.aiMedia Contact
Chris Donahoe, Stillpoint
corvex.media@stillpointglobaladvisors.comSOURCE Corvex

Original: CORVEX ANNOUNCES CLOSING OF ALL-STOCK MERGER

CORVEX ANNOUNCES CLOSING OF ALL-STOCK MERGERMarch 19, 2026 8:15 AM
PR Newswire (US)

Upon the 2026 Stockholders' Meeting to be held in May 2026, subject to approval by the stockholders and board of directors of the Company, Corvex will be led by Jay Crystal and Seth Demsey as Co-Chief Executive Officers, Co-Founders and Directors.Movano Inc. to be renamed Corvex, Inc. and continue to trade on The Nasdaq Stock Market under the symbol "MOVE" after the Merger.Prior to the Merger, Corvex, together with Movano, raised $40.2 million to expand its pure play platform for secure, high-performance AI Infrastructure.ARLINGTON, Va., March 19, 2026 /PRNewswire/ -- Corvex, Inc. ("Corvex" or the "Company"), an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads, today announced the completion of an all-stock merger (the "Merger") with Movano Inc. ("Movano"). The Merger marks the culmination of Corvex's plan to enter the public markets and underscores its emerging leadership addressing the three defining challenges of the AI era—more scale, more efficiency, and more security—via its Amplified AI Cloud™ platform. As global demand for reliable and secure AI computing accelerates, Corvex offers investors differentiated exposure to the infrastructure layer powering the AI innovators of today and tomorrow. In connection with the Merger, the combined company will be renamed Corvex, Inc., effective March 23, 2026, and will continue to trade on Nasdaq under the ticker symbol "MOVE".Pursuant to the Merger Agreement, the Company today also announced a stock dividend payable to holders of outstanding shares of Movano's common stock, par value $0.0001 per share (the "Common Stock") of 0.358 share of Common Stock for every share of outstanding Common Stock (collectively, the "Stock Dividend"). The Stock Dividend will be issuable to stockholders of record at the close of business on March 30, 2026 and will be distributed and allocated on April 6, 2026.  About CorvexCorvex is an engineering-led, AI computing platform specializing in GPU-accelerated infrastructure for AI workloads. Corvex's mission is to become the trusted infrastructure partner for AI model training and inference.Corvex's platform allows organizations to leverage the advantage of AI by providing secure, scalable, and cost-efficient computational resources. Corvex's infrastructure leverages advanced GPU-accelerated compute clusters, high-throughput storage systems and layered architecture to provide enhanced security, consistent performance and efficiency at scale.Corvex provides a range of capabilities, including:AI Factories and GPU Clusters: Corvex's integrated computing and data-center platform is designed to deliver artificial intelligence workloads at scale by combining high-performance AI accelerators, networking, power, cooling, and systems software to support reliable and cost-efficient production AI training and inference. Deployments may be delivered using managed Kubernetes or as bare metal, and operated on-premise or in multi-tenant or single-tenant configurations that are compliant with the Health Insurance Portability and Accountability Act of 1996 ("HIPAA") and SOC 2 Type II ("SOC 2").Confidential Computing: Confidential computing is designed to protect customers' valuable intellectual property and enhance compliance with data security mandates. The company's patent-pending Corvex Secure Model Weights product enables AI model builders and security-conscious enterprises to safely deploy inference workloads on third-party GPU infrastructure without exposing their model weights via the integration of Trusted Execution Environments, post-quantum key exchange, and remote attestation.Token Factory: Currently in development, Token Factory is expected to provide access to premium open-source AI models through simplified API integration and a performance-optimized inference engine operating on automatically scaling infrastructure. The platform is designed to improve performance and reduce per-token inference costs relative to certain alternatives by leveraging a proprietary inference engine and custom orchestration logic intended to maximize compute resource utilization when serving multiple models concurrently. The Company intends for Token Factory to achieve SOC 2 Type II certification and to support HIPAA-compliant deployments.Corvex is headquartered in Arlington, Virginia. For more information, visit https://corvex.ai.Management and Board of DirectorsUpon the 2026 Stockholders' Meeting, subject to approval by the stockholders and board of directors of the Company, Corvex will be led by Jay Crystal and Seth Demsey as Co-Chief Executive Officers, Co-Founders and Directors.Following the Merger, the Company's board of directors will initially consist of five members: Seth Demsey, Emily Wang Fairbairn, Brian Cullinan, Rubén Caballero and John Mastrototaro.About the MergerPursuant to the terms of the Amended and Restated Agreement and Plan of Merger, dated March 19, 2026 (the "Merger Agreement"), Thor Merger Sub Inc., a wholly-owned subsidiary of Movano, merged with and into Corvex, with Corvex surviving as a wholly-owned subsidiary of Movano. At the Closing of the Merger, Movano issued to the securityholders of Corvex (i) 240.562 shares of Series B Convertible Preferred Stock, par value $0.0001 per share (the "Series B Preferred Stock"), representing, on an as converted basis, no more than 19.9% of the outstanding shares of Common Stock, immediately prior to the Closing of the Merger, (ii) 23,551.5195 shares of Series C Non-Voting Convertible Preferred Stock, par value $0.0001 per share (the "Series C Preferred Stock") and 30,227.0524 shares of Series D Non-Voting Convertible Preferred Stock, par value $0.0001 per share (the "Series D Preferred Stock"), and together with the Series B Preferred Stock and the Series C Preferred Stock (the "Preferred Stock").Each share of Series B Preferred Stock will automatically convert into 1,000 shares of Common Stock on March 31, 2026, which is the business day following the March 30, 2026 record date of the Stock Dividend. The conversion of the Series C Preferred Stock and Series D Preferred Stock into shares of Common Stock remains subject to stockholder approval in accordance with Nasdaq Listing Rules. The Company expects to hold a meeting of its stockholders no later than May 31, 2026 (the "2026 Stockholders' Meeting"), at which stockholders will be requested to vote on, among other matters, (i) the conversion of the Series C Preferred Stock and Series D Preferred Stock into shares of Common Stock in accordance with Nasdaq Listing Rule 5635 (the "Conversion Proposal"), (ii) the issuance of the underlying Common Stock upon exercise of Corvex options issued and outstanding prior to the Closing, (iii) the election of Jay Crystal as a Class III director, (iv) the election of two Class II directors, (v) the ratification of the appointment of BDO USA, P.C. as the Company's independent registered public accounting firm for the year ending December 31, 2026, (vi) the approval of the Corvex, Inc. 2026 Employee Incentive Plan and (vii) the approval of the Corvex, Inc. 2026 Employee Stock Purchase Plan. Upon shareholder approval of the Conversion Proposal, each share of Series C Preferred Stock will automatically convert into 1,000 shares of Common Stock and each share of Series D Preferred Stock will be convertible into 1,000 shares of Common Stock. The Series D Preferred Stock was issued to each former Corvex securityholder that elected to receive Series D Preferred Stock in lieu of Series C Preferred Stock and includes a beneficial ownership limitation of 4.99% of the outstanding shares of Common Stock, which may be increased or decreased at the holder's option to a percentage not in excess of 19.99% upon at least 61 days' prior notice to the Company.The Merger is intended to qualify as a "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code for U.S. federal income tax purposes.Trading InformationThe Company's Common Stock will continue to trade on The Nasdaq Stock Market LLC under the ticker symbol "MOVE."AdvisorsChardan acted as exclusive M&A advisor to Corvex in connection with the Merger, and JonesTrading Institutional Services LLC also served as an advisor to Corvex. DLA Piper LLP (US) served as legal counsel to Corvex. K&L Gates LLP served as legal counsel to Movano. Goodwin Procter LLP served as legal counsel to Chardan.Cautionary Note Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as assumptions about future events. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as "could," "estimate," "expect," "intend," "may," "plan," "potentially," or "will" or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements relating to the Merger and the expected effects, perceived benefits or opportunities thereof; stockholder approval of the shares of Common Stock issuable upon conversion of the Series C Preferred Stock and Series D Preferred Stock; stockholder approval of the Meeting Proposals; the future operations and pipeline, estimates of financial position, competitive landscape, addressable market and strategic and financial initiatives of the Company after the Merger; the nature, strategy and focus of the Company after the Merger; and expectations regarding the trading of the Company's stock on Nasdaq after the Merger. All statements other than statements of historical fact contained in this press release are forward-looking statements. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are made based on current expectations, estimates, forecasts, and projections, as well as the beliefs and assumptions of management, concerning future developments and their potential effects. There can be no assurance that future developments affecting Movano, Corvex, or the Merger will be those that have been anticipated. Actual results could differ materially from those expressed in or implied by the forward-looking statements due to a number of risks and uncertainties, including the risks and uncertainties described in the Company's SEC reports, and under the heading "Risk Factors" in its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available at www.sec.gov and in other filings the Company makes and will make with the SEC. The forward-looking statements contained herein speak only as of the date of this press release. Except as required by law, the Company does not undertake any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this press release.  



View original content:https://www.prnewswire.com/news-releases/corvex-announces-closing-of-all-stock-merger-302718288.htmlSOURCE Movano

Original: CORVEX ANNOUNCES CLOSING OF ALL-STOCK MERGER

Corvex Launches Secure Model Weights, Delivering Hardware-Enforced Protection for AI Inference on Third-Party InfrastructureMarch 12, 2026 6:01 PM
PR Newswire (US)

Patent-pending solution gives AI model builders and security-conscious enterprises cryptographic, owner-controlled key custody, protecting model weights from even the infrastructure providerARLINGTON, Va., March 12, 2026 /PRNewswire/ -- Corvex, Inc., an engineering-led AI infrastructure platform, today announced the early availability of Corvex Secure Model Weights, a patent-pending solution that enables AI model builders and enterprises to deploy inference workloads on third-party GPU infrastructure without exposing their model weights, which can be their most valuable intellectual property.The Problem with the Current Trust Model Frontier AI models often represent years of research and hundreds of millions of dollars in compute investment. The risk extends well beyond frontier labs. Any organization fine-tuning models on proprietary data – patient records, financial datasets, defense workloads, trade secrets – is embedding sensitive IP directly into model weights. Traditional cloud security models focus on data at rest and in transit, which leaves data at runtime exposed, creating a critical vulnerability.Corvex Secure Model Weights addresses this risk. In standard virtualized environments, model weights are decrypted in CPUs and transferred as plaintext into VRAM, leaving them exposed to hypervisor-level introspection or DMA-based attacks by the host. Our architecture closes this gap by leveraging Hardware-based Trusted Execution Environments (TEEs). By utilizing NVIDIA's Confidential Computing instructions, Corvex ensures that model weights remain cryptographically isolated and are only decrypted within the GPU's secure silicon boundary, which renders them invisible even to the infrastructure provider."Deploying AI should never require a trade-off between compute power and IP sovereignty," said Seth Demsey, co-founder and co-CEO of Corvex. "The industry has long tolerated a 'cleartext gap' where weights are exposed during inference, leaving the host with a structural window into your trade secrets. We are closing that window. By enforcing end-to-end encryption that terminates only inside the GPU's trusted execution environment, we ensure that the host is never in possession of the keys to the kingdom. Protection is no longer a policy choice; it's a certainty."Three Layers of Hardware-Rooted SecurityCorvex Secure Model Weights combines three integrated technologies to enforce protection at the silicon level:Trusted Execution Environments. NVIDIA Hopper and Blackwell GPUs running in Confidential Computing mode provide hardware-encrypted GPU memory that the host cannot access at runtime. Intel Trust Domain Extensions (Intel TDX) provide CPU-level isolation on each node.Remote Attestation. Before any decryption key is released, the model builder cryptographically verifies that the host hardware and software stack match expected configurations. A compromised or misconfigured host fails attestation and never receives keys.Post-Quantum Key Exchange. Corvex uses ML-KEM (Kyber-768), a post-quantum key encapsulation mechanism, to protect the key handoff between the model builder's infrastructure and the trusted execution environment. The keys for the handoff are ephemeral, and the private key never exists outside the GPU's protected VRAM. Model weights that take years to develop and may remain valuable for decades are protected against future cryptographic threats.The result: model weights exist in cleartext only inside hardware-protected GPU memory during active inference. They are never present in system RAM and never accessible to the host kernel or hypervisor.Open Source Foundation, Auditable by DesignUnlike closed-source commercial alternatives, Corvex Secure Model Weights is built on and contributes to the open source community. The solution uses the Confidential Containers (CoCo) project under the Cloud Native Computing Foundation as its orchestration layer, providing vendor-neutral, community-audited security that customers can independently verify."Model builders and security-conscious enterprises are now able to choose infrastructure partners based on verifiable security, not just price and availability," said Jay Crystal, Co-CEO and Co-Founder of Corvex. "An open source foundation and owner-controlled key custody are what make that security auditable and trustworthy. We built Secure Model Weights so that the model builder never has to take our word for it. The math and the hardware speak for themselves."Who It ServesFrontier AI model builders can now deploy at production scale on third-party infrastructure without operator trust assumptions, eliminating the risk of model weight exfiltration while maintaining sovereign key control.Regulated enterprises, federal customers, and model builders who focus on these customer segments – including those working with healthcare data, financial datasets, defense workloads, and trade-secret-embedded fine-tuned models – can deploy on external infrastructure that previously often required on-premises isolation. Secure Model Weights provides the hardware-enforced, cryptographically verifiable protection required for these sensitive datasets.Availability Corvex Secure Model Weights enters early availability on March 12, 2026. To learn more or request early access, visit www.corvex.ai/confidential-computing.About CorvexCorvex is an engineering-led AI infrastructure platform specializing in GPU-accelerated infrastructure for AI workloads and purpose-built for secure, high-performance compute. The company designs environments where security and speed are embedded at the core of the product, not layered on top. Corvex engineers provide end-to-end infrastructure architecture, diagnosing misconfigurations, hardening systems against threat exposure, and optimizing GPU utilization at scale. For more information, visit corvex.ai.As previously announced, on November 10, 2025, Corvex announced a definitive agreement with Movano Inc. (Nasdaq: MOVE) ("Movano") to combine the companies in an all-stock transaction (the "Merger").Cautionary Statements Regarding Forward-Looking StatementsThis press release contains forward-looking statements. All statements contained in this press release other than statements of historical facts, including statements regarding our future results of operations and financial position, projected growth, product capabilities and customer deployment, business strategy and plans and our objectives for future operations, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those contained in any forward-looking statements we may make. Nothing in this press release should be regarded as a representation by any person that these results will be achieved, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.No Offer or SolicitationThis press release and the information contained herein is not intended to and does not constitute a solicitation of a proxy, consent or approval with respect to any securities or in respect of the proposed transactions, including the Merger, between Movano and Corvex (the "Proposed Transactions") or an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities pursuant to the Proposed Transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law, or an exemption therefrom. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.Additional Information and Where to Find ItThis press release relates to the Proposed Transactions involving Movano and Corvex and may be deemed to be solicitation material in respect of the Proposed Transactions. In connection with the Proposed Transactions, Movano and Corvex have filed relevant materials with the SEC, including a registration statement on Form S-4 (File No. 333-292321) (the "Form S-4") that contains a proxy statement (the "Proxy Statement") and prospectus. This press release is not a substitute for the Form S-4, the Proxy Statement or for any other document that Movano has filed or may file with the SEC and/or send to Movano's stockholders in connection with the Proposed Transactions. MOVANO URGES, BEFORE MAKING ANYVOTING DECISION, INVESTORS AND STOCKHOLDERS TO READ THE FORM S-4, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, ASWELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAINIMPORTANT INFORMATION ABOUT MOVANO, CORVEX, THE PROPOSED TRANSACTIONS ANDRELATED MATTERS.Investors and stockholders will be able to obtain free copies of the Form S-4, the Proxy Statement and other documents filed by Movano with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Movano's Internet website address is www.movanohealth.com. Movano's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form8-K, including exhibits, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge through the investor relations page of its Internet website as soon as reasonably practicable after it electronically files such material with, or furnish it to, the SEC. Movano's Internet website and the information contained therein or connected thereto are not intended to be incorporated into this report.Participants in the SolicitationMovano, Corvex, and their respective directors and certain of their executive officers and other members of management may be deemed to be participants in the solicitation of proxies from Movano's stockholders in connection with the Proposed Transactions under the rules of the SEC. Information about Movano's directors and executive officers, including a description of their interests in Movano, is included in Movano's most recent Annual Report on Form 10-K for the year ended December 31, 2024. Additional information regarding the persons who may be deemed participants in the proxy solicitations, including the directors and executive officers of Corvex, and a description of their direct and indirect interests, by security holdings or otherwise, are also included in the Form S-4, the Proxy Statement and other relevant materials to be filed with the SEC when they become available. These documents can be obtained free of charge from the sources indicated above.



View original content:https://www.prnewswire.com/news-releases/corvex-launches-secure-model-weights-delivering-hardware-enforced-protection-for-ai-inference-on-third-party-infrastructure-302712915.htmlSOURCE Movano

Original: Corvex Launches Secure Model Weights, Delivering Hardware-Enforced Protection for AI Inference on Third-Party Infrastructure

Corvex Launches Secure Model Weights, Delivering Hardware-Enforced Protection for AI Inference on Third-Party InfrastructureMarch 12, 2026 5:53 PM
PR Newswire (US)

Patent-pending solution gives AI model builders and security-conscious enterprises cryptographic, owner-controlled key custody, protecting model weights from even the infrastructure providerARLINGTON, Va., March 12, 2026 /PRNewswire/ -- Corvex, Inc., an engineering-led AI infrastructure platform, today announced the early availability of Corvex Secure Model Weights, a patent-pending solution that enables AI model builders and enterprises to deploy inference workloads on third-party GPU infrastructure without exposing their model weights, which can be their most valuable intellectual property.







The Problem with the Current Trust Model Frontier AI models often represent years of research and hundreds of millions of dollars in compute investment. The risk extends well beyond frontier labs. Any organization fine-tuning models on proprietary data – patient records, financial datasets, defense workloads, trade secrets – is embedding sensitive IP directly into model weights. Traditional cloud security models focus on data at rest and in transit, which leaves data at runtime exposed, creating a critical vulnerability.Corvex Secure Model Weights addresses this risk. In standard virtualized environments, model weights are decrypted in CPUs and transferred as plaintext into VRAM, leaving them exposed to hypervisor-level introspection or DMA-based attacks by the host. Our architecture closes this gap by leveraging Hardware-based Trusted Execution Environments (TEEs). By utilizing NVIDIA's Confidential Computing instructions, Corvex ensures that model weights remain cryptographically isolated and are only decrypted within the GPU's secure silicon boundary, which renders them invisible even to the infrastructure provider."Deploying AI should never require a trade-off between compute power and IP sovereignty," said Seth Demsey, co-founder and co-CEO of Corvex. "The industry has long tolerated a 'cleartext gap' where weights are exposed during inference, leaving the host with a structural window into your trade secrets. We are closing that window. By enforcing end-to-end encryption that terminates only inside the GPU's trusted execution environment, we ensure that the host is never in possession of the keys to the kingdom. Protection is no longer a policy choice; it's a certainty."Three Layers of Hardware-Rooted SecurityCorvex Secure Model Weights combines three integrated technologies to enforce protection at the silicon level:Trusted Execution Environments. NVIDIA Hopper and Blackwell GPUs running in Confidential Computing mode provide hardware-encrypted GPU memory that the host cannot access at runtime. Intel Trust Domain Extensions (Intel TDX) provide CPU-level isolation on each node.Remote Attestation. Before any decryption key is released, the model builder cryptographically verifies that the host hardware and software stack match expected configurations. A compromised or misconfigured host fails attestation and never receives keys.Post-Quantum Key Exchange. Corvex uses ML-KEM (Kyber-768), a post-quantum key encapsulation mechanism, to protect the key handoff between the model builder's infrastructure and the trusted execution environment. The keys for the handoff are ephemeral, and the private key never exists outside the GPU's protected VRAM. Model weights that take years to develop and may remain valuable for decades are protected against future cryptographic threats.The result: model weights exist in cleartext only inside hardware-protected GPU memory during active inference. They are never present in system RAM and never accessible to the host kernel or hypervisor.Open Source Foundation, Auditable by DesignUnlike closed-source commercial alternatives, Corvex Secure Model Weights is built on and contributes to the open source community. The solution uses the Confidential Containers (CoCo) project under the Cloud Native Computing Foundation as its orchestration layer, providing vendor-neutral, community-audited security that customers can independently verify."Model builders and security-conscious enterprises are now able to choose infrastructure partners based on verifiable security, not just price and availability," said Jay Crystal, Co-CEO and Co-Founder of Corvex. "An open source foundation and owner-controlled key custody are what make that security auditable and trustworthy. We built Secure Model Weights so that the model builder never has to take our word for it. The math and the hardware speak for themselves."Who It ServesFrontier AI model builders can now deploy at production scale on third-party infrastructure without operator trust assumptions, eliminating the risk of model weight exfiltration while maintaining sovereign key control.Regulated enterprises, federal customers, and model builders who focus on these customer segments – including those working with healthcare data, financial datasets, defense workloads, and trade-secret-embedded fine-tuned models – can deploy on external infrastructure that previously often required on-premises isolation. Secure Model Weights provides the hardware-enforced, cryptographically verifiable protection required for these sensitive datasets.Availability Corvex Secure Model Weights enters early availability on March 12, 2026. To learn more or request early access, visit www.corvex.ai/confidential-computing.About CorvexCorvex is an engineering-led AI infrastructure platform specializing in GPU-accelerated infrastructure for AI workloads and purpose-built for secure, high-performance compute. The company designs environments where security and speed are embedded at the core of the product, not layered on top. Corvex engineers provide end-to-end infrastructure architecture, diagnosing misconfigurations, hardening systems against threat exposure, and optimizing GPU utilization at scale. For more information, visit corvex.ai.
As previously announced, on November 10, 2025, Corvex announced a definitive agreement with Movano Inc. (Nasdaq: MOVE) ("Movano") to combine the companies in an all-stock transaction (the "Merger").Cautionary Statements Regarding Forward-Looking StatementsThis press release contains forward-looking statements. All statements contained in this press release other than statements of historical facts, including statements regarding our future results of operations and financial position, projected growth, product capabilities and customer deployment, business strategy and plans and our objectives for future operations, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "would," and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements are subject to a number of risks, uncertainties and assumptions that may cause actual results to differ materially from those contained in any forward-looking statements we may make. Nothing in this press release should be regarded as a representation by any person that these results will be achieved, and we undertake no duty to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Media Contact
Chris Donahoe, Stillpoint
corvex.media@stillpointglobaladvisors.comNo Offer or SolicitationThis press release and the information contained herein is not intended to and does not constitute a solicitation of a proxy, consent or approval with respect to any securities or in respect of the proposed transactions, including the Merger, between Movano and Corvex (the "Proposed Transactions") or an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities pursuant to the Proposed Transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, and otherwise in accordance with applicable law, or an exemption therefrom. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.Additional Information and Where to Find ItThis press release relates to the Proposed Transactions involving Movano and Corvex and may be deemed to be solicitation material in respect of the Proposed Transactions. In connection with the Proposed Transactions, Movano and Corvex have filed relevant materials with the SEC, including a registration statement on Form S-4 (File No. 333-292321) (the "Form S-4") that contains a proxy statement (the "Proxy Statement") and prospectus. This press release is not a substitute for the Form S-4, the Proxy Statement or for any other document that Movano has filed or may file with the SEC and/or send to Movano's stockholders in connection with the Proposed Transactions. MOVANO URGES, BEFORE MAKING ANYVOTING DECISION, INVESTORS AND STOCKHOLDERS TO READ THE FORM S-4, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, ASWELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAINIMPORTANT INFORMATION ABOUT MOVANO, CORVEX, THE PROPOSED TRANSACTIONS ANDRELATED MATTERS.Investors and stockholders will be able to obtain free copies of the Form S-4, the Proxy Statement and other documents filed by Movano with the SEC (when they become available) through the website maintained by the SEC at www.sec.gov. Movano's Internet website address is www.movanohealth.com. Movano's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form8-K, including exhibits, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act are available free of charge through the investor relations page of its Internet website as soon as reasonably practicable after it electronically files such material with, or furnish it to, the SEC. Movano's Internet website and the information contained therein or connected thereto are not intended to be incorporated into this report.Participants in the SolicitationMovano, Corvex, and their respective directors and certain of their executive officers and other members of management may be deemed to be participants in the solicitation of proxies from Movano's stockholders in connection with the Proposed Transactions under the rules of the SEC. Information about Movano's directors and executive officers, including a description of their interests in Movano, is included in Movano's most recent Annual Report on Form 10-K for the year ended December 31, 2024. Additional information regarding the persons who may be deemed participants in the proxy solicitations, including the directors and executive officers of Corvex, and a description of their direct and indirect interests, by security holdings or otherwise, are also included in the Form S-4, the Proxy Statement and other relevant materials to be filed with the SEC when they become available. These documents can be obtained free of charge from the sources indicated above.



View original content to download multimedia:https://www.prnewswire.com/news-releases/corvex-launches-secure-model-weights-delivering-hardware-enforced-protection-for-ai-inference-on-third-party-infrastructure-302712911.htmlSOURCE Corvex

Original: Corvex Launches Secure Model Weights, Delivering Hardware-Enforced Protection for AI Inference on Third-Party Infrastructure

MOVE.......................https://stockcharts.com/sc3/ui/?s=MOVE&p=w&b=5&g=0&id=p86431144783

MOVE........................................https://stockcharts.com/sc3/ui/?s=MOVE&p=w&b=5&g=0&id=p86431144783

What a piece of sheet!

11.20 dumo it run over

12.83 moving fast

Heart attack at $9.40 pumping blood

Shorts got skewered this morning. Added a little soy sauce and Sweet Baby Ray sauce to my super green position.
Love it when the shorts take it in the shorts. Good riddance fellas!!
Merger and new direction all ahead go!

I got out of this mess with minimal loss. Not going to stick around for another 1/15 reverse and 2billion share dilution.

Wow! MOVE Will do another R/S. It did 1 for 15 R/S last Oct.

o the Stockholders of Movano Inc.:
NOTICE IS HEREBY GIVEN that the 2025 annual meeting of Stockholders of Movano Inc., a Delaware corporation, will take place at 1:00 p.m. Pacific Time, on September 26, 2025. The annual meeting will be a virtual meeting, held solely by means of remote communications at https://www.virtualshareholdermeeting.com/MOVE2025 for the following purposes:
1.
To elect the two nominees to the Board of Directors nominated by the Board of Directors and named in the enclosed proxy statement to serve for three year terms as Class I directors, until their respective successors are duly elected and qualified or until their earlier death, resignation, or removal.
2.
To approve amendments to the Company’s certificate of incorporation (the “Certificate of Incorporation”) effecting reverse stock splits of our common stock at ratios between 1-for-2 and 1-for-15, inclusive, one of which reverse stock split ratios will be chosen, at the discretion of our Board of Directors on or prior to the one-year anniversary of the date of the annual meeting, and the remainder of which reverse stock split ratios will be abandoned.
3.
To approve an amendment to the Certificate of Incorporation increasing the number of authorized shares of common stock from 500,000,000 to 2,000,000,000 shares (and correspondingly increasing the total number of authorized shares of all capital stock of the Company).

https://www.otcmarkets.com/filing/html?id=18745293&guid=sSE-kpjTIcCMdth

$1.20 😃

$MOVE 💹

MOVE..........................................a/h

Pump it .72 doesn't have to go to OTC yet 

MOVE................................................https://stockcharts.com/h-sc/ui?s=MOVE&p=W&b=5&g=0&id=p86431144783

$Move on the move 😆 this morning!

Price Target
Only one analyst offered a short-term price target of $29.99 for Movano Inc. This represents an increase of 4184.29% from the last closing price of $0.70.

https://www.zacks.com/stock/research/move/price-target-stock-forecast

(Pretty high target IMO, but bought a little starter here, will be watching and waiting).

$MOVE

MOVE..........................................................a/h

Gonna go when it break .844

MOVE.....................................................https://stockcharts.com/h-sc/ui?s=MOVE&p=W&b=5&g=0&id=p86431144783

Take it up with rumor of buyout

Someone is still accumulating in the $1.00+ range. Somebody knows something.

Up 40% what's up? Multiple Form 4 Direct buying.

Movano Health (NASDAQ: MOVE), a company specializing in wearable health technology, has garnered interest from major players in the medical device industry. In April 2024, Movano secured a strategic investment from a tier-one, multi-billion dollar medical device company, which contributed $3 million as part of a larger $24 million capital raise. This partnership underscores the potential of Movano's proprietary mmWave radio frequency technology, particularly its application in cuffless blood pressure monitoring. ?

While the identity of the investing company remains confidential, the involvement of such a significant entity suggests that Movano's innovations are attracting attention from leading firms in the medical device sector. This strategic investment not only provides financial support but also positions Movano for potential future collaborations in the development and commercialization of its wearable health solutions.?
Sahm

Given Movano's advancements and the interest from established medical device companies, it's plausible that other industry leaders might consider acquiring Movano to integrate its innovative technologies into their portfolios. However, as of now, there have been no public announcements regarding acquisition offers.

Wow, December was a money maker here. Thanks Santa. Looking forward to sales coming from Android. World wide they are so many more users than with iphone ios. 2025 should see good performance and sales. Customer service is extraordinary and now free shipping, plus the addition of Dr. Wirk too as the company pivots more into the medical scene.

???? Been trading long?

so as not to give medical community false impression that the FDA approved the other sensors as well?

Re-think that statement.
Absurdity is the state or condition of being unreasonable, meaningless, or so unsound as to be irrational. "Absurd" is the adjective used to describe absurdity, e.g., "Tyler and the boys laughed at the absurd situation."[1] It derives from the Latin absurdum meaning "out of tune".[2] The Latin surdus means "deaf", implying stupidity.[1] Absurdity is contrasted with being realistic or reasonable[3] In general usage, absurdity may be synonymous with nonsense, meaninglessness, fancifulness, foolishness, bizarreness, wildness. In specialized usage, absurdity is related to extremes in bad reasoning or pointlessness in reasoning; ridiculousness is related to extremes of incongruous juxtaposition, laughter, and ridicule; and nonsense is related to a lack of meaningfulness. Absurdism is a concept in philosophy related to the notion of absurdity.

The term absurdity has been used throughout history regarding foolishness and extremely poor reasoning to form beliefs.[4] In Aristophanes' 5th century BC comedy The Wasps, his protagonist Philocleon learned the "absurdities" of Aesop's Fables, considered to be unreasonable fantasy and not real.[5] Wikipedia

https://eviering.com/products/evie-ring?_kx=rqRxv3MT2Gd6dvbqVRW0W---ss2aQ4O026nbc2LnAJ8.XWzX8R

this should boost sales even more!! https://explodingtopics.com/blog/iphone-android-users

If the O2 sensor gets approved by the FDA, could the FDA say that if the ring is used for medical use, that the other features (pulse and other sensors) would have to be stripped from the ring so as not to give medical community false impression that the FDA approved the other sensors as well?

https://eviering.com/products/evie-ring?_kx=rqRxv3MT2Gd6dvbqVRW0W---ss2aQ4O026nbc2LnAJ8.XWzX8R
Ho HO Ho... Merry Christmas

"Made with scratch resistant Liquid Metal"

$3.10
Not a positive response to the ER. Once again the reverse is hurting without news to back it up.

$3.10
Not a positive response to the ER. Once again the reverse is hurting without news to back it up.

ER is about what I expected…perhaps a bit light on units sold but no real surprises. I’m still positive especially since there are only 6 million shares outstanding after the RS.

With 6 million shares, the possibility of $1 a share earnings only requires sales of something like $25 million or 100k units. This looks like a big number but it’s only 8K a month. Approval is key to achieving these sorts of volume.

Funding will rear its head in a year or so without FDA push so dilution could be on the horizon.

These RS rarely turn out good. I am surprised they did this with out announcing something to keep the share price up.

These RS rarely turn out good. I am surprised they did this with out announcing something to keep the share price up.

RS coming. In the news.

No sign of a pulse…NB was right…it’s dead Jim!

Over on the other message board (LQMT) I’ve been trying to guess the identity of the “Tier 1 Medical Device Supplier” who participated in the last round of funding to the tune of $3 million. This is not a huge amount of money and only amounted to about 10% of the funds raised. I used the “top 10” medical device list and planned to concentrate on companies with some sort of a Boston (New England) connection since Movano Health has a joint program with MIT.

My GUESS is Phillips Healthcare (a sister division of Phillips Electronics the supplier of the RF technology). The next question is whether taking a financial position is the first step in a possible acquisition move…..ALL SPECULTION.

Maybe we can pump some life in this board……Dexcom announced a continuous glucose monitoring device today….It’s a patch that is applied to the back of the arm and it has a probe that penetrates the skin. I read a review on the CNBC website where the person testing the unit had bleeding on the first try and had to repeat the process on the other arm with a fresh device. Not exactly a perfect experience. The cost is $99/month ($89 by subscription) and is covered by most insurance plans. It communicates with a phone via Bluetooth with 15 minute updates. ..Normally needs replacement every 15 days.

Disadvantages….penetrates the skin to get a reading…subscription cost is huge …even though covered by insurance. Skillful marketing should circumvent this threat.

I guess “spell-check” has decided that when someone types “whether” …they really mean “weather” at least 88% of the time so we will protect them from being mistaken.

What could be delaying the FDA approval process?

Staffing at the FDA….work load ….vacations….

The “newness” of the RF approach doesn’t fit the established protocol……they may be concerned about the technology’s longer term accuracy and weather will continue to perform.

Asking for “more data” which is code for “our approval process is behind schedule and we need to create slack in our schedule”.

We have absolutely no control over the timing….I’ll bet a nickel they have never been early.

Earnings next Wednesday, August 14
https://finance.yahoo.com/news/movano-health-report-second-quarter-130000259.html