Movano Inc. completed an all-stock merger with Corvex Inc., issuing Series B, C, and D preferred stock convertible into significant common shares, renaming to Corvex Inc. effective March 23, 2026, appointing new executives and directors including Seth Demsey and Jay Crystal as future Co-CEOs, and regaining Nasdaq compliance with stockholders' equity exceeding $2.5 million.
Key takeaways
Merger closed March 19, 2026: Movano's Merger Sub merged into Corvex, making Corvex a wholly-owned subsidiary.
Issued 240.562 Series B Preferred (auto-converts to 240,562 common shares on March 31, 2026, ≤19.9% ownership); 23,551.5195 Series C; 30,227.0524 Series D (both convertible post-shareholder approval at 1,000:1 ratio).
Name change to Corvex, Inc. effective March 23, 2026; ticker remains MOVE.
Resignations: Michael Leabman (CTO/Director March 18), Shaheen Wirk (Director March 19). New: Seth Demsey (Class I Director). Board now: Class I (Demsey, Fairbairn); Class II (Mastrototaro, Caballero); Class III (Cullinan).