MOVE · Movano Inc.

This filing documents a transformative business combination in which Movano Inc. (ticker: MOVE), a publicly traded company, acquired Corvex Legacy Holdings, Inc. — an AI cloud infrastructure provider specializing in GPU-accelerated services — through a reverse merger structure. The transaction closed on March 19, 2026, and resulted in the renaming of the combined entity to Corvex, Inc., effective March 23, 2026. Critically, the merger is accounted for under ASC 805 using the acquisition method, with Movano designated as the accounting acquirer because it is the primary beneficiary of Corvex Legacy Holdings, a variable interest entity whose equity at inception was insufficient to finance operations without subordinated support. This determination drives the entire accounting treatment: Corvex Legacy Holdings’ assets and liabilities were recorded at preliminary fair values as of the acquisition date, yielding $517.967 million of goodwill and $14.060 million of intangible assets in the pro forma balance sheet — both subject to revision as final valuations are completed. The target’s audited financials reveal rapid early-stage scaling: $7.1 million in 2025 revenue generated from just three major customers (67% of total), with no revenue in 2024 due to October 21, 2024 inception. Its $9.5 million net loss reflects heavy investment in infrastructure and R&D, consistent with its growth-phase profile. For investors, this event represents a fundamental shift in corporate identity, strategy, and financial scale — transitioning from a health-tech-focused entity (Movano) to an AI infrastructure platform (Corvex), with material implications for valuation frameworks, risk exposure, and future capital allocation decisions. The pro forma financials serve only as illustrative, non-predictive constructs and do not reflect synergies or integration costs.