Corvex Finalizes Pivot to AI Infrastructure After Stockholder Vote

The Arlington-based firm, which previously operated as Movano Inc., has officially shed its legacy wearable health technology division to focus exclusively on GPU-accelerated infrastructure. This restructuring follows the completion of a merger in March 2026 and marks the company’s departure from medical device manufacturing in favor of AI-focused cloud services.

Shareholders authorized the conversion of Series C and Series D preferred stock into common shares, a move that aligns the company’s capital structure with its post-merger objectives. This conversion will result in approximately 27.6 million outstanding common shares, with additional capacity for further equity issuance tied to the Series D holdings. Alongside these financial adjustments, the board expanded to six members, welcoming Patrick Fleury, Jay Crystal, and industry veteran Nicholas Donofrio. The company also announced that Chance Moreland has joined as Chief Financial Officer, while Seth Demsey will now serve as co-Chief Executive Officer alongside Crystal.