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Corvex Stockholders Approve Key Governance and Capital Structure Proposals at 2026 Annual Meeting

On July 1, 2026, Corvex, Inc. (Nasdaq: MOVE), recognized for its innovative AI computing platform, held its Annual Meeting of Stockholders in a virtual format. During this gathering, shareholders overwhelmingly endorsed several proposals pivotal to the future governance and strategic direction of the company.

Transition from Healthcare to AI Infrastructure

One of the most significant developments was the completion of Corvex's transition from its previous healthcare focus, under the Movano brand, to being a leader in the AI infrastructure sector. The company has disposed of its legacy Movano assets, which included wearables such as the Wellness Ring and Medical Ring. This necessary step involved transferring these assets to a lender as part of settling certain financial obligations. With this move, Corvex aims to concentrate solely on its GPU-accelerated AI cloud computing operations, which began in early 2025.

Election of New Board Members

Shareholders approved the election of three new directors to bolster Corvex's Board, a decision that reflects the company's commitment to strengthening its leadership.

• - Patrick Fleury, bringing extensive finance and capital markets experience from his previous roles, including Chief Financial Officer at TeraWulf Inc., is anticipated to significantly contribute to the Board's Audit Committee.
• - Jay Crystal, co-founder and co-CEO of Corvex, has a background in corporate development and strategy, previously working at AOL and co-founding clean.io, showcasing a blend of innovation and operational expertise.
• - Nicholas Donofrio, former senior executive at IBM with a career spanning over four decades, holds multiple patents and accolades, providing the Board with invaluable technical leadership.

The new board structure will consist of six directors across three staggered classes, ensuring continuity and strategic oversight as Corvex develops its AI initiatives.

Lifting of Preferred Stock Conversion Cap

The meeting also saw crucial approval for lifting the cap on the conversion of Series C and Series D Non-Voting Convertible Preferred Stock into common shares. This decision allows up to 20% of the outstanding common stock to be issued during the conversion process, marking a significant step in realigning Corvex's equity structure. Following the conversion, the company anticipates having approximately 27.6 million shares of common stock and additional Series D shares convertible into nearly 29 million common shares.

Appointment of a New CFO

In a noteworthy addition to the management team, Chance Moreland has been appointed as the new Chief Financial Officer of Corvex. Moreland's role is pivotal as the company aims to scale its operations in the AI sector while enhancing financial reporting and operational transparency. To incentivize Moreland's leadership, he will receive restricted stock units that will vest over four years.

Looking Ahead

Having shifted its focus to AI infrastructure, Corvex is poised for growth as it embraces this transformative phase. The company's commitment to advancing its cloud computing capabilities will remain its central strategy following the successful approval of vital governance and capital structure proposals during this Annual Meeting. As Corvex continues to adapt and innovate, stakeholders and market participants will be keenly watching its progress and performance in this dynamic sector.

About Corvex, Inc.

Corvex, Inc. (Nasdaq MOVE) specializes in GPU-accelerated solutions for AI workloads, providing cutting-edge cloud computing services. Formerly known as Movano Inc., the rebranding symbolizes its shift towards advanced AI technologies, underlining its strategic priorities and future vision.

In conclusion, the Annual Meeting represents a crucial milestone for Corvex, as the decisions made will shape the future of the company in the competitive landscape of AI infrastructure. Investors and stakeholders can certainly look forward to the possibilities this innovative direction holds.