Corvex Approves 56.5M Share Conversion, Elects Three Directors, Appoints CFO
MOVE•Shareholders approved conversion of Series C Preferred into 27.6 million common shares and optional conversion of Series D into 28.9 million shares, enabling equity structure realization under Nasdaq rules. They ratified the sale of Movano healthcare assets to a lender, elected three new directors, and appointed Chance Moreland as CFO.
1. Preferred Stock Conversion Proposal Approved
Shareholders authorized the full conversion of Series C Non-Voting Convertible Preferred Stock into approximately 27.6 million common shares and granted Series D Preferred holders the option to convert into about 28.9 million common shares, lifting the Nasdaq 20% cap and finalizing the company’s post-merger equity structure.
2. Disposition of Legacy Movano Assets
Corvex completed the disposition of its legacy Movano healthcare assets, including the Wellness Ring and Medical Ring wearable health technology products and related intellectual property, to a lender in satisfaction of secured indebtedness, exiting its healthcare division to focus solely on GPU-accelerated AI infrastructure.
3. Board Refresh and CFO Appointment
Stockholders elected three new directors—finance executive Patrick Fleury, co-founder Jay Crystal and former IBM EVP Nicholas Donofrio—and ratified BDO USA, P.C. as auditor. They also approved the appointment of Chance Moreland as CFO, granting him 523,211 restricted stock units vesting over four years.
