Movano shares jump 11.67% intraday after merging with Corvex in all-stock deal, transforming into secure AI infrastructure player.

Movano surged 11.67% intraday, following its announcement of a stock merger with Corvex, which will become a wholly-owned subsidiary. The deal values Corvex at $250 million and Movano at $10 million, with Corvex shareholders owning 96.2% of the combined entity. The merger transforms Movano into a pure play on security AI infrastructure and high-performance inference, based on a $6.25 per share basis.