Movano Shares Retreat After 150% Surge on Reverse Merger with Corvex

Movano's stock declined 1% in premarket trading after surging 150% on Monday following a reverse merger with Corvex, a cloud computing firm. The merger values Movano shares at $6.25 and raises $40 million. Corvex shareholders will hold 96.2% of the combined company, while Movano shareholders will own 3.8%. The combined entity will operate under the Corvex name.