Movano (MOVE) Registration Filing summary

Company overview and business model

• Corvex is an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads, offering secure, scalable, and cost-efficient computational resources for model training and inference.

• The platform provides managed Kubernetes or bare metal deployments, confidential computing, and is compliant with HIPAA and SOC2.

• Corvex's Token Factory, in development, aims to increase token throughput and reduce per-token pricing for AI models.

• The company targets industries requiring high-performance, secure AI infrastructure, including technology, healthcare, financial services, and government.

• Corvex employs a direct sales model supported by strategic partnerships with hardware, software, and data center providers.

Financial performance and metrics

• For the nine months ended September 30, 2025, Corvex generated $4.8 million in revenue, with a net loss of $3.8 million.

• Operating expenses included $1.3 million in cost of revenue, $4.8 million in technology and infrastructure, $0.6 million in sales and marketing, and $2.4 million in general and administrative costs.

• As of September 30, 2025, Corvex had $2.7 million in cash and cash equivalents and $28.2 million in property and equipment, primarily servers and data center assets.

• Four customers accounted for 95% of revenue in the nine months ended September 30, 2025, indicating high customer concentration.

• Corvex raised $22 million from Series Seed Preferred Stock and $37.1 million from SAFEs between inception and September 2025.

Use of proceeds and capital allocation

• Up to $1 billion in gross proceeds may be raised through the committed equity facility with Chardan, with actual proceeds dependent on share sales and market price.

• Proceeds from any sales to Chardan are intended for general corporate purposes, with broad discretion over allocation, subject to Corvex's consent prior to the merger closing.

• Corvex plans to invest in infrastructure expansion, technology development, and scaling operations to support growth.