Movano Declares 0.358 Stock Dividend Amid Corvex Merger

Movano Inc., a health technology company, announced a one-time stock dividend of 0.358 shares of common stock for every outstanding share, distributed as part of the company's merger agreement with Corvex announced earlier this year. Read more dividend announcements.

The stock dividend will be payable to shareholders of record as of March 30, 2026, with distribution set for April 6, 2026. Fractional shares resulting from the dividend will be rounded down, with cash payments made for any remaining fractional shares.

The dividend announcement comes as Movano completes its merger with Corvex, which was originally announced on November 6, 2025, and subsequently amended. Following the merger, Movano will be renamed Corvex, Inc., effective March 23, 2026.

Merger Transaction Details

Under the merger agreement, Movano became the parent company of Corvex through a transaction structured as a tax-free reorganization under Section 368(a) of the Internal Revenue Code. At closing, Movano issued multiple classes of convertible preferred stock to Corvex securityholders.

The company issued 240.562 shares of Series B Convertible Preferred Stock, which represents no more than 19.9% of outstanding common stock on an as-converted basis. Each Series B share will automatically convert into 1,000 shares of common stock on March 31, 2026, the business day following the stock dividend record date.

Movano also issued 23,551.5195 shares of Series C Non-Voting Convertible Preferred Stock and 30,227.0524 shares of Series D Non-Voting Convertible Preferred Stock. Conversion of Series C and Series D shares is contingent upon stockholder approval at the company's 2026 annual meeting, with each share convertible into 1,000 shares of common stock upon approval.

The merger is intended to qualify as a reorganization for U.S. federal income tax purposes. The company will seek stockholder approval for certain issuances related to the merger at its 2026 annual meeting.