Corvex shareholders elect directors, approve preferred stock conversion

Corvex, Inc. (Nasdaq: MOVE) held its 2026 Annual Meeting of Stockholders virtually, with shareholders approving all proposals, including the election of three new directors, the conversion of Series C and Series D Non-Voting Convertible Preferred Stock into common shares, and the ratification of BDO USA, P.C. as independent auditor.

Shareholders elected Patrick Fleury, Jay Crystal, and Nicholas Donofrio to the board. Fleury currently serves as CFO of TeraWulf Inc. and previously held roles at Platinum Equity and Blackstone's GSO Capital Partners. Crystal is co-founder of Corvex and previously held senior roles at AOL, Inc. Donofrio spent 44 years at IBM, most recently as Executive Vice President of Innovation and Technology.

Following the meeting, the board consists of six members across three staggered classes. Seth Demsey was appointed co-Chief Executive Officer alongside Jay Crystal, effective after the meeting.

Stockholders approved the issuance of more than 20% of Corvex's outstanding common stock in connection with the preferred stock conversion, as required under Nasdaq Listing Rules 5635(a) and 5635(b). Each share of Series C Preferred Stock will automatically convert into 1,000 shares of common stock. Each share of Series D Preferred Stock will become convertible into 1,000 shares at the holder's option. Following the Series C conversion, Corvex will have approximately 27.6 million common shares outstanding, with Series D shares convertible into an additional 28.9 million shares.

The company also disclosed it has completed the disposition of assets associated with its predecessor, Movano Inc., including the Wellness Ring and Medical Ring wearable health products and related intellectual property, transferred to a lender in satisfaction of secured indebtedness.

Corvex separately announced that Chance Moreland has joined as Chief Financial Officer. As an employment inducement under Nasdaq listing rule 5635(c)(4), Moreland will receive 523,211 restricted stock units vesting in four equal annual installments.

Corvex, formerly known as Movano Inc., completed its merger with Corvex Legacy Holdings, Inc. in March 2026 and is headquartered in Arlington, Virginia.

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