In the meantime, the Corvex press release and SEC filings have not been changed or corrected. They still say that Raymond was already Corvex CTO and will continue to serve in that role after the merger. There is no mention of Bitworks in the docs.
pre-indictment press release
On November 10, Corvex and Movano Health issued their joint press release announcing the merger. Corvex is a private company and Movano is a public company, so the transaction requires the approval of Movano shareholders. If the merger is completed, the combined company will go public and be known as Corvex.
The press release states, “Corvex is an AI cloud computing company specializing in GPU-accelerated infrastructure for AI workloads. Corvex is based in Arlington, Virginia, and is led by Seth Demsey and Jay Crystal, co-CEOs and co-founders, and Brian Raymond, chief technology officer.” Following the merger, the combined company is said to be led by Demsey, Crystal, Raymond, “and other members of the Corvex management team.”
The phrase “is headed by” in the press release clearly indicates that Raymond was already CTO, while additional statements about the post-merger company indicated that he would continue as CTO after completion of the merger. At the same time, Raymond announced on LinkedIn that he has “formally joined Corvex as CTO, driving AI at scale for customers around the world.”
The Corvex/Movano joint press release naming Raymond as CTO was presented to the SEC as an exhibit to the Movano filing regarding the Corvex/Movano merger. A merger agreement submitted to the SEC by Corvex and Movano includes another exhibit listing three “post-closing officers” specifically Demsey, Crystal and Raymond.
The timing of Corvex’s statements about Raymond being CTO could hardly have been worse. Raymond was convicted in a federal court on November 13 and the indictment was unsealed last week. The US Justice Department alleged that Raymond operated an Alabama-based electronics company, through which he supplied his alleged conspirators with “Nvidia GPUs for illegal export to the PRC.” [People’s Republic of China] As part of the conspiracy.”
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