Meanwhile, the Corvex press release and SEC filings haven’t been changed or corrected. They still say Raymond was already the Corvex CTO and will continue to serve in that role after the merger. The documents make no mention of Bitworks.
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 a public one, so the transaction requires approval of Movano shareholders. If the merger is completed, the combined company will be public and go by the name Corvex.
The press release says, “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-Chief Executive Officers and Co-Founders, and Brian Raymond, Chief Technology Officer.” It goes on to say that after the merger, the combined company will be led by Demsey, Crystal, Raymond, “and other members of the Corvex management team.”
The “is led by” phrase in the press release clearly indicates that Raymond was already the CTO, while the additional statement about the post-merger company indicated he would continue as CTO after the merger’s completion. At the same time, Raymond announced on LinkedIn that he had “formally joined Corvex as the CTO, driving AI at scale for customers around the world.”
The Corvex/Movano joint press release naming Raymond as CTO was submitted to the SEC as an exhibit to a Movano filing about 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 its CTO could hardly have been worse. Raymond was indicted 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 Nvidia GPUs to his alleged conspirators “for illegal export to the PRC [People’s Republic of China] as part of the conspiracy.”
