PRNewsWire
01 Jul 2026, 19:42 UTC · 2h ago
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Corvex shareholders approved the conversion of Series C and Series D Preferred Stock into common shares, potentially issuing more than 20% of outstanding common stock. — This represents significant equity dilution for existing common shareholders.
-0.60Corvex has completed the disposition of all legacy Movano healthcare assets, including wearable ring technology and related IP, to a lender to satisfy secured debt. — Removing a non-core, debt-laden legacy business allows the company to focus exclusively on its high-growth AI infrastructure priority.
+0.40The company has appointed three new directors and named Seth Demsey as co-CEO alongside Jay Crystal. — Adding experienced leadership from IBM and TeraWulf strengthens the company's governance as it pivots to AI computing.
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Stockholders approved key governance and capital structure proposals, and the company successfully transitioned to a focused AI infrastructure strategy.
The company's CFO was elected to the board of Corvex, suggesting a positive professional association, though not a material impact on WULF's operations.
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