In the meantime, the Corvex press launch and SEC filings haven’t been modified or corrected. They nonetheless say Raymond was already the Corvex CTO and can proceed to serve in that position after the merger. The paperwork make no point out of Bitworks.
Pre-indictment press launch
On November 10, Corvex and Movano Well being issued their joint press launch saying the merger. Corvex is a non-public firm and Movano a public one, so the transaction requires approval of Movano shareholders. If the merger is accomplished, the mixed firm can be public and go by the identify Corvex.
The press launch says, “Corvex is an AI cloud computing firm specializing in GPU-accelerated infrastructure for AI workloads. Corvex is predicated in Arlington, Virginia, and is led by Seth Demsey and Jay Crystal, Co-Chief Govt Officers and Co-Founders, and Brian Raymond, Chief Know-how Officer.” It goes on to say that after the merger, the mixed firm can be led by Demsey, Crystal, Raymond, “and different members of the Corvex administration crew.”
The “is led by” phrase within the press launch clearly signifies that Raymond was already the CTO, whereas the extra assertion in regards to the post-merger firm indicated he would proceed as CTO after the merger’s completion. On the similar time, Raymond introduced on LinkedIn that he had “formally joined Corvex because the CTO, driving AI at scale for patrons world wide.”
The Corvex/Movano joint press launch naming Raymond as CTO was submitted to the SEC as an exhibit to a Movano submitting in regards to the Corvex/Movano merger. A merger settlement submitted to the SEC by Corvex and Movano contains one other exhibit itemizing three “post-closing officers,” particularly Demsey, Crystal, and Raymond.
The timing of Corvex’s statements about Raymond being its CTO may hardly have been worse. Raymond was indicted in a federal court docket on November 13 and the indictment was unsealed final week. The US Justice Division alleged that Raymond operated an Alabama-based electronics firm by which he provided Nvidia GPUs to his alleged conspirators “for unlawful export to the PRC [People’s Republic of China] as a part of the conspiracy.”
