SAIHEAT Ltd (SAIH) News & EventsSAIHNews & EventsSAIHEAT Ltd

SAIHEAT Enters Merger Agreement with Canopy Wave

SAIHEAT announced that it has entered into a definitive merger agreement, dated August 10 with Canopy Wave, a Santa Clara, California-based AI inference and GPU cloud platform company. Upon the closing of the transaction, Canopy Wave will become a wholly-owned subsidiary of the company. The combined company will be renamed "Canopy Wave Holdings Inc." and is expected to trade on the Nasdaq Stock Market under the new ticker symbol "CWAV," subject to required approvals. Under the terms of the Merger Agreement, the merger will be effected through the issuance of new SAIHEAT Class A and Class B ordinary shares to Canopy Wave's shareholders, based on a pre-money equity valuation of Canopy Wave of $60M and a pre-money equity valuation of SAIHEAT of $40M, which amounts represent the result of arm's length negotiation between the parties and are not intended to be, and should not be relied upon as, an appraisal, valuation opinion, or indication of market value. Based on such valuations, transaction will result in former Canopy Wave stockholders owning approximately 54.19% of the combined company's economic interests and 78.44% of the combined company's voting power, taking into account a concurrent private placement planned by the Company of Class A Ordinary Shares for aggregate proceeds of approximately $4.5M, representing a purchase price of $18.15 per share. The transactions have been unanimously approved by the boards of directors of both companies. The parties expect the transactions to close by the end of 2026. However, the closing of the transaction is subject to customary conditions, including approval by SAIHEAT's shareholders, Nasdaq's approval of the combined company's initial listing application, and satisfaction of conditions to consummation of the concurrent private placement financing.

SAIHEAT Ltd Trading Halted Due to Volatility Trading Pause

SAIHEAT Ltd trading halted, volatility trading pause

SAIHEAT Files $300M Mixed Securities Shelf

SAIHEAT files $300M mixed securities shelf