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Canopy Wave is being acquired, but its founders will run the combined company.
SAIHEAT, a Nasdaq-listed Singapore-based distributed computing operator, has signed a definitive merger agreement to buy the California AI inference and GPU cloud platform at a pre-money equity valuation of $60 million, against SAIHEAT's own negotiated value of $40 million.
Under the terms, former Canopy Wave shareholders will hold 54.19% of the combined entity's economic interests and 78.44% of its voting power.
Who ends up in charge The merged business will operate under the Canopy Wave name, trade on Nasdaq under the ticker "CWAV," and be headquartered in Santa Clara.
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