Mergers & Acquisitions ·
SAIHEAT proposes reverse merger with Canopy Wave, raising $4.5M in PIPE at $18.15 per share
SAIHSAIHEAT Ltd
SAIHEAT Limited filed a Form 6-K incorporating unaudited pro forma condensed combined financial information for its proposed reverse merger with Canopy Wave Inc. Under the August 10, 2026 Merger Agreement, SAIHEAT will acquire Canopy Wave in exchange for 3,306,269 ordinary shares valued at US$18.15 per share, based on pre-money valuations of US$40.0 million and US$60.0 million respectively. Concurrently, the company raised approximately US$4.5 million through a PIPE investment of 247,970 shares at US$18.15 per share. Canopy Wave is designated as the accounting acquirer, with former shareholders holding approximately 78.44% of voting power post-transaction. The combined entity will be renamed Canopy Wave Holdings Inc., and SAIHEAT’s board will resign to be replaced by Canopy Wave nominees. This transaction combines a Singapore-based AI hardware and cloud infrastructure provider with a U.S.-based high-performance AI inference platform operator.