Recent Updates — SAIH

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.

On August 10, 2026, SAIHEAT Limited entered into a definitive merger agreement with Canopy Wave Inc., an AI infrastructure and GPU-as-a-Service provider. The transaction values Canopy Wave at a pre-money equity valuation of $60 million and SAIHEAT at $40 million, implying a share price of $18.15. Former Canopy Wave shareholders will receive approximately 3.3 million shares, representing 54.19% of economic interests and 78.44% of voting power in the combined entity, which will be renamed Canopy Wave Holdings Inc. and trade under ticker CWAV on Nasdaq. Concurrently, SAIHEAT raised $4.5 million via a PIPE investment at $18.15 per share. Tao Zhang and James Liao will serve as CEO and CTO, while current CEO Jianwei Li resigns. The deal is expected to close by December 31, 2026, subject to shareholder approval and Nasdaq listing conditions. SAIHEAT Limited operates in the distributed computing power and data center infrastructure industry.