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.