🇸🇬SAIHEAT signed a definitive Canopy Wave merger; closing would give Canopy holders 54.19% economic and 78.44% voting interests.

Nasdaq-listed SAIHEAT Limited, trading under SAIH, entered into a definitive merger agreement with Santa Clara-based AI inference and GPU-cloud company Canopy Wave. The agreement is signed but has not yet closed; completion remains subject to required approvals and other closing conditions.

The all-share consideration comprises an aggregate of 3,306,269 newly issued or issuable SAIHEAT Class A and Class B ordinary shares. The negotiated transaction values used were $60 million pre-money for Canopy Wave and $40 million pre-money for SAIHEAT, which the filing expressly said were not appraisals, valuation opinions, or indications of market value.

At closing, former Canopy Wave shareholders are expected to own approximately 54.19% of the combined company’s economic interests and 78.44% of its voting power. Canopy Wave would become part of the public company, which would be renamed Canopy Wave Holdings Inc. and is expected to trade on Nasdaq as CWAV, subject to approval.

Canopy Wave launched its AI-infrastructure and GPU-as-a-Service offerings in 2024 and reported more than $15 million of aggregate revenue since launch; it introduced Inference-as-a-Service in November 2025. Its platform includes GPU cloud infrastructure, orchestration software, OpenAI-compatible application programming interfaces, intelligent GPU scheduling, SOC 2 Type II certification, and a zero-data-retention policy, while its GPU operations use third-party infrastructure accessed through leases.