SAIHEAT Limited said it signed a definitive merger agreement on August 10, 2026 with Canopy Wave, a Santa Clara-based AI inference and GPU cloud platform company, in a transaction that values the two companies at a combined pre-money equity value of $100 million. After closing, Canopy Wave will become a wholly owned subsidiary, the combined company will be renamed Canopy Wave Holdings Inc., and it is expected to trade on Nasdaq under the ticker CWAV, subject to approvals. The deal is designed to reposition SAIHEAT around AI inference, or the production-scale delivery of model outputs, while retaining its existing data center infrastructure business. Based on the stated pre-money valuations of $60 million for Canopy Wave and $40 million for SAIHEAT, former Canopy Wave stockholders are expected to own about 54.19% of the combined company's economic interests and 78.44% of its voting power, after taking into account a planned concurrent private placement of about $4.5 million priced at $18.15 per Class A ordinary share. The companies said they expect the transaction to close by the end of 2026, pending customary conditions including SAIHEAT shareholder approval, Nasdaq approval of the new listing, and completion conditions for the private placement.