Technology

SAIHEAT Enters into Definitive Merger Agreement with Canopy Wave to Build a Global AI Inference Platform

Published

2 hours ago

August 10, 2026

The combined company will be renamed Canopy Wave Holdings Inc. and expected to trade on Nasdaq under the new ticker symbol “CWAV” — transaction repositions the Company around AI inference infrastructure for open-weight large language models.

SINGAPORE and SANTA CLARA, Calif., Aug. 10, 2026 /PRNewswire/ — SAIHEAT Limited (“SAIHEAT” or the “Company”) (Nasdaq: SAIH) today announced that it has entered into a definitive merger agreement, dated August 10, 2026 (the “Merger Agreement”), with Canopy Wave, Inc. (“Canopy Wave”), a Santa Clara, California-based AI inference and GPU cloud platform company. Upon the closing of the transaction, Canopy Wave will become a wholly-owned subsidiary of the Company. The combined company will be renamed “Canopy Wave Holdings Inc.” and is expected to trade on the Nasdaq Stock Market (“Nasdaq”) under the new ticker symbol “CWAV,” subject to required approvals.

The transaction is intended to reposition the Company around AI inference, the delivery of AI model outputs, or “tokens,” at production scale, while retaining SAIHEAT’s existing data center infrastructure business. The Company’s management believes AI inference represents a growing share of AI infrastructure spending, as enterprise adoption shifts investment from one-time model training toward ongoing inference workloads.

Strategic Rationale

SAIHEAT’s combination with Canopy Wave creates a U.S.-based global AI inference platform that combines modular data center infrastructure with Canopy Wave’s inference platform.

A pivot into AI inference infrastructure. The combined company intends to provide inference services for open-weight large language models to enterprise and developer customers worldwide. Open-weight models have closed the capability gap with proprietary frontier models. The demand for cost-efficient, secure inference of these open models is expanding across AI coding, agent, and enterprise AI workloads.A full-stack inference platform. Canopy Wave provides a full-stack inference platform combining GPU cloud infrastructure, orchestration software, API endpoints, and security features that include SOC 2 Type II certification and a zero-data-retention policy.Complementary infrastructure capabilities. SAIHEAT’s existing capabilities in modular data center infrastructure and energy-efficient computing are expected to complement Canopy Wave’s GPU cloud operations, which Canopy Wave conducts utilizing its access to third-party infrastructure through leasing arrangements.An experienced, U.S.-based local leadership team. Following the closing, the combined company will be headquartered in Santa Clara, California and led by Canopy Wave’s founding team, including Chief Executive Officer (CEO) Tao Zhang and Chief Technology Officer (CTO) James Liao. Tao Zhang and James Liao are expected to collectively hold a majority of the combined company’s economic interests and voting power following the closing. The Company expects to transition from a foreign private issuer to domestic-issuer reporting requirements beginning as of the next fiscal year, as required by such rules.

Transaction Overview

Under the terms of the Merger Agreement, the merger will be effected through the issuance of new SAIHEAT Class A and Class B ordinary shares to Canopy Wave’s shareholders, based on a pre-money equity valuation of Canopy Wave of US$60,000,000 and a pre-money equity valuation of SAIHEAT of US$40,000,000, which amounts represent the result of arm’s length negotiation between the parties and are not intended to be, and should not be relied upon as, an appraisal, valuation opinion, or indication of market value. Based on such valuations, transaction will result in former Canopy Wave stockholders owning approximately 54.19% of the combined company’s economic interests and 78.44% of the combined company’s voting power, taking into account a concurrent private placement planned by the Company of Class A Ordinary Shares for aggregate proceeds of approximately US$4.5 million (representing a purchase price of US$18.15 per share). The transactions have been unanimously approved by the boards of directors of both companies.

The parties expect the transactions to close by the end of 2026. However, the closing of the transaction is subject to customary conditions, including approval by SAIHEAT’s shareholders, Nasdaq’s approval of the combined company’s initial listing application, and satisfaction of conditions to consummation of the concurrent private placement financing.

Management Commentary

“This combination will position the company where the AI market is going: inference at scale,” said Jianwei Li, Chief Executive Officer of SAIHEAT. “Canopy Wave brings an inference platform and an exceptional engineering team. Combined with our infrastructure capabilities, we believe we can build a competitive inference offering.”

“We believe enterprises are increasingly evaluating open weight models for performance, control, and cost efficiency,” said Tao Zhang, Chief Executive Officer of Canopy Wave. “Joining forces with SAIHEAT will give us the public-company platform and the infrastructure depth to scale much faster. Our mission is to make serving these models simple, secure, and economical. This transaction accelerates that mission globally.”

About Canopy Wave, Inc.

Canopy Wave is a Santa Clara, California-based AI inference and GPU cloud platform company. Its full-stack platform is engineered for open-weight generative AI models, featuring OpenAI-compatible API interfaces, intelligent GPU resource scheduling, and enterprise-grade security protocols, including data isolation and zero-data-retention policies. The platform supports a broad catalog of leading open-weight models and serves developers and enterprises across AI coding, AI agent, and other production workloads. For more information, please visit https://www.canopywave.com.

About SAIHEAT Limited (Nasdaq: SAIH)

SAIHEAT is a global distributed computing power operator. By leveraging a modular computing power system, the Company helps energy owners address the issues of local energy consumption and efficient resource utilization. For more information, please visit https://www.saiheat.com.

No Offer or Solicitation

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of the U.S. Securities Act of 1933, as amended, or pursuant to an applicable exemption therefrom.

Additional Information and Where to Find It

In connection with the proposed transaction, SAIHEAT intends to file relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including a Report of Foreign Private Issuer on Form 6-K furnishing the Merger Agreement. Shareholders and investors are urged to read these materials, and any other relevant documents filed or furnished with the SEC, when they become available, because they will contain important information about the proposed transaction. Shareholders and investors may obtain a free copy of these materials, and other documents filed by SAIHEAT with the SEC, at the SEC’s website at www.sec.gov, or from SAIHEAT at the contact information below.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “expect,” “estimate,” “anticipate,” “target,” “continue,” “predict,” “intend,” “plan,” “aim,” “may,” “will,” “would,” and similar expressions identify forward-looking statements. Examples include, among others, statements regarding the expected benefits of the proposed transaction, the anticipated timing of the closing, the satisfaction of the closing conditions (including approval by SAIHEAT’s shareholders, Nasdaq’s approval of the combined company’s initial listing application, satisfaction of conditions to the consummation of the concurrent private placement financing, and any applicable regulatory clearances), and the combined company’s strategy, market opportunity, and future performance. These statements reflect management’s current expectations and are subject to risks and uncertainties. Actual results may differ materially due to factors including, among others: the risk that the proposed transaction may not be completed in a timely manner or at all; the failure to satisfy closing conditions or obtain required approvals; risks associated with the possible failure to realize, or that it may take longer to realize than expected, certain anticipated benefits of the proposed transaction, including with respect to future financial and operating results; the effect of the announcement or pendency of the transaction on business relationships and operating results; the risk that the proposed concurrent financing is not completed in a timely manner, if at all; risks related to SAIHEAT’s continued listing on Nasdaq until closing of the proposed transactions and the combined company’s ability to remain listed following the closing of the proposed transactions; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement; the combined company’s dependence on third-party open-weight AI models, including models developed outside the United States, and related exposure to export controls, trade restrictions, and customer procurement policies; the combined company’s reliance on third-party computing infrastructure that it does not own and that is subject to termination; declines in per-token pricing or GPU rental rates; Canopy Wave’s limited operating history since its formation in 2024; customer concentration; capital requirements and potential shareholder dilution; concentration of voting power; costs of the proposed transactions and of transitioning from a foreign private issuer to a domestic issuer; competition from substantially larger providers; the risk of involvement in litigation, including securities class action litigation; regulatory changes; macroeconomic conditions; and the other risks and uncertainties described in SAIHEAT’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. All forward-looking statements speak only as of the date hereof, and SAIHEAT undertakes no obligation to update them except as required by law.

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SOURCE SAIHEAT Limited

Technology

FM Announces Acquisition of FortressFire

Published

39 minutes ago

August 10, 2026

Transaction brings together FortressFire’s physics-based wildfire risk modeling platform and FM’s leading engineering and research capabilities

JOHNSTON, R.I., Aug. 10, 2026 /PRNewswire/ — Commercial property insurer FM today announced the acquisition of FortressFire, a leading provider of wildfire intelligence that combines machine learning and physics-based modeling. Financial details of the transaction were not disclosed.

Through a data-driven, science-backed approach to wildfire risk modeling, FortressFire helps protect homes, businesses and communities from wildfire loss. Operating as an independent, wholly owned division of FM, FortressFire’s platform enables insurers and property owners to better understand and manage wildfire risk down to an individual property level. Its wildfire intelligence solutions include aerial wildfire reports, monitoring, analytics, ground inspections and mitigation assessments to provide actionable, structure-specific insights and mitigation recommendations.

“FortressFire shares FM’s core belief in the power of data-driven, location-based risk mitigation and protection measures to help clients better understand and manage wildfire exposure,” said Malcolm Roberts, chairman and chief executive officer of FM. “The FortressFire team brings powerful tools to assess and mitigate wildfire risk, and we are excited to welcome them to the FM family.”

“For years we’ve argued that the best risk management is ignition prevention—and that the path to insurability runs through science,” said Michael Ashker, founder, chairman and chief executive officer of FortressFire. “To have an engineering-focused insurer of FM’s caliber put its capital and conviction behind that thesis is the strongest possible validation of what our team has built.”

Wildfire has long threatened property—but its risk has intensified in many parts of the world in recent years. FortressFire was built to reverse that cycle—quantifying ignition risk through fire physics, prescribing verifiable mitigation recommendations and monitoring properties to keep them protected over time.

The acquisition pairs FortressFire’s structure-specific wildfire intelligence with FM’s long engineering heritage, scientific research capabilities and balance sheet strength. FortressFire will continue to serve insurers, reinsurers, brokers, real estate professionals, lenders and property owners across the market under its own brand and leadership.

About FM
Established nearly two centuries ago, FM is a leading mutual insurance company whose capital, scientific research capability and engineering expertise are solely dedicated to property risk management and the resilience of its policyholder-owners. These owners, who share the belief that the majority of property loss is preventable, represent many of the world’s largest organizations, including one of every four Fortune 500 companies. They work with FM to better understand the hazards that can impact their business continuity to make cost-effective risk management decisions, combining property loss prevention with insurance protection.

Follow FM on LinkedIn, Instagram and Facebook. Visit our newsroom for updates on FM, and listen to our podcast, Sound Policy, on Spotify or Apple Podcasts.

About FortressFire
FortressFire brings together wildfire scientists, insurance professionals, technologists and fire mitigation experts to help protect homes, businesses and communities from wildfire loss. Most wildfire risk tools estimate how likely a fire is to happen. FortressFire goes further, determining whether a structure will ignite — and then preventing it. Through its proprietary AMP Platform — Assess, Mitigate, Monitor, Protect — FortressFire provides structure-specific wildfire vulnerability analysis, mitigation guidance, onsite inspection and ongoing monitoring and protection services. Using physics, thermodynamics, fire behavior modeling and structure-fuel analysis, FortressFire turns science into action with targeted protection that reduces loss. By quantifying ignition risk and validating mitigation effectiveness, FortressFire helps insurance carriers reduce loss, enables underwriters to improve precision and provides property owners with actionable next steps. Visit www.FortressFire.com to learn more.

MEDIA CONTACT
ROBERT JULAVITS
VP, STRATEGIC COMMUNICATIONS
M: +1 415-806-5120
ROBERT.JULAVITS@FM.COM

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SOURCE FM

Technology

Moneris announces acquisition by Francisco Partners

Published

39 minutes ago

August 10, 2026

New investment from Francisco Partners and long‑term referral agreements with BMO and RBC further the company’s commitment to advancing Canadian commerce

TORONTO, and SAN FRANCISCO, Calif., Aug. 10, 2026 /PRNewswire/ — Moneris Solutions Corporation (“Moneris”), a leader in Canadian commerce solutions, and Francisco Partners (“FP”), a leading global investment firm that specializes in partnering with technology companies, today announced that FP has entered into a definitive agreement to acquire Moneris from Bank of Montreal (BMO) and Royal Bank of Canada (RBC), subject to customary regulatory approvals and closing conditions.

Under the terms of the agreement, FP will acquire Moneris for cash consideration of approximately C$2.0 billion, with BMO and RBC each receiving a 50 percent share. Further, long-term referral agreements have been established with both BMO and RBC, under which they will exclusively refer customers, reflecting Moneris’ position as Canada’s trusted payments and commerce partner and reinforcing the innovation, continuity and stability that Moneris is known for.

FP combines deep expertise in payments and fintech with extensive experience growing technology-enabled businesses globally. The firm has a strong track record of long-term investment and supporting operational excellence, innovation and growth, as evidenced by its investments in Hypercom, Paymetric, PayLease, NMI and Verifone, among others. Its investment in Moneris reflects confidence in the company’s mission, performance and future potential, while providing additional expertise, resources and strategic support to help accelerate the company’s next phase of growth and innovation.

As part of the transaction, Jeff Sloan, former President and CEO of Global Payments Inc., and a highly regarded payments industry leader, will join Moneris as Chairman. Sloan brings decades of global experience and a proven track record, complementing the strength of Moneris’ experienced leadership team.

As ownership transitions to FP, Moneris’ commitment to serving Canadian businesses will remain unchanged, as reflected in its leadership, people, presence and platforms, including nearly 2,000 team members across the country, a head office and technology infrastructure fully resident in Canada and a continued dedication to local communities from coast to coast to coast.

“This announcement marks an exciting next step in Moneris’ continued evolution as the company that powers Canadian commerce,” said James Hicks, President and CEO at Moneris. “With Francisco Partners’ deep global expertise in technology and payments, we are well-positioned to further accelerate our ambitious strategy and continue to broaden the wide choice of solutions, support and experiences we deliver to businesses to help them achieve their aspirations. Importantly, our commitment to our customers, partners and people remains unchanged, and we will continue to operate with the same focus, values and leadership that have defined Moneris for more than two decades. The deep relationships we have built with BMO and RBC extend well beyond ownership. Their decision to establish long-term referral agreements and maintain ongoing commercial relationships with Moneris reflects the confidence both organizations have in Moneris and provides a strong foundation for continuity, collaboration and long-term growth. I am also pleased to be working again with Jeff Sloan, whose industry experience and perspective will complement the strong momentum our team has built.”

“For 25 years, Moneris has earned the trust of Canadian businesses by delivering secure, reliable and innovative payment solutions,” said Sharon Haward-Laird, Group Head, Canadian Commercial Banking & North American Integrated Solutions, and Co-Head Canadian Personal & Commercial Banking, BMO. “This next chapter will enable Moneris to build on that strong foundation while accelerating its strategy in a rapidly evolving payments landscape. Through our ongoing referral arrangements, clients will continue to benefit from the trusted support and solutions they rely on today.”

“Moneris has played a central role in enabling Canadian businesses to modernize and scale by connecting them with more consumers more often through innovative payments solutions across the commerce ecosystem,” said Sean Amato-Gauci, Group Head, Commercial Banking, RBC. “The trusted team, leading platforms and unwavering commitment to clients that Moneris is known for will be leveraged and amplified by Francisco Partners in this next stage of growth. We’re eager to see the accelerated investment in innovation and modernized solutions Moneris can bring to our valued business clients and the Canadian market.”

“Moneris is one of the strongest payments solution providers in North America, with a trusted brand, leading technology and a proven team that has helped shape the way Canadian businesses operate,” said Peter Christodoulo, Partner at Francisco Partners. “We see a significant opportunity to build on that foundation through continued investment in innovation, platform expansion and long-term growth, while preserving the deeply Canadian identity that has made Moneris a market leader, including its long-standing relationships with leading Canadian financial institutions, BMO and RBC.”

“Together with Jeff Sloan’s deep industry expertise and strategic counsel as Chairman, we are excited to support the Moneris team as they continue to deliver the technology, scale and reliability Canadian businesses need to thrive in an increasingly digital and AI-driven economy,” added Nate Zupan, Principal at Francisco Partners.

“Moneris has established itself as a leader, with a strong market position, a clear strategic vision and a talented team that is deeply committed to its customers and partners,” said Jeff Sloan. “The company has built significant momentum under James’ leadership and, having worked together in the past, I have tremendous confidence in his leadership team, the strategy they are executing and the opportunities ahead. With the investment and support of Francisco Partners, Moneris is well-positioned to accelerate that strategy and continue building on its strong foundation. I look forward to supporting Moneris and its leadership team as they continue creating value for customers, partners and stakeholders.”

Closing and approvals

The transaction remains subject to customary closing conditions and regulatory approvals, including under the Retail Payment Activities Act (Canada) and clearance under the Competition Act (Canada). The transaction is expected to close by the end of the first quarter of BMO and RBC’s fiscal year 2027.

PJT Partners served as exclusive financial advisor and Torys as exclusive legal advisor to Moneris. PJT Partners also advised Moneris’ shareholders. RBC Capital Markets and BMO Capital Markets served as financial advisors, and Blake, Cassels & Graydon LLP and Osler, Hoskin & Harcourt LLP served as legal advisors, to Moneris’ shareholders. Barclays, Goldman Sachs & Co. LLC and Wells Fargo served as financial advisors, and Kirkland & Ellis LLP and Stikeman Elliott LLP served as legal advisors to Francisco Partners.

About Moneris

Moneris is Canada’s leading commerce solutions provider, helping businesses of all sizes sell more, serve customers better and operate more efficiently. Moneris has powered Canadian commerce for more than 25 years. Today, Moneris helps businesses accept and manage payments at over 325,000 points of commerce, representing one in three transactions across the country.

Moneris offers ecommerce and omnichannel solutions, point-of-sale hardware and software, integrated business tools and data and insights, all backed by secure payment acceptance across in-store, online and mobile environments. As the only major provider in Canada with an in-house national Field Services team, Moneris ensures businesses are supported when and where they need it, through on-site installation and maintenance coast-to-coast-to-coast, and 24/7/365 support.

Headquartered in Toronto, with offices in Sackville, Montreal, Quebec City, Calgary and Burnaby, Moneris serves businesses of all sizes across industries and regions nationwide.

For more information, visit moneris.com.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 25 years ago, Francisco Partners has invested in over 500 technology companies, making it one of the most active and longstanding investors in the technology industry. With over $75 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

Forward-looking statements

This release contains forward-looking statements regarding the proposed transaction and potential future developments. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties, including market, technology and regulatory requirements. Actual results may differ from those expressed or implied. Moneris undertakes no obligation to update forward-looking statements except as required by applicable law.

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SOURCE Moneris

Technology

LX Pantos Strengthens Global ESG Leadership Through Its 2026 Sustainability Report

Published

39 minutes ago

August 10, 2026

Completes calculation and third-party verification of Scope 1 and 2 GHG emissions across Korea and key overseas operationsExpands ESG disclosures to cover human rights, safety, working conditions, and training for global employees

SEOUL, South Korea, Aug. 11, 2026 /PRNewswire/ — LX Pantos (President & CEO: Lee Yong-ho) has released its 2026 Sustainability Report, highlighting progress in advancing ESG management across its domestic and global operations.

The report covers nine material ESG issues identified through a double materiality assessment, including climate change adaptation and mitigation, energy, eco-friendly logistics services, customer value management, human resources management, information security, risk management, business conduct, and new growth engines and business diversification.

A key highlight of this year’s report is the expanded reporting scope, which now includes global worksites. The expansion reflects LX Pantos’s strong international footprint and the growing scale of its overseas operations.

On the environmental front, the company calculated Scope 1 direct greenhouse gas emissions and Scope 2 indirect greenhouse gas emissions from its domestic operations and key overseas sites. Third-party verification further strengthened the reliability of its environmental disclosures.

In the social area, LX Pantos collected and analyzed employee data from nine subsidiaries in Europe, covering human rights and labor, occupational health and safety, working conditions, education, and career development.

In governance, the report highlights progress in Jeong-do Management, the company’s ethics- and compliance-based management philosophy. LX Pantos recorded zero significant legal violations related to anti-corruption and fair trade rules and achieved a 100% completion rate for Jeong-do Management training in 2025.

The report was prepared in accordance with the GRI Standards 2021 and references global ESG frameworks including SASB, the UN SDGs, the UNGC, and the TCFD. An independent third-party assurance agency verified the report for accuracy and reliability.

In 2025, LX Pantos also earned a Bronze rating from EcoVadis, a B rating from the Carbon Disclosure Project (CDP), LEED Gold certification for the MegaWise Cheongna Center, and an A+ rating under the Regional Social Contribution Recognition System administered by the Korean Ministry of Health and Welfare.

Commenting on the release of this report, Lee Yong-ho, President & CEO of LX Pantos said, “LX Pantos is further advancing its sustainability management by expanding the scope of ESG management beyond Korea to our overseas operations. Under our ESG vision, ‘Value Deliverer for People and the Planet,’ we will continue to communicate with stakeholders in a transparent manner.”

■ About LX Pantos
Established in 1977, LX Pantos is a leading global logistics provider headquartered in Korea. It delivers comprehensive logistics solutions across sea, air, rail, and contract logistics through a worldwide network spanning more than 40 countries.
Learn more about LX Pantos online and follow it on LinkedIn.

SOURCE LX Pantos