Nasdaq-listed company SAIHEAT has signed a definitive merger agreement with Canopy Wave, a California-based AI inference and GPU cloud platform company. The transaction aims to pivot the combined company towards the AI inference business while retaining SAIHEAT's existing modular data center infrastructure business. Under the agreement, Canopy Wave is valued at $60 million and SAIHEAT at $40 million. The merger is expected to be completed by the end of this year, at which point former Canopy Wave shareholders will hold 54.19% of the economic interest and 78.44% of the voting rights in the combined company. The merged entity will operate under the name Canopy Wave and plans to list on Nasdaq under the ticker symbol "CWAV".