SAIHEAT Ltd (SAIH) Form 6-K — Sep 29, 2026
SAIHEAT Ltd filed a 6-K containing unaudited pro forma financials and Canopy Wave Inc. audited financials for the pending reverse merger announced August 10, 2026, plus a concurrent $4.5 million PIPE at $18.15 per share. For accounting purposes the deal is a reverse acquisition with Canopy Wave as the acquirer: former Canopy Wave holders will own ~54.19% of the economic interests and ~78.44% of voting power, the entire SAIHEAT board will resign, and Canopy Wave's founders become CEO and CTO.
Key figures
- Revenue
- 16895000
- Cash Position
- 6034000
- Deal Value Usd
- deemed consideration of approximately $34,321 thousand (US$34.3 million) under reverse acquisition accounting
- Gross Proceeds
- 4500000
- Offering Price
- 18.15
- Shares Offered
- 3,120,594 merger consideration shares plus 247,970 PIPE shares
- Goodwill
- 26922000
- Escrow shares
- 110192
- Pro forma eps
- (1.1505)
- Measurement price
- US$18.7303 (3-month avg June 22 - Sept 21, 2026)
- Pro forma net loss 2025
- ($5,988) thousand
- Canopy wave 2025 revenue
- $12,373 thousand (96% growth)
- Goodwill sensitivity range
- $15,734 to $33,156 thousand
- Canopy wave 2025 net income
- $535 thousand
- Pre money valuation saiheat
- US$40.0 million
- Shares outstanding post merger
- 5200924
- Pre money valuation canopy wave
- US$60.0 million
- Pro forma combined revenue 2025
- $16,895 thousand
AI analysis
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