XCF Global (SAFX) stockholders approved proposals needed for the proposed business combination with DevvStream and Southern Energy Renewables, including common-stock issuance.
The vote advances the amended transaction but does not complete it. Closing remains subject to satisfaction or waiver of remaining conditions, with XCF expecting completion as expeditiously as possible. XCF expects Southern to add a future alternative-fuel production pathway with lower feedstock cost and carbon intensity, and DevvStream to add in-house environmental attribute monetization capability. XCF also previously completed a $1.0 million investment through the sale of warrants exercisable at $2.50 per share.
XCF Global (SAFX), DevvStream (DEVSF) and Southern Energy Renewables amended their Business Combination Agreement to increase XCF and DevvStream shareholder ownership and add new capital support as the proposed transaction advances toward closing.
Existing XCF shareholders are now expected to own approximately 69.57% of the combined company, up from 66.7%, former DevvStream shareholders about 10.43%, up from 10.0%, and former Southern shareholders about 20.0%, down from 23.3%. The parties removed or revised certain closing conditions, including XCF revenue and EBITDA thresholds and a Nasdaq Sweden listing requirement, while retaining applicable Nasdaq approval requirements.
GL PART SPV I has already invested $1.0 million in XCF via warrants exercisable at $2.50 per share. EEME Energy SPV I LLC and GL PART SPV I, LLC have agreed to fund, or cause to be funded, at least $4.3 million of additional capital within three months after closing and to use commercially reasonable efforts to invest at least $50 million in additional capital during the 12 months following closing. XCF’s previously announced full-year 2027 outlook for gross product sales of $775–825 million, net revenue of approximately $110–120 million and EBITDA of approximately $65–70 million remains unchanged.
DevvStream (OTC:DEVSF) reported that Nasdaq suspended trading of its common shares effective June 24, 2026, after a Panel found noncompliance with the minimum bid price and net income standards. DevvStream will appeal, while its shares now trade on the Pink Limited Market.
The company confirms its three-party business combination with XCF Global and Southern Energy Renewables remains on track. Following closing, the combined company is expected to list on Nasdaq under ticker SAFX, with DevvStream shareholders anticipated to own about 10%, subject to conditions.