DevvStream Part of XCF Merger After 19.99% Stock Issuance Approval
XCF Global’s stockholders approved issuing at least 19.99% of its common shares, enabling EEME’s remaining $6.2 million purchase tranche to fund a $10 million Plant Conversion at its New Rise Renewables Reno facility. This decision advances the proposed business combination with DevvStream, Southern Energy, and EEME.
1. Special Meeting Approval
On March 6, 2026, XCF Global stockholders approved issuing at least 19.99% of the company’s common stock to a single investor under Nasdaq rules, removing the previous share cap. This approval allows EEME Energy SPV I to acquire the balance of shares committed under the binding term sheet.
2. Funding for Plant Conversion
EEME has already purchased 38 million shares for $3.8 million and is scheduled to acquire the remaining 62 million shares totaling $6.2 million in two equal tranches during the weeks of March 7 and March 31. Proceeds will fund a $10 million conversion and upgrade of the New Rise Renewables Reno facility, including a new Axens Vegan® hydrotreating catalyst.
3. Proposed Business Combination
The term sheet outlines a proposed business combination among XCF, DevvStream, Southern Energy Renewables, and EEME, subject to definitive agreements and approvals. The combined entity aims to integrate multiple SAF production pathways and environmental attribute monetization to expand sustainable aviation fuel offerings.