XCF Global Stockholders Approve Proposals for Proposed DevvStream and Southern Energy Renewables Combination
XCF Global stockholders approved the proposals needed for its proposed business combination with DevvStream and Southern Energy Renewables. The transaction remains subject to outstanding closing conditions.
XCF Global Inc. stockholders have approved proposals connected with the company’s proposed business combination with DevvStream Corp. and Southern Energy Renewables Inc. The vote advances the transaction, but the deal has not yet closed and remains subject to outstanding conditions under the amended Business Combination Agreement.
The approval includes the planned issuance of XCF common stock in connection with the proposed combination. XCF said the vote also represents support for the amended structure previously outlined by the parties.
XCF Global, which trades on the Nasdaq Capital Market under the symbol SAFX, said the parties will continue working to satisfy or waive the remaining closing requirements. The company expects the transaction to close as expeditiously as possible once those requirements are met, but did not provide a specific completion date.
#Transaction would combine renewable fuel and environmental capabilities
According to XCF, Southern Energy Renewables would contribute an alternative fuel production technology pathway described as having lower feedstock cost and lower carbon intensity. DevvStream would add an in-house capability for monetising environmental attributes.
The proposed combination is intended to bring together activities involving renewable fuels production, environmental asset monetisation and energy infrastructure development. XCF said the potential combined platform is expected to pursue opportunities in sustainable aviation fuel, renewable fuels, environmental markets and related energy-transition sectors.
XCF also referred to a previously announced $1.0 million investment completed through the sale of warrants exercisable at $2.50 per share. The announcement did not provide further terms for that investment.
XCF Global describes itself as a U.S.-based producer of renewable diesel and sustainable aviation fuel, or SAF. Its stated focus includes decarbonising transportation while supporting domestic fuel supply and energy security.
The company’s flagship New Rise Renewables Reno facility has a permitted nameplate production capacity of up to 38 million gallons per year. XCF intends to advance potential expansion opportunities in Nevada, North Carolina and Florida, although those opportunities remain subject to feasibility assessments, financing, regulatory approvals and market conditions.
Completion remains conditional on the satisfaction or waiver of the remaining closing requirements. XCF said there is no assurance that all conditions will be met or that the transaction will be completed on the anticipated timeline, if at all.
The company identified risks related to financing, legal proceedings, regulatory changes and compliance with Nasdaq’s continued listing standards. It also cited potential issues involving the New Rise Reno facility’s production, disputes concerning the facility’s ground lease and primary lender, integration of operations, transaction costs, competition, customer and supplier relationships, retention of management and key employees, and the availability of government support.
XCF further noted that offtake arrangements could be affected, while letters of intent and memoranda of understanding may not progress to definitive agreements or commercial deployment. Additional risks and uncertainties are described in the company’s filings with the Securities and Exchange Commission.
XCF Global stockholders approved proposals tied to the proposed combination with DevvStream and Southern Energy Renewables.
The transaction remains incomplete and subject to the satisfaction or waiver of remaining closing conditions.
Southern’s proposed contribution includes an alternative fuel production technology pathway, while DevvStream would provide environmental attribute monetisation capabilities.
XCF previously announced a $1.0 million investment through warrants exercisable at $2.50 per share.
XCF’s New Rise Renewables Reno facility has a permitted nameplate production capacity of up to 38 million gallons per year.
XCF Global stockholders approved the proposals necessary to complete the proposed business combination involving XCF Global, DevvStream Corp. and Southern Energy Renewables Inc. They also approved the issuance of XCF Global common stock in connection with the proposed transaction and the amended transaction structure previously announced by the parties.
XCF Global announced the stockholder approval on October 6, 2026. The announcement concerns the proposed business combination with DevvStream Corp. and Southern Energy Renewables Inc.
No, the proposed business combination has not yet been completed. XCF Global, DevvStream and Southern will continue working towards satisfaction or waiver of the remaining closing conditions, and completion remains subject to those conditions; the company said there can be no assurance that the transaction will be completed on the anticipated timeline, if at all.
The parties will continue working towards satisfying or waiving the remaining closing conditions under the amended Business Combination Agreement. XCF Global said the transaction is expected to close as expeditiously as possible as the remaining requirements are satisfied, but it did not provide a specific completion date.
XCF Global said the proposed transaction would add an alternative fuel production technology pathway through Southern Energy Renewables with lower feedstock cost and lower carbon intensity, as well as an in-house environmental attribute monetisation capability through DevvStream. The parties intend to bring together capabilities across renewable fuels production, environmental asset monetisation and energy infrastructure development.
XCF Global said the combined platform is expected to pursue opportunities in sustainable aviation fuel, renewable fuels, environmental markets and related energy-transition sectors. This is a company expectation and remains linked to completion of the proposed transaction.
XCF Global previously announced a $1.0 million investment completed through the sale of warrants exercisable at $2.50 per share. The announcement does not provide further terms for that investment.
XCF Global is a U.S.-based producer of renewable diesel and sustainable aviation fuel, or SAF, focused on decarbonising transportation while supporting domestic fuel supply and energy security. Its flagship New Rise Renewables Reno facility has a permitted nameplate production capacity of up to 38 million gallons per year.
XCF Global is listed on the Nasdaq Capital Market and trades under the symbol SAFX. DevvStream Corp., a party to the proposed transaction, is identified in the announcement as OTC PINK:DEVSF.
XCF Global intends to advance a pipeline of potential expansion opportunities in Nevada, North Carolina and Florida and to build relationships across the energy and transportation sectors. The company states that these opportunities remain subject to feasibility assessments, financing, regulatory approvals and market conditions.
XCF Global identifies risks including failure to satisfy remaining closing conditions, termination of negotiations or agreements relating to offtake arrangements, legal proceedings, financing requirements, regulatory changes and the ability to regain and maintain compliance with Nasdaq's continued listing standards. It also cites risks involving the New Rise Reno facility's production, disputes concerning its ground lease and primary lender, integration and growth execution, costs of the business combination, competition, customer and supplier relationships, key employees, government support and other factors in its filings with the Securities and Exchange Commission.