DevvStream Faces $4.5M Default Claim; Secures $6M Preferred Stock Deal
DevvStream Corp. received a Notice of Exclusive Control from Helena Global Investment Opportunities 1 Ltd., asserting an Event of Default on a $10 million senior secured convertible promissory note. Helena claims approximately $4.5 million is payable due to the company's alleged failure to make a registration statement effective and has instructed the custodian to exercise control over digital asset collateral. Separately, DevvStream entered a binding term sheet with EEME Energy SPV I, LLC for a $6 million private placement of Series A Non-Redeemable Convertible Preferred Stock, with $1.5 million already funded. The proceeds from the preferred stock will primarily fund an investment in Southern Energy Renewables, Inc. and for general working capital.
Key Highlights
- Helena Global asserted an Event of Default on a $10,000,000 senior secured convertible promissory note.
- Helena claims approximately $4.5 million is payable due to alleged registration statement failure.
- Helena instructed BitGo to exercise control over digital asset collateral.
- DevvStream entered a binding term sheet for a $6,000,000 private placement of Series A Preferred Stock.
- $1,500,000 of the preferred stock investment has already been funded by the investor.
- $5,000,000 of proceeds will fund investment in Southern Energy Renewables, Inc.
- Remaining $1,000,000 from preferred stock will be used for general working capital.
Price Impact
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