Loan & DebtMay 12, 2026, 05:12 PM
XCF Global Settles $16.7M Debt with Encore DEC via Equity Issuance
AI Summary
XCF Global, Inc. announced an agreement to settle approximately $16.7 million of outstanding accounts payable and property liens owed to Encore DEC, LLC. This debt will be satisfied through the issuance of 37,033,386 shares of XCF Class A Common Stock at a conversion price of $0.451 per share. The company expects this transaction to strengthen its balance sheet, improve financial flexibility, and demonstrates confidence from a key stakeholder, Randy Soule, who will beneficially own approximately 30.56% of the company's Class A Common Stock after the conversion.
Key Highlights
- Settled approximately $16.7 million in outstanding debt and property liens owed to Encore DEC.
- Issued 37,033,386 shares of Class A Common Stock to Encore DEC.
- The conversion price for the shares was determined to be $0.451 per share.
- Randy Soule, owner of Encore DEC, will beneficially own approximately 30.56% of Class A Common Stock.
- Transaction aims to strengthen XCF's balance sheet and increase financial flexibility.
- Eliminates property liens related to the New Rise Renewables Reno Facility construction.