DevvStream Corp.

DevvStream Corp. received a notice from Nasdaq on June 22, 2026, indicating its securities will be delisted due to non-compliance with the $1.00 bid price requirement and the Net Income Rule. Trading of the company's common shares on Nasdaq is set to be suspended at the open of business on June 24, 2026. The company plans to appeal the decision, but the appeal will not stay the suspension. Following suspension, shares are expected to trade on the Pink Limited Market and potentially the OTCQB Market, which may adversely affect trading price and volume.

DevvStream Corp. reported a net loss of $6.2 million for the three months ended April 30, 2026, a significant decline from a net income of $3.5 million in the prior year period. For the nine-month period, the net loss widened to $10.1 million. The company's total assets decreased by over 50% since July 2025, and it continues to face a working capital deficit, negative cash flows, and limited revenues, raising substantial doubt about its ability to continue as a going concern.

DevvStream Corp. has entered into a Settlement Agreement and Mutual Release with Helena Global Investment Opportunities 1 Ltd., resolving disputes related to a $10,000,000 senior secured Convertible Promissory Note. The agreement includes honoring $295,000 in conversion notices and crediting $2,600,000 for digital asset collateral, reducing the remaining outstanding debt to $1,000,000. Additionally, Helena has irrevocably consented to DevvStream's proposed business combination with XCF Global, Inc. and Southern Energy Renewables, Inc.

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.

DevvStream Corp. announced the termination of its Purchase Agreement, effective June 3, 2026. This agreement, originally dated October 29, 2024, was with Helena Global Investment Opportunities I LTD. and Focus Impact Sponsor, LLC. The terminated agreement had previously allowed DevvStream to issue and sell up to $300,000,000 of its Common Shares to Helena.

DevvStream Corp. faces potential delisting from Nasdaq after failing to regain compliance with the Net Income Requirement by the May 18, 2026, deadline. This follows an earlier notification on April 7, 2026, regarding non-compliance with the Minimum Bid Price Rule, for which the company is ineligible for a compliance period due to a prior reverse stock split. A Nasdaq Hearings Panel, which met on May 19, 2026, will now consider both deficiencies in its decision regarding the company's continued listing.

DevvStream Corp. announced the termination of its Prior Merger Agreement, originally entered into on December 3, 2025, with Southern Energy Renewables Inc. and Sierra Merger Sub, Inc. This termination was an automatic outcome of the expiration of Fairness Opinion Termination Rights, as stipulated in the subsequent Business Combination Agreement (BCA) dated April 13, 2026. The company confirmed that the Prior Merger Agreement is now null and void without any liability, while the transactions contemplated by the BCA continue to be subject to customary closing conditions.

DevvStream Corp. completed a private placement on April 27, 2026, selling 250,025 pre-funded warrants to Helena Partners Inc. for aggregate gross proceeds of $250,000. Each warrant allows the purchase of one common share at a nominal exercise price of $0.0001. The company intends to use the net proceeds for general working capital purposes. The offering was conducted under an exemption from registration.

DevvStream Corp. has signed a definitive Business Combination Agreement with XCF Global, Inc. and Southern Energy Renewables Inc. on April 13, 2026. This agreement follows a previously disclosed transaction term sheet from January 26, 2026. The complex transaction structure includes DevvStream migrating to a Delaware corporation, followed by two separate mergers involving newly-formed subsidiaries of XCF. The completion of these transactions is contingent upon customary closing conditions.

DevvStream Corp. has entered into a definitive Business Combination Agreement with XCF Global, Inc. and Southern Energy Renewables Inc. on April 13, 2026. This agreement formalizes the proposed business combination previously disclosed in a term sheet from January 26, 2026. The transaction structure involves DevvStream migrating to a Delaware corporation, followed by Southern Merger Sub merging into Southern, subject to customary closing conditions.