Published by Todd Bush on October 24, 2023
The Company has made significant progress since the execution of its definitive business combination agreement with Focus Impact, announced on September 13, 2023
VANCOUVER, British Columbia, Oct. 24, 2023 (GLOBE NEWSWIRE) -- DevvStream Holdings Inc. (“DevvStream” or the “Company”) (CBOE: DESG) (OTCQB: DSTRF) (FSE: CQ0), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, is pleased to provide a progress update since the execution of its business combination agreement (the “Business Combination Agreement”) for a business combination (the “Transaction” or the “Business Combination”) with Focus Impact Acquisition Corp. (“Focus Impact”) (NASDAQ: FIAC), which is expected to result in the securities of DevvStream being listed for trade on the Nasdaq Stock Market LLC (“Nasdaq”). The Transaction values DevvStream at an implied enterprise value of approximately $212.8 million, representing an equity value of C$2.16 per DevvStream subordinate voting share prior to closing.
Since executing the Business Combination Agreement, DevvStream has completed its preparation of required financial statements, prepared in accordance with U.S. GAAP and audited in compliance with Public Company Accounting Oversight Board requirements, for inclusion in the Registration Statement on Form S-4 to be filed by Focus Impact with the Securities and Exchange Commission (“SEC”) in the coming weeks registering the securities being issued in connection with the Business Combination (the “Registration Statement”), which Registration Statement will also contain a proxy statement for the purpose of soliciting votes from the Focus Impact shareholders to approve the Business Combination. The Business Combination is expected to be completed by early Q1 2024, subject to the satisfaction of closing conditions under the Business Combination Agreement.
>>Read about DevvStream Announcing Participation at Upcoming COP28 Climate Change Conference
Learn more about the Company’s progress by joining a live webinar presented by DevvStream and Focus Impact on Thursday, October 26th at 9:30am PT / 12:30pm ET. Please register by clicking on the following link: https://event.webinarjam.com/register/248/q32nmsn2.
“Since DevvStream and Focus Impact agreed to merge, the transaction has proceeded smoothly and efficiently,” said Sunny Trinh, CEO of DevvStream. “Not only are the two teams well-aligned in terms of culture, strategy, and vision, but they also bring highly complementary areas of expertise to the relationship, making the process of combining our businesses effortless and natural. DevvStream is excited to continue moving forward in its journey to become the first and only carbon credit firm to be listed on Nasdaq, which will strengthen our leadership position and market presence, as well as enhance our ability to quickly and cost-effectively help corporations and governments reach net zero while generating ongoing streams of revenue.”
Founded in 2021, DevvStream is a technology-based sustainability company that advances the development and monetization of environmental assets, with an initial focus on carbon markets. DevvStream works with governments and corporations worldwide to achieve their sustainability goals through the implementation of curated green technology projects that generate renewable energy, improve energy efficiencies, eliminate or reduce emissions, and sequester carbon directly from the air—creating carbon credits in the process.
Focus Impact is a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Focus Impact is sponsored by Focus Impact Sponsor, LLC. Focus Impact intends to focus its search on businesses that are, or seek to be positioned as, a “Social-Forward Company,” which are companies that marry operating excellence with the desire to create social good, with the benefit of increasing attention and capital flows to such companies while amplifying their social impact.
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Inside This Issue 🚂 Ballard Announces 1.5 MW Fuel Cell Engine Order for Sierra Northern Railway 🌊 Sonardyne Secures Monitoring Deal for NEP CCS Project 🏆 ClimeFi provides access to CDR portfolio o...
Inside This Issue 🛢️ Chevron Doubles Down on U.S. Hydrogen Innovation with Dual Projects in Texas and California 🧾 Exclusive: White House Considers Plan to Clear Record Backlog of Small Refinery B...
Inside This Issue 💸 Trump Administration Cancels $3.7 Billion in Clean Energy Projects, Ending Ambitious Industrial Decarbonization Efforts 🌊 A New Protocol for Carbon Removal via Direct Ocean Cap...
Ballard Announces 1.5 MW Fuel Cell Engine Order for Sierra Northern Railway
VANCOUVER, CANADA – Ballard Power Systems (NASDAQ:BLDP; TSX:BLDP) today announced the signing of a new supply agreement with California-based rail operator Sierra Northern Railway for the supply of...
PureWest and Gunvor Group Partner to Accelerate Use of Verified Low-Carbon Gas Solutions
PureWest Energy, LLC ("PureWest"), a leading Rocky Mountain independent natural gas producer recognized for its low methane and carbon emission rates, and Gunvor USA LLC, a member of Gunvor Group (...
Towards Net Zero: Sustainability Meets Efficiency with E-Drive
In the first blog of this series, we introduced the roadmap that will make Woodfibre LNG one of the lowest-emission LNG facilities in the world. A key component of that strategy is the E-Drive syst...
ClimeFi provides access to CDR portfolio of XPRIZE competition Winners and Finalists
ClimeFi has partnered with XPRIZE to provide CDR buyers with a portfolio that offers unrivalled exposure to the XPRIZE Carbon Removal competition Winners and Finalists ClimeFi has partnered with X...
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.