DevvStream Corp., XCF Global, and Southern Energy Renewables announced that their proposed three-party business combination remains on track and that the governing Business Combination Agreement remains in full force and effect.

The companies issued the clarification following recent media coverage that they said mischaracterized information contained in a Form 8-K filed by DevvStream with the U.S. Securities and Exchange Commission on May 18, 2026.

According to the companies, the filing disclosed that DevvStream had received fairness opinions related to the proposed transaction and that the original merger agreement between DevvStream and Southern Energy Renewables, signed on December 3, 2025, had automatically terminated. The companies emphasized that the termination was anticipated under the terms of the Business Combination Agreement executed on April 13, 2026 by DevvStream, XCF Global, and Southern.

Under the agreement structure, the prior merger agreement remained in place until the expiration of certain Fairness Opinion Termination Rights. Once the required fairness opinions were received by DevvStream and XCF Global, those rights expired and the earlier merger agreement automatically terminated without liability or continuing obligations for any party.

The companies stressed that the termination was a contractual and procedural step required by the Business Combination Agreement and did not reflect any decision by any party to withdraw from the transaction.

The parties said they continue to work toward completing the proposed combination and expect to file a Form S-4 registration statement with the SEC in the coming weeks. The filing represents an important milestone toward obtaining SEC effectiveness and securing the shareholder approvals needed to complete the transaction.

DevvStream is a carbon management company focused on the development, investment, and sale of environmental assets, including carbon credits and renewable energy certificates.

XCF Global is a U.S.-based producer of renewable diesel and sustainable aviation fuel focused on reducing transportation-related emissions while supporting domestic fuel supply and energy security. The company’s flagship New Rise Renewables Reno facility has a permitted nameplate production capacity of 38 million gallons per year. XCF is pursuing expansion opportunities in Nevada, North Carolina, and Florida and is listed on Nasdaq under the ticker SAFX.