XCF Global, Inc. announced the completion of a business combination with Southern Energy Renewables Inc. and DevvStream Corp. on October 16, 2026. The transaction was approved by stockholders of XCF Global on October 5, 2026, and by DevvStream shareholders on September 17, 2026.
The combination was structured as an all-stock deal completed in three steps. DevvStream first domesticated from Alberta, Canada, into a Delaware corporation. Following this, Southern Energy and DevvStream merged with wholly owned subsidiaries of XCF Global. As a result, Southern Energy and DevvStream became wholly owned subsidiaries of XCF Global, which remains the publicly traded parent company.
Under the terms of the agreement, former holders of Southern Energy shares received 119,397,857 shares of XCF Global Class A common stock, representing approximately 28.75% of the shares outstanding immediately prior to the merger. Former DevvStream shareholders received 62,253,004 shares of XCF Global Class A common stock, representing approximately 14.99% of the shares outstanding prior to the merger. Following the completion, these former shareholders collectively held approximately 30.43% of the company's equity.
As of the closing of the business combination, XCF Global had approximately 596 million common shares outstanding. The company’s Class A common stock continues to trade on The Nasdaq Stock Market LLC under the symbol “SAFX.”
Following the merger, XCF Global appointed three new directors to its board: Chad J. Langley, John Wharton, and Carl Stanton. The board now consists of seven members, including four directors designated by XCF Global, two designated by Southern Energy, and one designated by DevvStream.
XCF Global stated that the combined entity creates a vertically integrated alternative energy platform. The company updated its 2027 financial outlook to project gross product sales of $650 million to $700 million, net revenue of $120 million to $130 million, and EBITDA of $70 million to $75 million.
