Amended S-4 Lays Out Financial Roadmap and Fairness Opinions for XCF Global's Three-Way Merger
SAFX has more than doubled off its 52-week low of $0.119 on light trading volume (0.3× avg).
Summary
XCF Global's amended S-4 unveils detailed financial projections for its three-way merger with DevvStream and Southern Energy, targeting over $925M in combined EBITDA by 2035, while also disclosing DevvStream's delisting and Southern Energy's site setback.
Key Events · M&A and Partnerships · SAFX
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Amended S-4 Filed
On July 13, 2026, XCF Global filed Amendment No. 1 to its S-4 registration statement, updating the proposed three-way merger with DevvStream and Southern Energy with fresh details.
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Financial Projections Disclosed
For the first time, the filing includes standalone and combined financial projections through 2035, with combined EBITDA climbing to $925.8 million by that year.
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Fairness Opinions Included
Houlihan Capital and EntrepreneurShares each delivered fairness opinions, concluding that the transaction is fair from a financial perspective to XCF and DevvStream shareholders, respectively.
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DevvStream Delisted to OTC Pink
DevvStream's common shares were suspended from Nasdaq on June 24, 2026, and now trade on the OTC Pink Market under the symbol 'DEVSF'.
Analysis · SAFX · Industrial Applications And Services
The amended S-4 offers the first detailed look at the combined company's financial trajectory, projecting a path to over $925 million in EBITDA by 2035, while fairness opinions back the deal's terms. It also surfaces fresh execution risks: DevvStream has been delisted to the OTC Pink Market, and Southern Energy lost its site option. For a company already carrying a going concern warning and more than $200 million in defaulted debt, this merger is a high-stakes bet on sustainable aviation fuel. If it closes, existing XCF shareholders would hold about 66.7% of a combined platform with significant long-term potential, but the route is littered with financing and operational hurdles.
How filings like this one have moved
In the 30 days to Sep 13, 2026, 42% of the 419 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.47%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SAFX was trading at $0.49 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $177.3M. The 52-week trading range was $0.12 to $2.10. This filing was assessed with neutral market sentiment and an importance score of 9 out of 10.