Amended S-4 Lays Out Financial Roadmap and Fairness Opinions for XCF Global's Three-Way Merger

summarizeSummary

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.

check_boxKey Events · M&A and Partnerships · SAFX

• 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.

• 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.

• 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.

• 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'.

auto_awesomeAnalysis · 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.