DevvStream Holdings Inc. Announces Receipt of Court Approval for the De-SPAC Transaction and Provides Transaction Updates
DevvStream Holdings Inc. (Cboe CA: DESG) (OTCQB: DSTRF) (FSE: CQ0) has received final court approval for its previously announced plan of arrangement with Focus Impact Acquisition Corp. (FIAC). The arrangement involves DevvStream amalgamating with a FIAC subsidiary after FIAC redomiciles as an Alberta company. The resulting entity will be renamed DevvStream Corp.
FIAC shareholders approved the De-SPAC Transaction on September 13, 2024. However, the closing is expected to be delayed beyond the previously announced date of September 16, 2024. Both companies are working to satisfy all closing conditions and obtain necessary regulatory approvals. DevvStream will provide updates on the new closing date when available.
DevvStream Holdings Inc. (Cboe CA: DESG) (OTCQB: DSTRF) (FSE: CQ0) ha ricevuto l'approvazione finale del tribunale per il suo piano di riorganizzazione precedentemente annunciato con Focus Impact Acquisition Corp. (FIAC). L'accordo prevede che DevvStream si fonda con una filiale di FIAC dopo che FIAC si trasferirà come azienda dell'Alberta. L'entità risultante sarà rinominata DevvStream Corp.
Gli azionisti di FIAC hanno approvato la Transazione De-SPAC il 13 settembre 2024. Tuttavia, la chiusura è prevista in ritardo rispetto alla data annunciata in precedenza del 16 settembre 2024. Entrambe le aziende stanno lavorando per soddisfare tutte le condizioni di chiusura e ottenere le necessarie approvazioni normative. DevvStream fornirà aggiornamenti sulla nuova data di chiusura non appena saranno disponibili.
DevvStream Holdings Inc. (Cboe CA: DESG) (OTCQB: DSTRF) (FSE: CQ0) ha recibido la aprobación final del tribunal para su plan de arreglo previamente anunciado con Focus Impact Acquisition Corp. (FIAC). El arreglo implica que DevvStream se fusionará con una subsidiaria de FIAC después de que FIAC cambie su domicilio a una empresa de Alberta. La entidad resultante será renombrada DevvStream Corp.
Los accionistas de FIAC aprobaron la Transacción De-SPAC el 13 de septiembre de 2024. Sin embargo, se espera que el cierre se retrase más allá de la fecha previamente anunciada del 16 de septiembre de 2024. Ambas empresas están trabajando para cumplir con todas las condiciones de cierre y obtener las aprobaciones regulatorias necesarias. DevvStream proporcionará actualizaciones sobre la nueva fecha de cierre cuando esté disponible.
DevvStream Holdings Inc. (Cboe CA: DESG) (OTCQB: DSTRF) (FSE: CQ0)는 Focus Impact Acquisition Corp. (FIAC)와의 이전에 발표된 계약 계획에 대해 최종 법원 승인을 받았습니다. 이 계약은 FIAC가 앨버타 회사로 재등록한 후 DevvStream이 FIAC의 자회사와 합병되는 것을 포함합니다. 그 결과로 생성된 법인은 DevvStream Corp로 이름이 변경됩니다.
FIAC 주주들은 2024년 9월 13일 De-SPAC 거래를 승인했습니다. 그러나 종료가 지연될 것으로 예상됩니다 이전에 발표된 2024년 9월 16일 날짜를 초과하여. 두 회사는 모든 종료 조건을 충족하고 필요한 규제 승인을 확보하기 위해 노력하고 있습니다. DevvStream은 새로운 종료 날짜에 대한 업데이트를 가능한 한 빨리 제공할 것입니다.
DevvStream Holdings Inc. (Cboe CA: DESG) (OTCQB: DSTRF) (FSE: CQ0) a reçu l'approbation finale du tribunal pour son plan d'arrangement précédemment annoncé avec Focus Impact Acquisition Corp. (FIAC). L'arrangement implique que DevvStream fusionne avec une filiale de FIAC après que FIAC se soit redomestiqué en tant qu'entreprise de l'Alberta. L'entité résultante sera renommée DevvStream Corp.
Les actionnaires de FIAC ont approuvé la transaction De-SPAC le 13 septembre 2024. Cependant, la clôture devrait être retardée au-delà de la date précédemment annoncée du 16 septembre 2024. Les deux entreprises travaillent à satisfaire toutes les conditions de clôture et à obtenir les approbations réglementaires nécessaires. DevvStream fournira des mises à jour sur la nouvelle date de clôture dès qu'elle sera disponible.
DevvStream Holdings Inc. (Cboe CA: DESG) (OTCQB: DSTRF) (FSE: CQ0) hat die endgültige Genehmigung des Gerichts für seinen zuvor angekündigten Umstrukturierungsplan mit der Focus Impact Acquisition Corp. (FIAC) erhalten. Die Vereinbarung sieht vor, dass DevvStream sich mit einer Tochtergesellschaft von FIAC zusammenschließt, nachdem FIAC seinen Sitz nach Alberta verlegt hat. Die resultierende Einheit wird in DevvStream Corp umbenannt.
Die FIAC-Aktionäre haben die De-SPAC-Transaktion am 13. September 2024 genehmigt. Es wird jedoch erwartet, dass sich der Abschluss verzögert über das zuvor angekündigte Datum vom 16. September 2024 hinaus. Beide Unternehmen arbeiten daran, alle Abschlussbedingungen zu erfüllen und die erforderlichen behördlichen Genehmigungen zu erhalten. DevvStream wird Aktualisierungen zum neuen Abschlussdatum bereitstellen, sobald dies möglich ist.
- Received final court approval for the De-SPAC Transaction
- FIAC shareholders approved the transaction
- Closing of the De-SPAC Transaction is delayed beyond the previously announced date
Vancouver, British Columbia--(Newsfile Corp. - September 13, 2024) - DevvStream Holdings Inc. (Cboe CA: DESG) (OTCQB: DSTRF) (FSE: CQ0) ("DevvStream" or the "Company") is pleased to announce that it has received the final order from the British Columbia Supreme Court (the "Final Order") to approve the previously announced plan of arrangement (the "Arrangement") with Focus Impact Acquisition Corp. ("FIAC"). Under the terms of the Arrangement, the Company is expected to amalgamate with a wholly-owned subsidiary of FIAC, following FIAC redomiciling as an Alberta Company, with the new combined company to be renamed DevvStream Corp. (the "De-SPAC Transaction"). Further information on the De-SPAC Transaction is disclosed in the Company's prior public disclosure, including the management information circular of the Company dated July 29, 2024.
FIAC received approval from its shareholders for the De-SPAC Transaction at a special meeting of FIAC shareholders held on September 13, 2024.
The Company and FIAC continue to work together to advance the closing of the De-SPAC Transaction, including obtaining receipt of all regulatory approvals and the satisfaction or waiver of all closing conditions to the Arrangement. Closing of the De-SPAC Transaction is expected to be delayed beyond the previously disclosed closing date of September 16, 2024. The Company will provide additional material updates on the De-SPAC Transaction in due course, including a new closing date when it can be determined.
About DevvStream
Founded in 2021, DevvStream is a leading authority in the use of technology in carbon project development. The Company's mission is to create alignment between sustainability and profitability, helping organizations achieve their climate initiatives while directly improving their financial health. With a pipeline of over 140 technology-based projects worldwide, DevvStream makes it simple for corporations and governments to address their net-zero goals while generating premium carbon credits in the process. DevvStream takes a programmatic approach to evaluating project opportunities, and co-develops projects spanning energy-efficient buildings, facilities and homes, industrial facilities, LED systems, EV charging stations, and technologies to seal oil wells. The Company's end-to-end proprietary solution removes the risk and complexity from every step, allowing organizations to move from project ideation to credit monetization with ease. The result is a multi-year stream of carbon credit revenue that transforms sustainability into a financial investment. In addition, for organizations that need help to offset their most difficult-to-reduce emissions, we also provide premium carbon credits for purchase.
On Behalf of the Board of Directors,
Sunny Trinh, CEO
DevvStream Media Contacts
DevvStream@icrinc.com and info@fcir.ca
Phone: (332) 242-4316
Disclaimer
Certain statements in this news release may be considered forward-looking statements. Forward-looking statements are statements that are not historical facts and generally relate to future events or DevvStream's future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expect", "intend", "will", "estimate", "anticipate", "believe", "predict", "potential" or "continue", or the negatives of these terms or variations of them or similar terminology. These forward-looking statements, including, without limitation DevvStream's expectations with respect to the closing of the De-SPAC Transaction are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by DevvStream and its management, are inherently uncertain and subject to material change. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could further postpone or cancel the Closing Date; (2) the outcome of any legal proceedings that may be instituted against Focus Impact, DevvStream, the combined company or others; (3) the inability to complete the De-SPAC Transaction due to the failure to satisfy other conditions to closing; (4) the ability to obtain financing sources; (5) changes in applicable laws or regulations; (6) various factors beyond management's control, including general economic conditions and other risks, uncertainties and factors set forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Registration Statement on Form S-4 that includes a proxy statement and prospectus of Focus Impact (as amended, the "Registration Statement"), filed with the SEC on December 4, 2023, and other filings with the SEC; and (7) certain other risks identified and discussed in DevvStream's Annual Information Form for the year ended July 31, 2023, and DevvStream's other public filings with Canadian securities regulatory authorities, available on DevvStream's profile on SEDAR at www.sedarplus.ca.
These forward-looking statements are expressed in good faith, and DevvStream believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and DevvStream is not under any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in DevvStream's public filings with Canadian securities regulatory authorities. This news release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in DevvStream and is not intended to form the basis of an investment decision in DevvStream. All subsequent written and oral forward-looking statements concerning DevvStream, the proposed transaction or other matters and attributable to DevvStream or any person acting on DevvStream's behalf are expressly qualified in their entirety by the cautionary statements above.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223370
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