DevvStream Holdings Inc. Announces Voting Results from 2024 Annual General and Special Shareholder Meeting and Provides Transaction Update
DevvStream Holdings Inc. (OTCQB: DSTRF) announced the results of its 2024 Annual General and Special Shareholder Meeting held on September 11, 2024. Shareholders overwhelmingly approved the plan of arrangement with Focus Impact Acquisition Corp. (FIAC), which involves FIAC redomiciling as an Alberta company and DevvStream amalgamating into a FIAC subsidiary. The meeting saw 85.65% of eligible voting rights represented, with 100% approval for the arrangement resolution. Shareholders also re-elected five directors and reappointed MNP LLP as auditors. CEO Sunny Trinh expressed satisfaction with the strong shareholder support. The Transaction is expected to close on September 16, 2024, subject to FIAC stockholder approval and final court order.
DevvStream Holdings Inc. (OTCQB: DSTRF) ha annunciato i risultati della sua Riunione Annuale Generale e Straordinaria degli Azionisti tenutasi il 11 settembre 2024. Gli azionisti hanno approvato senza riserve il piano di accordo con Focus Impact Acquisition Corp. (FIAC), che prevede il trasferimento della sede di FIAC in Alberta e l'amalgama di DevvStream in una filiale di FIAC. Alla riunione era presente l'85,65% dei diritti di voto eleggibili, con un'approvazione del 100% per la risoluzione dell'accordo. Gli azionisti hanno anche rieletto cinque direttori e riapportato MNP LLP come revisori dei conti. Il CEO Sunny Trinh ha espresso soddisfazione per il forte sostegno degli azionisti. La transazione dovrebbe chiudersi il 16 settembre 2024, soggetta all'approvazione degli azionisti di FIAC e all'ordine finale del tribunale.
DevvStream Holdings Inc. (OTCQB: DSTRF) anunció los resultados de su Reunión Anual General y Especial de Accionistas celebrada el 11 de septiembre de 2024. Los accionistas aprobaron abrumadoramente el plan de acuerdo con Focus Impact Acquisition Corp. (FIAC), que implica que FIAC se reestablezca como una empresa de Alberta y que DevvStream se amalgame en una subsidiaria de FIAC. En la reunión se representó el 85,65% de los derechos de voto elegibles, con un 100% de aprobación para la resolución del acuerdo. Los accionistas también reelegieron a cinco directores y reafirmaron a MNP LLP como auditores. El CEO Sunny Trinh expresó su satisfacción por el sólido apoyo de los accionistas. Se espera que la transacción se cierre el 16 de septiembre de 2024, sujeta a la aprobación de los accionistas de FIAC y a la orden final del tribunal.
DevvStream Holdings Inc. (OTCQB: DSTRF)는 2024년 9월 11일에 열린 연례 총회 및 특별 주주총회의 결과를 발표했습니다. 주주들은 Focus Impact Acquisition Corp. (FIAC)와의 계약 계획을 압도적으로 승인했습니다, 이는 FIAC가 앨버타 주로 본사를 이전하고 DevvStream이 FIAC의 자회사로 합병되는 내용을 포함합니다. 이번 회의에서는 투표권의 85.65%가 참석하였으며, 계약 관련 결의안은 100% 승인되었습니다. 주주들은 또한 다섯 명의 이사를 재선임하고 MNP LLP를 감사인으로 재지명했습니다. CEO Sunny Trinh은 강력한 주주 지원에 대한 만족감을 표명했습니다. 거래는 2024년 9월 16일에 종료될 것으로 예상됩니다, FIAC 주주들의 승인과 최종 법원 명령에 따라 달라집니다.
DevvStream Holdings Inc. (OTCQB: DSTRF) a annoncé les résultats de son Assemblée Générale Annuelle et de son Assemblée Générale Extraordinaire des Actionnaires qui s'est tenue le 11 septembre 2024. Les actionnaires ont approuvé massivement le plan d'arrangement avec Focus Impact Acquisition Corp. (FIAC), qui implique le transfert de FIAC comme entreprise en Alberta et l'amalgamation de DevvStream dans une filiale de FIAC. La réunion a vu 85,65% des droits de vote éligibles représentés, avec une approbation de 100% pour la résolution de l'arrangement. Les actionnaires ont également réélu cinq administrateurs et reconduit MNP LLP en tant qu'auditeurs. Le PDG Sunny Trinh a exprimé sa satisfaction quant au fort soutien des actionnaires. La transaction devrait se clôturer le 16 septembre 2024, sous réserve de l'approbation des actionnaires de FIAC et d'un ordre judiciaire final.
DevvStream Holdings Inc. (OTCQB: DSTRF) gab die Ergebnisse der Jahreshauptversammlung und der außerordentlichen Aktionärsversammlung 2024 bekannt, die am 11. September 2024 stattfand. Die Aktionäre haben den Plan zur Umstrukturierung mit Focus Impact Acquisition Corp. (FIAC) überwältigend genehmigt, bei dem FIAC als Unternehmen in Alberta umfirmiert und DevvStream mit einer FIAC-Tochtergesellschaft fusioniert werden soll. Bei der Versammlung waren 85,65% der stimmberechtigten Stimmen vertreten, und die Zustimmung zur Vereinbarungsresolution betrug 100%. Die Aktionäre wählten außerdem fünf Direktoren erneut und ernannten MNP LLP erneut zu den Prüfern. CEO Sunny Trinh äußerte seine Zufriedenheit mit der starken Unterstützung der Aktionäre. Die Transaktion wird voraussichtlich am 16. September 2024 abgeschlossen, vorbehaltlich der Genehmigung durch die FIAC-Aktionäre und des endgültigen Gerichtsbeschlusses.
- Shareholders overwhelmingly approved the plan of arrangement with Focus Impact Acquisition Corp.
- High shareholder participation with 85.65% of eligible voting rights represented at the meeting
- 100% approval for all matters brought before the meeting, including the arrangement resolution
- Transaction expected to close on September 16, 2024, marking a major milestone for the company
- None.
Vancouver, British Columbia--(Newsfile Corp. - September 12, 2024) - DevvStream Holdings Inc. (Cboe CA: DESG) (OTCQB: DSTRF) (FSE: CQ0) ("DevvStream" or the "Company"), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, is pleased to announce that at its annual general and special meeting (the "Meeting") of subordinate voting shareholders and multiple voting shareholders (together, the "DevvStream Shareholders") held on September 11, 2024, the DevvStream Shareholders voted overwhelmingly in favor of the special resolution to approve the previously announced plan of arrangement with Focus Impact Acquisition Corp. ("Focus Impact" or "FIAC"), whereby, subject to certain closing conditions, FIAC will redomicile as an Alberta company and DevvStream will amalgamate into a wholly-owned subsidiary of FIAC (the "Transaction"). Additionally at the Meeting, Tom Anderson, Ray Quintana, Michael Max Buehler, Stephen Kukucha and Jamila Piracci were re-elected as directors of DevvStream, and the DevvStream Shareholders approved the re-appointment of MNP LLP as auditors for the ensuing year.
Sunny Trinh, CEO of DevvStream stated, "The overwhelming support of the Transaction demonstrates the steadfast support DevvStream has received from its shareholders since inception. We look forward to working towards closing the Transaction and culminating a major milestone in the Company's lifecycle."
A total of 18,683,053 subordinate voting shares and 4,650,000 multiple voting shares were represented at the Meeting, representing 65,183,053 of 76,103,127 total eligible votes, or
| VOTES FOR | % FOR | VOTES WITHHELD/ AGAINST | % WITHHELD/ AGAINST | |
| ARRANGEMENT RESOLUTION | 65,183,044 | 9 | ||
| NUMBER OF DIRECTORS (5) | 65,183,027 | 26 | ||
| TOM ANDERSON | 65,181,755 | 1,298 | ||
| RAY QUINTANA | 65,181,777 | 1,276 | ||
| MICHAEL MAX BUEHLER | 65,183,027 | 26 | ||
| STEPHEN KUKUCHA | 65,183,027 | 26 | ||
| JAMILA PIRACCI | 65,183,027 | 26 | ||
| APPOINTMENT OF AUDITORS | 65,183,044 | 9 |
For more information, please visit www.devvstream.com and sign up to receive updates from the Company.
Transaction Update
The Company and FIAC currently expect the closing of the Transaction to occur on September 16, 2024, subject to the satisfaction of closing conditions including, among other things, (i) the approval of FIAC's stockholders at a stockholder meeting which is expected to occur on September 13, 2024 and (ii) receipt of the final order to be issued by the Supreme Court of British Columbia.
About DevvStream
Founded in 2021, DevvStream is a technology-based sustainability company that advances the development and monetization of environmental assets, with an initial focus on carbon markets. DevvStream works with governments and corporations worldwide to achieve their sustainability goals through the implementation of curated green technology projects that generate renewable energy, improve energy efficiencies, eliminate or reduce emissions, and sequester carbon directly from the air-creating carbon credits in the process.
On September 13, 2023, DevvStream and Focus Impact (Nasdaq: FIAC) announced that they had entered into a definitive Business Combination Agreement (the "Business Combination Agreement") for a potential business combination (the "Business Combination") that is expected to result in DevvStream being the first publicly traded carbon streaming company on a major U.S. stock exchange. The Company previously announced the filing of a registration statement on Form S-4 (as amended to date, the "Registration Statement") with the U.S. Securities and Exchange Commission ("SEC") on December 4, 2023.
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 Focus Impact's 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, Focus Impact's, DevvStream's and the combined Company's expectations with respect to future performance and anticipated financial impacts of the Business Combination and the timing and occurrence of the Business Combination 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 Focus Impact and its management, and 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 give rise to the termination of negotiations and any subsequent definitive agreements with respect to the Business Combination; (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 Business Combination due to the failure to obtain approval of the stockholders of Focus Impact or to satisfy other conditions to closing; (4) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations; (5) the ability to meet Nasdaq's or another stock exchange's listing standards following the consummation of the Business Combination; (6) the risk that the Business Combination disrupts current plans and operations of Focus Impact or DevvStream as a result of the announcement and consummation of the Business Combination; (7) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and retain its management and key employees; (8) costs related to the Business Combination; (9) changes in applicable laws or regulations; (10) the possibility that Focus Impact, DevvStream or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) estimates of expenses and profitability and underlying assumptions with respect to stockholder redemptions and purchase price and other adjustments; (12) 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, first filed with the SEC on December 4, 2023, as amended from time to time,, and other filings with the SEC; and (13) 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 Focus Impact, DevvStream and the combined company believe 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 none of Focus Impact, DevvStream or the combined company are 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 Focus Impact or DevvStream and is not intended to form the basis of an investment decision in Focus Impact or DevvStream. All subsequent written and oral forward-looking statements concerning Focus Impact and DevvStream, the proposed transaction or other matters and attributable to Focus Impact and DevvStream or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.
On Behalf of the Board of Directors,
Sunny Trinh, CEO
DevvStream Media Contacts
DevvStream@icrinc.com and info@fcir.ca
Phone: (332) 242-4316
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223084
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