Focus Impact Acquisition Corp. Shareholders Approve Previously Announced Business Combination with DevvStream

Rhea-AI Summary

Focus Impact Acquisition Corp (FIAC) shareholders have approved the previously announced business combination with DevvStream (CBOE: DESG, OTCQB: DSTRF, FSE: CQ0) at a Special Meeting on September 13, 2024. DevvStream shareholders had already approved the merger at their Annual General and Special Meeting on September 11, 2024. This transaction is expected to make DevvStream the first publicly traded carbon streaming company on a major U.S. stock exchange. DevvStream is a leading carbon credit project co-development and generation firm specializing in technology-based solutions. The full results of the Focus Impact stockholder vote will be filed with the SEC in a Current Report on Form 8-K.

Positive

• Approval of the business combination by both FIAC and DevvStream shareholders
• Potential to become the first publicly traded carbon streaming company on a major U.S. stock exchange
• Increased visibility and access to capital markets for DevvStream

Negative

• None.

Insights

Financial Analyst

The approval of the business combination between Focus Impact Acquisition Corp. and DevvStream marks a significant milestone in the carbon credit market. As the first publicly traded carbon streaming company on a major U.S. stock exchange, DevvStream is poised to gain increased visibility and access to capital. This move could potentially accelerate growth in the rapidly expanding carbon offset industry.

However, investors should be cautious. The carbon credit market is still evolving and regulatory changes could impact DevvStream's future performance. Additionally, the company's valuation and financial metrics post-merger will be important to watch. Without specific financial details, it's challenging to assess the immediate impact on shareholder value. Investors should closely monitor the company's first quarterly report as a public entity for a clearer picture of its financial health and growth prospects.

Environmental Policy Expert

The merger of DevvStream with Focus Impact Acquisition Corp. represents a pivotal moment for the carbon credit industry. By becoming publicly traded, DevvStream gains enhanced credibility and transparency, which are important in the often-criticized carbon offset market. This move could potentially lead to improved standards and practices across the industry.

However, the success of this venture will largely depend on DevvStream's ability to deliver high-quality, verifiable carbon credits. The company's focus on technology-based solutions is promising, but it must demonstrate real, additional carbon reductions to maintain credibility. Investors and environmentalists alike will be watching closely to see if DevvStream can balance profitability with genuine climate impact, a challenge that has plagued many players in this space.

Market Research Analyst

The successful merger vote signals strong investor confidence in the future of carbon markets. With growing corporate commitments to net-zero emissions, demand for carbon credits is expected to surge in coming years. DevvStream's public listing could position it to capitalize on this trend, potentially leading to significant market share gains.

However, the carbon credit market remains highly fragmented and somewhat controversial. DevvStream will need to differentiate itself through superior technology and project quality to stand out. The company's performance post-merger will likely serve as a bellwether for the broader carbon streaming sector. Investors should watch for key metrics such as credit issuance rates, average credit prices and partnerships with major corporations to gauge DevvStream's competitive position and growth trajectory in this nascent but rapidly evolving market.

Focus Impact Acquisition Corp. shareholders approved the previously announced business combination with DevvStream at its Special Meeting held on September 13, 2024

DevvStream shareholders approved the business combination at its Annual General and Special Meeting held on September 11, 2024

NEW YORK--(BUSINESS WIRE)-- DevvStream Holdings Inc. (“DevvStream” or the “Company”) (CBOE: DESG) (OTCQB: DSTRF) (FSE: CQ0), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, and Focus Impact Acquisition Corp. (“Focus Impact” or “FIAC”) (Nasdaq: FIAC), a special purpose acquisition company, today announced that the stockholders of Focus Impact have approved the previously proposed business combination with DevvStream, which is expected to result in DevvStream becoming the first publicly traded carbon streaming company on a major U.S. stock exchange.

The full results of the Focus Impact stockholder vote will be included in a Current Report on Form 8-K to be filed by Focus Impact with the U.S. Securities and Exchange Commission.

DevvStream shareholders approved the business combination with Focus Impact at DevvStream’s Annual General and Special Meeting held on September 11, 2024.

About Focus Impact Acquisition Corp.

Focus Impact Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

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.

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 proposed transaction, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the proposed 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 Focus Impact and its management, and DevvStream and its management, as the case may be, 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 proposed transaction; (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 proposed transaction due to the failure to satisfy any conditions to closing; (4) changes to the proposed structure of the proposed transaction 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 proposed transaction; (6) the risk that the proposed transaction disrupts current plans and operations of Focus Impact or DevvStream as a result of the announcement and consummation of the proposed transaction; (7) the ability to recognize the anticipated benefits of the proposed transaction, 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 proposed transaction; (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) Focus Impact’s 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 (as amended, the “proxy statement/prospectus”), 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 is under any obligation, and expressly disclaim 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 the reports, which Focus Impact has filed or will file from time to time with the SEC and 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240913287247/en/

DevvStream Media & Investors

DevvStream@icrinc.com

info@fcir.ca

Phone: (332) 242-4316

Source: Focus Impact Acquisition Corp.

FAQ

When did Focus Impact Acquisition Corp shareholders approve the merger with DevvStream?

Focus Impact Acquisition Corp (FIAC) shareholders approved the merger with DevvStream on September 13, 2024, at a Special Meeting.

What is the significance of the FIAC and DevvStream merger for the carbon credit market?

The merger is expected to result in DevvStream becoming the first publicly traded carbon streaming company on a major U.S. stock exchange, potentially increasing visibility and access to capital in the carbon credit market.

What are DevvStream's current stock exchange listings before the FIAC merger?

Before the merger with FIAC, DevvStream is listed on CBOE under the ticker DESG, on OTCQB as DSTRF, and on the Frankfurt Stock Exchange as CQ0.

How will the voting results of the FIAC shareholder meeting be disclosed?

The full results of the Focus Impact Acquisition Corp (FIAC) stockholder vote will be included in a Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission.