DevvStream secures $6 million investment, terminates $300 million credit line

DevvStream Corp. (NASDAQ: DEVS) announced a $6 million private placement investment from EEME Energy SPV I, LLC through preferred stock, with $1.5 million already funded. The carbon management company also gave notice to terminate its $300 million equity line of credit agreement.

The investment involves Series A Non-Redeemable Convertible Preferred Stock with no maturity date, mandatory redemption, or repurchase obligation. DevvStream plans to use $5 million of the proceeds to fund its investment in Southern Energy Renewables, Inc. and $1 million for working capital, according to the company's statement.

The preferred stock converts to common shares based on a five-day volume-weighted average price following either the completion of DevvStream's planned business combination with XCF Global, Inc. (NASDAQ: SAFX) and Southern Energy Renewables, or termination of that agreement.

"This investment materially strengthens our balance sheet," said Sunny Trinh, DevvStream's chief executive officer. The company terminated its equity line of credit agreement with Helena Global Investment Opportunities I Ltd., which was dated October 29, 2024.

DevvStream also disclosed receiving a default notice from Helena Global Investment Opportunities 1 Ltd. on May 28, 2026, claiming approximately $4.5 million related to a registration statement deadline. Helena instructed liquidation of DevvStream's digital asset collateral valued at approximately $2.8 million, which exceeds the remaining principal balance as calculated by management.

The company disputes components of the claimed amount and is evaluating resolution alternatives while preserving its legal rights. The remaining EEME investment closing requires definitive agreement execution and customary closing conditions.

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