XCF Global shareholders approve stock issuance for $10 million funding

XCF Global Inc. (NASDAQ: SAFX) announced that shareholders approved the issuance of more than 19.99% of outstanding common stock at a special meeting held March 6, 2026. The approval removes previous restrictions on share sales to investor EEME Energy SPV I LLC.

The sustainable aviation fuel company entered a binding term sheet in January 2026 with Southern Energy Renewables Inc., DevvStream Corp. (NASDAQ: DEVS), and EEME for a proposed business combination. The agreement includes XCF's plan to invest $10 million to convert its New Rise Renewables Reno facility for sustainable aviation fuel production.

EEME previously acquired 38 million shares of XCF common stock for $3.8 million. The company expects EEME to purchase the remaining 62 million shares for $6.2 million in two equal portions, with half funded during the week of March 7, 2026, and the remainder during the week of March 31, 2026.

XCF has initiated facility upgrades including procurement of a hydrotreating catalyst using Axens' Vegan technology. The technology is designed to convert renewable feedstocks into sustainable aviation fuel meeting ASTM D7566 specifications.

"With work on the Plant Conversion already underway and our hydrotreating catalyst now in production with Axens, we believe we are well positioned to advance the upgrade of our New Rise Renewables Reno facility," said Chief Executive Officer Chris Cooper.

The proposed business combination remains subject to negotiation of definitive agreements and required approvals. The New Rise Renewables Reno facility has a permitted nameplate production capacity of 38 million gallons per year.

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