Recent Updates — SAFX
XCF Global, Inc., DevvStream Corp., and Southern Energy Renewables Inc. entered into Amendment No. 1 to their Business Combination Agreement on September 14, 2026. The amendment adjusts merger consideration so former Southern Energy shareholders will hold approximately 20% of the combined entity (down from 23.3%), while DevvStream shareholders will hold approximately 10.43% (up from 10.0%). Existing XCF Global stockholders will retain approximately 69.57%. The amendment deletes several closing conditions, including minimum capitalization, investment bank engagement, revenue run-rate thresholds of $1 billion and $100 million EBITDA, Nasdaq Sweden listing approval, and HSR Act clearance. Closing is conditioned on a concurrent $1,000,000 investment by GL PART SPV I LLC via the company's warrant program at $2.50 per share. Post-closing, EEME and GL commit to funding at least $4,373,000 within three months and up to $50,000,000 within twelve months. The special meeting of stockholders was postponed from September 10 to September 24, 2026, to allow review of the amendment. XCF Global operates in the renewable energy sector, focusing on blended fuel products and plant conversion technologies.
XCF Global, Inc. entered into an Omnibus Amendment to Senior Secured Promissory Notes effective September 4, 2026, modifying agreements with Hollywood Horizons, Abri Capital, and Brown Stone Capital. The amendment removed obligations for 5,000,000 Penalty of Default Shares and reduced Abri’s conversion rights on $66,666.70 of principal into 666,667 shares at $0.10 per share. It also amended maturity dates, interest payments, and mandatory pre-payments from revenue, while obligating the company to pay Brown Stone a $150,000 arrangement fee ($100,000 upfront, $50,000 upon final satisfaction). Additionally, XCF executed a Debt Conversion Agreement with Narrow Road Capital Ltd, terminating its $700,000 promissory note and converting $840,000 of outstanding debt into 3,500,000 shares at $0.24 per share. The company operates in the financial services industry.
XCF Global filed updated pro forma financial information related to its proposed business combination with Southern Energy and DevvStream. The transaction involves XCF Global acquiring Southern Energy as an asset acquisition and DevvStream as a business combination, resulting in former stockholders of the target companies holding approximately 23.33% and 10% of the combined entity, respectively, while existing shareholders retain 66.67%. Pro forma results for the six months ended June 30, 2026, show a net loss of $43.7 million and pro forma total assets of approximately $524.8 million. The company operates in the energy and technology sectors.
On August 12, 2026, XCF Global, Inc. entered into a Senior Secured Promissory Note and Security Agreement with Abri Capital Limited for a $666,666 senior secured loan. The transaction carries a 25% original issue discount, resulting in net proceeds of $500,000. Interest accrues at 10% per annum, payable monthly, with the principal due on August 20, 2026. As part of the agreement, XCF issued 500,000 shares of Class A Common Stock as a non-refundable commitment fee and granted Abri a first-priority security interest in its assets. The company also reserved 5,000,000 additional shares to be issued upon an Event of Default. XCF Global, Inc. operates in the environmental services industry.
On August 11, 2026, XCF Global announced initial sales of renewable diesel from its New Rise Renewables Reno facility to Tartan Oil LLC, a subsidiary of Pilot Travel Centers and Berkshire Hathaway. The company estimates these specific sales could generate between $12,860,000 and $13,860,000 in monthly revenue based on current production volumes, logistics, diesel prices, and incentives. This agreement marks a transition to revenue-generating commercial operations at the Reno refinery, which has a nameplate capacity of 38 million gallons per year. XCF Global operates as a U.S.-based producer of renewable diesel and sustainable aviation fuel.
XCF Global, Inc. filed a preliminary proxy statement on July 27, 2026, regarding a business combination agreement dated April 13, 2026. The upcoming special meeting of stockholders will vote on several proposals, including increasing authorized Class A common stock from 500,000,000 to 1,700,000,000 shares and approving the issuance of stock consideration exceeding 19.99% of outstanding shares. Other proposals include electing seven directors for the post-closing company, increasing the 2025 Equity Incentive Plan reserve from 14,557,181 to 80,000,000 shares, and authorizing meeting adjournment. The record date for the special meeting is July 29, 2026. XCF Global, Inc. is a company involved in business combinations and corporate restructuring.