Tech-based carbon streaming firm Devvstream Holdings Inc said it will list on Nasdaq Stock Exchange after entering into a definitive business combination with a private investment company Focus Impact Acquisition Corp on Wednesday.
This merger will take DevvStream into a fully owned subsidiary of Focus Impact and moved its domicile as an alberta company, which is an independent legal entity that exists separately.
Focus Impact will be renamed to DevvStream Corp and continue the business of DevvStream. The combined company will be listed on the Nasdaq Stock Exchange, and the shares will be trade under the ticker symbol ‘DEVS’.
The company said this deal will issue stockholders of DevvStream with newly issued shares of the combined firm which is equal to $145 million alongside the aggregate exercise price of outstanding DevvStream options and warrants. The company also said each share of the combined company is valued at $10.20 per share.
The deal has been unanimously approved by the board of both companies. DevvStream said it is expected to delist from the Cboe Canada stock exchange after the deal is closed.
Sunny Trinh, CEO of DevvStream said, “Entering into a definitive agreement to merge with Focus Impact is a significant step towards accelerating the growth of our differentiated technology-based approach to carbon markets.”
Vancouver-based DevvStream Holdings is a carbon streaming company focused on technology-based decarbonisation solutions that contributes to the development and monetization of environmental assets.
