XCF Global shares surge 102.78% after-hours after announcing three-way merger with DevvStream, Southern Energy and $10M equity purchase to fund SAF facility upgrades.

XCF Global Inc. surged 102.78% in after-hours trading following the announcement of a strategic three-way merger with DevvStream Corp. and Southern Energy Renewables Inc., backed by investor EEME Energy SPV I LLC. The deal, outlined in a binding term sheet, would position XCF as a consolidated low-carbon fuels and environmental-asset platform, with Southern and DevvStream becoming wholly owned subsidiaries. EEME agreed to purchase up to $10 million in XCF shares, including an initial $700,000 investment, to fund upgrades at XCF’s New Rise Reno facility and advance commercial production of sustainable aviation fuel (SAF). The merger aims to strengthen XCF’s North American SAF footprint and governance structure, with the transaction contingent on regulatory approvals and definitive agreements. The significant equity investment and strategic integration signal investor confidence in XCF’s growth potential in the decarbonization sector.