XCF Global shares surge 12.73% after-hours after announcing three-way merger and $10M equity purchase to fund SAF facility upgrades.

XCF Global Inc. surged 12.73% in after-hours trading following the announcement of a binding term sheet for a three-way merger with DevvStream Corp. and Southern Energy Renewables Inc., alongside a $10 million equity commitment from investor EEME Energy SPV I LLC. The deal, subject to approvals, would integrate DevvStream’s carbon management and Southern’s biomass-to-fuels projects into XCF’s sustainable aviation fuel (SAF) platform, while EEME’s investment will fund upgrades at XCF’s New Rise Reno facility to achieve commercial production. The merger aims to strengthen XCF’s North American SAF footprint and streamline governance, positioning the company as a key player in low-carbon fuel markets.