XCF Global shares surge 122.55% intraday after three-party merger and $700K equity purchase to fund SAF facility upgrades.

XCF Global Inc. surged 122.55% intraday following the announcement of a binding term sheet for a three-way merger with DevvStream Corp., Southern Energy Renewables Inc., and investor EEME Energy SPV I LLC. The deal, contingent on definitive agreements and regulatory approvals, aims to integrate low-carbon fuels and environmental-asset platforms, with EEME agreeing to purchase up to $10 million in XCF stock to fund facility upgrades and commercial production at its New Rise Reno refinery. The transaction, including an initial $700,000 equity investment, signals strategic expansion in sustainable aviation fuel (SAF) and carbon management, positioning XCF as a key player in North America’s decarbonization efforts. The merger and equity commitment directly correlate with the stock’s sharp intraday rally.