DevvStream, Southern Energy Renewables Sign Business Combination Deal; Southern Makes ~$2M PIPE Investment In DevvStream

DevvStream Corp. (NASDAQ:DEVS) ("DevvStream"), a leading carbon management and environmental-asset monetization firm, and Southern Energy Renewables Inc. ("Southern"), a U.S.-based producer of low-cost fuels made from biomass, with a flagship Louisiana project that plans to utilize regional wood-waste biomass to deliver green methanol and carbon-negative sustainable aviation fuel ("SAF") at scale, today announced that they have entered into a definitive agreement to combine under a new U.S.-domiciled, Nasdaq-listed company, following customary closing conditions.

Ownership Structure: Upon closing, Southern equity holders are expected to own approximately 70% of the combined company, and DevvStream shareholders approximately 30%.

Initial Investment: Southern has completed an approximately $2.0 million investment in DevvStream through the acquisition of 128,370 shares at $15.58 per share (the "PIPE").

Accelerated Development and Capital Commitment: To accelerate development, Southern has committed to invest significant pre-closing capital to launch front-end engineering for its first commercial plant.

Approvals and Closing Conditions: The proposed combination is subject to shareholder approvals, Nasdaq and other regulatory approvals, effectiveness of a Form S-4 registration statement, and other customary closing conditions.