DevvStream Holdings and Focus Impact Acquisition today announced a definitive merger agreement at an implied enterprise value of $212.8 million.
Vancouver-based DevvStream is a developer and manager of technology-based carbon credits and related sustainability solutions. DevvStream seeks to partner with governments and corporations worldwide to achieve their sustainability goals through curated green-technology projects that improve energy efficiencies, and eliminate and reduce or sequester carbon emissions, through the use of carbon credits. DevvStream also helps these organizations meet their net zero goals by providing them access to carbon credits.
The aggregate consideration to DevvStream stockholders will be newly issued shares of common stock in the combined company equal to $145 million, plus the aggregate exercise price of the outstanding DevvStream options and warrants, with each share of common stock of the merged company valued at $10.20 per share for the purposes of the transaction.
Based on the aggregate consideration, assuming full dilution and a U.S. dollar to Canadian dollar exchange rate of 1.34, this implies a deemed per share value of C$2.16 for DevvStream’s subordinate voting shares.
Focus Impact maintains a trust account of approximately $60 million, as of June 30 (prior to any redemptions). Read more.
