Focus Impact Acquisition in an amended proxy filing adjusted the terms of its merger agreement with Devvstream Holdings, a carbon credit project co-development and generation firm specializing in technology-based solutions.
The deal was announced in September at an implied enterprise value of $212.8 million.
Terms call for the SPAC to issue 50,287,043 shares and 25,123,481 warrants to Devvstream investors. Each share of common stock of the merged company would be valued at $10.20 per share for the purposes of the transaction.
DevvStream securityholders will own approximately 63.5% of the outstanding capital stock of the combined company and Focus Impact’s sponsor would control 27.4%. The SPAC’s shareholders would own the remaining 9.1%
Focus Impact’s trust account stood at approximately $60 million as of last June. The preliminary proxy does not state the current value of the trust. The SPAC originally raised $234.6 million in a November 2021 IPO.
A meeting date for Focus Impact shareholders to vote on the deal has not yet been published. Read more.
