Focus Impact Acquisition filed a proxy setting out the terms of its proposed merger 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 issuance of $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 June 30. The preliminary proxy does not state the current value of the trust. Read more.
