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A business combination transaction expected to lead to a new Nasdaq listing has led DevvStream Holdings Inc. to announce it will voluntarily halt trading of its units on Cboe Canada after market close today.
The Vancouver-based company develops and monetizes environmental-focused assets such as renewable energy and land in exchange for access to carbon credits.
Due to its pending agreement with New York-based Focus Impact Acquisition Corp., trading of its stock on the Toronto-based Cboe Canada under the symbol DESG will halt as of 4 p.m. EDT on Oct. 25.
Focus Impact is a private investment firm that prioritizes social impact.
The agreement is expected to close on Oct. 30, and the company will be listed on Nasdaq under the symbol DEVS a day later. A release published Thursday said DevvStream has an implied enterprise value of approximately $212.8 million.
“DevvStream is excited to continue moving forward in its journey to become the first and only carbon credit firm to be listed on Nasdaq, which will strengthen our leadership position and market presence, as well as enhance our ability to quickly and cost-effectively help corporations and governments reach net-zero while generating ongoing streams of revenue,” Sunny Trinh, CEO of DevvStream, said in the Thursday announcement.
Combining with Focus Impact
In September 2023, DevvStream announced it would pursue a transaction to be a wholly owned subsidiary of the special purpose acquisition corporation Focus Impact, which is redomiciling as an Alberta company. As a result, Focus Impact would be renamed DevvStream Corp.
“Our merger with Focus Impact represents a significant step towards accelerating the growth of our technology-based approach to carbon markets,” Trinh said in a release published Tuesday.
“Not only does this transaction with Focus Impact add important personnel to the team, but our merger will result in additional financial strength, improved visibility with investors, and streamlined access to capital markets."
About DevvStream
Founded in 2021, DevvStream co-develops sustainable technologies for governments and businesses to create a stream of carbon credits for revenue, and credits for purchase on carbon markets. Those technologies include energy-efficient buildings, electric vehicle charging stations and sealing oil wells that are leaking methane into the environment.
It struck an offtake agreement with the BC Road Builders and Heavy Construction Association to pre-purchase 25,000 carbon credits generated by a greenhouse gas reduction program during 2024 and 2025.
For greater transparency into carbon trading markets and to let commercial building owners generate revenue from decarbonizing their properties, DevvStream launched the Buildings and Facilities Carbon Offset Program, a blockchain-based project.
More recent projects include acquiring a 50 per cent stake in Monroe Sequestration Partners LLC and its carbon sequestration operations in Louisiana that could store large volumes of carbon dioxide, and purchasing 1.2 million carbon credits by conserving 200,000 hectares of land in the Amazon Rainforest.
Projects in its portfolio were anticipated to generate $13 million and $55.1 million in net revenue for calendar years 2024 and 2025, respectively.
The World Bank said carbon pricing revenues were US$104 billion in 2023.
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