Focus Impact Acquisition Corp. Completes Merger with DevvStream Holdings Inc. and Rebrands as DevvStream Corp.

On November 6, 2024, Focus Impact Acquisition Corp. (NASDAQ: FIACU) successfully finalized its business combination with DevvStream Holdings Inc., leading to a jurisdiction change to Alberta, Canada. Consequently, the company has rebranded as DevvStream Corp. The merger, in line with a Business Combination Agreement, saw the amalgamation of DevvStream and Amalco Sub into a single corporate entity named Amalco after an Amalgamation transaction.

As part of this transition, DevvStream issued common shares to investors under subscription and carbon credit agreements. Notable agreements included a Private Investment in Public Equity (PIPE) financing with various investors, resulting in the issuance of over 3 million common shares, and carbon credit subscription agreements with carbon credit sellers.

Moreover, Focus Impact Acquisition Corp. revised transfer restrictions on Sponsor Shares and ratified the exchange of Monroe Agreement units for New PubCo Common Shares. These transactions were important steps in solidifying the merger’s financial processes.

During the integration process, New PubCo entered into essential agreements such as a Registration Rights Agreement, Indemnification Agreements with directors and officers, and a Strategic Consulting Agreement with Focus Impact Partners. These agreements outlined critical legal and operational frameworks for the newly formed entity.

Following the completion of the merger, New PubCo announced the fulfillment of Business Combination Approval Meeting and the subsequent vote on shareholder redemptions. The company issued new common shares for various conversions, including warrants and options held previously, and successfully listed these shares on the Nasdaq Stock Market.

New PubCo, focusing on carbon credit generation projects, aims to provide a turnkey solution for environmental asset management. However, there are challenges ahead, as indicated by a pending Form 10 filing due to delays in finalizing financial statements.

The company outlined strategic risks in its forward-looking statements, including market conditions, regulatory changes, and financial projections. The leadership team, consisting of experienced industry professionals, is poised to steer New PubCo towards sustained growth.

For a detailed understanding, readers may refer to the information provided in the proxy filings and financial disclosures, which offer comprehensive insights into the recent merger and future prospects of DevvStream Corp.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Focus Impact Acquisition’s 8K filing here.

Focus Impact Acquisition Company Profile

Focus Impact Acquisition Corp. does not have significant operations. The company intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination with one or more businesses operating in education technology, technology-enabled manufacturing and services, and financial and healthcare technology sectors.