XCF Global Signs Long-Term Agreement with BGN INT US
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 7 hours ago
0mins
XCF Global "announced the execution of definitive agreements with BGN INT US LLC, establishing a long-term framework intended to support feedstock supply, renewable fuel production, logistics, and commercialization at the Company's New Rise Renewables Reno facility. The agreements, build upon the binding term sheet announced earlier this year and represent the next step in formalizing the commercial relationship between the parties. The framework is intended to support operations at New Rise Renewables Reno and may be expanded to future XCF facilities, subject to operational readiness, market conditions, regulatory requirements and other customary business considerations. The announcement comes as XCF continues to advance through the production startup sequence at New Rise Renewables Reno following the completion of planned facility upgrades and operational readiness activities."
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About SAFX
XCF Global, Inc. is a sustainable aviation fuel company engaged in accelerating the aviation industry's transition to net-zero emissions. The Company is developing and operating clean fuel synthetic aviation fuel (SAF) production facilities. SAF is a synthetic kerosene derived from non-food feedstocks, such as waste oils and fats, green and municipal waste and non-food crops. SAF is able to recycle carbon dioxide absorbed by biomass during its lifetime rather than injecting new carbon into the system, reducing emissions by up to 80%. It is also engaged in building partnerships across the energy and transportation sectors to accelerate the adoption of SAF on a global scale.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Upcoming Registration Statement: The parties expect to file a Form S-4 registration statement with the SEC in the coming weeks, which is a critical step toward obtaining SEC effectiveness and shareholder approvals necessary for closing the proposed combination.
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See More
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- Equity Issuance Details: The shares will be issued at a conversion price of $0.451 each, based on a pricing formula tied to the company's recent stock performance, aimed at enhancing financial flexibility through reduced indebtedness.
- Subsidiary Involvement: The agreement involves XCF Global's subsidiary New Rise Renewables Reno LLC, aiming to eliminate property liens associated with the design and construction of its new facility, thereby supporting future operational execution.
- Long-term Growth Strategy: Through this debt reduction transaction, XCF Global plans to focus on operational execution and long-term growth, indicating the company's ongoing commitment to development in the renewable fuels sector.
See More
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- Business Combination Advancement: This funding satisfies a key financing condition tied to the proposed three-party business combination with DevvStream and Southern Energy Renewables, indicating the company's proactive steps in resource integration and market share expansion.
- Complex Transaction Conditions: Although the financing is complete, the transaction remains subject to several closing conditions, including shareholder approvals, regulatory clearances, stock exchange listing approvals, and other milestones, which could affect the timeline for finalizing the deal.
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See More
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See More
