DEVS DevvStream Corp.
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Executive Summary
DevvStream entered a binding term sheet for a $6M Series A Convertible Preferred private placement with EEME Energy SPV I, LLC, of which $1.5M has been funded. Separately, the company received a Notice of Exclusive Control from Helena Global Investment Opportunities 1 Ltd., asserting a default on a $10M senior secured convertible note and instructing the custodian to liquidate ~$2.8M in Bitcoin and Solana collateral against an asserted ~$4.5M default amount. The company disputes certain components of the claim.
Key Financial Metrics
Actionable Insight
The collateral liquidation by Helena represents an immediate liquidity event and signals severe financial distress. Monitor for further developments on the default resolution, potential additional dilution from the preferred placement, and any impact on the BCA with XCF Global. The $2M market cap makes this a high-risk, binary outcome situation.
Key Facts
- Binding term sheet for $6M Series A Convertible Preferred private placement with EEME Energy SPV I, LLC; $1.5M already funded.
- $5M of net proceeds earmarked for investment in Southern Energy Renewables, Inc. to partially satisfy a minimum capital commitment under a Business Combination Agreement with XCF Global, Inc.
- Helena Global Investment Opportunities 1 Ltd. delivered a Notice of Exclusive Control asserting an Event of Default on a $10M senior secured convertible note.
- Helena claims a mandatory default amount of approximately $4.5M is payable.
- Helena instructed BitGo to liquidate ~22.23 Bitcoin, ~12,610 Solana, and ~$79,990 in USD, valued at approximately $2.8M, which exceeds the remaining principal balance per management.
- Company disputes certain components of the asserted default amount and is evaluating resolution alternatives.
Financial Impact
Helena asserts ~$4.5M default amount; collateral liquidation of ~$2.8M in digital assets initiated. $6M preferred placement partially funded ($1.5M) with remainder uncertain.
Risk Factors
- Full $4.5M default claim could exceed collateral value, leading to further enforcement actions.
- Preferred placement conversion terms tied to XCF Global stock price or BCA termination could create significant dilution.
- Business Combination Agreement with XCF Global and Southern may be jeopardized by the company's financial instability.
- Nasdaq listing at risk if financial condition deteriorates further.
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-023907 |
| Document: 0001140361-26-023907-index-headers.html | 0001140361-26-023907 |
| Document: 0001140361-26-023907-index.html | 0001140361-26-023907 |
| Document: 0001140361-26-023907.txt | 0001140361-26-023907 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 8, 2026
4d ago
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425
| $0.8044 awaiting T+1 | awaiting T+1 | — | $0.2600 (−67.68%) |
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Jun 8, 2026
4d ago
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8-K
| $0.6650 awaiting T+1 | awaiting T+1 | — | $0.2600 (+60.90%) |
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Jun 4, 2026
8d ago
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425
| $0.6260 awaiting T+1 | awaiting T+1 | — | $0.2600 (−58.47%) |
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Jun 3, 2026
9d ago
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8-K
| $0.4570 $0.5801 | ▼ −26.94% | ▼ −29.51% | $0.2600 (+43.11%) |
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Jun 3, 2026
9d ago
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8-K
| $0.6650 $0.4570 | ▼ −31.28% | ▼ −31.68% | $0.2600 (−60.90%) |
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May 18, 2026
25d ago
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425
| $0.1550 $0.1560 | ▲ +0.65% | ▼ −0.39% | $0.2600 (+67.74%) |
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Apr 14, 2026
8w ago
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425
| $0.7700 $0.7590 | ▼ −1.43% | ▼ −2.20% | $0.2600 (−66.23%) |
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Apr 14, 2026
8w ago
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8-K
| $0.7700 $0.7590 | ▼ −1.43% | ▼ −2.20% | $0.2600 (−66.23%) |
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Apr 10, 2026
9w ago
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8-K
| $0.9500 $0.7700 | ▲ +18.95% | ▲ +20.16% | $0.2600 (+72.63%) |
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Feb 25, 2026
15w ago
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8-K
| $0.9300 $0.9060 | ▲ +2.58% | ▲ +2.04% | $0.2600 (+72.04%) |
US Market Status
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