XCF Global announced it has raised $10 million by selling 100 million shares of its common stock. The proceeds will be used to support the planned conversion of its New Rise Renewables Reno facility into a sustainable aviation fuel (SAF) production plant.
The capital raise is part of a broader strategy to bridge a liquidity gap while the company works to resume SAF production. It also satisfies a condition of a proposed business combination with DevvStream Corp. and Southern Energy Renewables Inc. The business‑combination agreement requires Southern to secure $400 million in bonds and for the combined entity to reach $1 billion in annualized revenue and $100 million in EBITDA by June 30, 2026.
XCF has faced cash constraints, multiple loan defaults, and a going‑concern warning. The company also received a Nasdaq non‑compliance notice because its share price fell below $1.00, with a deadline to regain compliance by June 8, 2026. The $10 million infusion is intended to keep the Reno site operational, complete the conversion, and address outstanding debt obligations.
Catalyst deliveries for the conversion are expected in late May and early June 2026, with commissioning slated for early June. CEO Chris Cooper said, "This funding marks a meaningful step forward in the execution of our strategic transaction. It reinforces momentum behind the plant upgrade initiative and reflects continued alignment among the parties as we work diligently toward our goal of completing the business combination."
The move underscores XCF’s effort to stabilize its balance sheet and position itself for commercial SAF output, a critical milestone in a market projected to exceed $25 billion by 2030. However, the company’s financial distress and regulatory compliance challenges remain significant headwinds that could affect its ability to meet the conversion timeline and merger milestones.
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