$DEVSF · DevvStream Corp.
DevvStream Corp. filed an 8-K disclosing a First Amendment to its Securities Purchase Agreement with EEME Energy SPV I LLC. EEME defaulted on a $1,000,000 share purchase, having paid only $161,000. The amendment cancels 2,925,078 of the 3,486,386 shares originally issued, re-prices new shares at $0.1785 (down from $0.28683), and terminates all remaining funding obligations under the original $5,000,000 SPA — of which only $1.64M was ever funded.
- EEME paid only $161,000 of a $1,000,000 share purchase commitment under the Original SPA.
- 2,925,078 common shares (84% of those initially issued) are being cancelled due to non-payment.
- The amended per-share price drops to $0.1785 from $0.28683 — a 37.8% reduction.
- All further funding obligations under the Original SPA, including the remaining $3.36M of a $5M commitment, are terminated.
- EEME must pay an additional $200,000 by September 29, 2026, for 1,120,448 new shares.
Price data unavailable.
A financing partner's default and the collapse of a $5M funding facility at a steeply discounted re-price signals acute capital-access stress for DevvStream.
Carbon-credit and renewables financing vehicles depend heavily on structured equity lines; a partner default and re-pricing at a steep discount undermines confidence in DevvStream's funding model.
The funding partner's failure to meet obligations and the termination of a $5M financing facility raise liquidity concerns. The 38% share price reduction signals distressed terms.
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