DevvStream Holdings (NEO: DESG) is aiming to be the first pure-play carbon credit generator to be listed on the Nasdaq Stock Exchange.
The company this morning is reporting that it has entered into a non-binding letter of intent for a proposed combination with a special purpose acquisition vehicle as a means of becoming listed on the top tier US exchange. While the name of the SPAC was not provided by the company, a condition of the proposed combination is that the resulting company would be listed on the Nasdaq.
“We believe this Transaction will increase DevvStream’s visibility in the marketplace, provide heightened access to capital, improve liquidity and diversify our shareholder base. Our next step is to negotiate and execute a definitive agreement, a process which is already underway,” commented DevvStream CEO Sunny Trinh.
Further details on the proposed combination, including financial terms, were not provided. Further details are expected to be released when a definitive agreement is entered into.
At last count, DevvStream is said to have a total pipeline of over $500 million in investment opportunities across over 125 identified opportunities within the carbon credit generation space. Seven projects are currently under contract, including a project focused on plugging abandoned oil wells in North America that is expected to generate 125,000 credits per year, as well as an energy-efficiency initiative in the Sub-Sahara expected to generate 30,000 credits per year at minimum.
DevvStream last traded at $1.10 on the Neo.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
