XCF Global Provides Update on Ongoing Capital Raise and Merger Discussions

Core Viewpoint - XCF Global is advancing its capital raise and merger discussions, having received stockholder approval for a significant share issuance to facilitate a business combination aimed at enhancing sustainable aviation fuel (SAF) production capabilities [1][2]. Group 1: Capital Raise and Share Issuance - XCF Global's stockholders approved the issuance of 19.99% or more of the company's outstanding Common Stock as part of a private placement offering [1]. - The company plans to invest $10 million to convert and build out its New Rise Renewables Reno facility for SAF production, funded through the sale of Common Stock to EEME [1]. - EEME has already acquired 38 million shares of XCF Common Stock for $3.8 million and is expected to acquire an additional 62 million shares for $6.2 million in two tranches [1]. Group 2: Business Combination and Facility Upgrade - XCF entered into a binding term sheet with Southern Energy Renewables, DevvStream, and EEME for a proposed business combination, which is subject to negotiation and required approvals [1]. - The planned upgrades to the New Rise Renewables Reno facility include the procurement of a new hydrotreating catalyst, enabling the conversion of various renewable feedstocks into high-quality SAF [1]. - The proposed business combination aims to create the first publicly traded SAF company in the U.S., enhancing XCF's ability to provide multiple non-fossil-based SAF production pathways [1][2]. Group 3: Market Position and Future Outlook - The combined entity is expected to better meet regulatory requirements and accelerate the availability of SAF options for the aviation sector, addressing the growing demand for sustainable aviation fuel [1]. - XCF's facility has a permitted production capacity of 38 million gallons per year, positioning it as an early mover among large-scale SAF producers in North America [2]. - The company is exploring expansion opportunities in Nevada, North Carolina, and Florida, aiming to scale SAF production globally [2].