DevvStream Reaches Key Milestone Toward Nasdaq Listing

The Company has made significant progress since the execution of its definitive business combination agreement with Focus Impact, announced on September 13, 2023

VANCOUVER, British Columbia, Oct. 24, 2023 (GLOBE NEWSWIRE) -- DevvStream Holdings Inc. (“DevvStream” or the “Company”) (CBOE: DESG) (OTCQB: DSTRF) (FSE: CQ0), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, is pleased to provide a progress update since the execution of its business combination agreement (the “Business Combination Agreement”) for a business combination (the “Transaction” or the “Business Combination”) with Focus Impact Acquisition Corp. (“Focus Impact”) (NASDAQ: FIAC), which is expected to result in the securities of DevvStream being listed for trade on the Nasdaq Stock Market LLC (“Nasdaq”). The Transaction values DevvStream at an implied enterprise value of approximately $212.8 million, representing an equity value of C$2.16 per DevvStream subordinate voting share prior to closing.

Since executing the Business Combination Agreement, DevvStream has completed its preparation of required financial statements, prepared in accordance with U.S. GAAP and audited in compliance with Public Company Accounting Oversight Board requirements, for inclusion in the Registration Statement on Form S-4 to be filed by Focus Impact with the Securities and Exchange Commission (“SEC”) in the coming weeks registering the securities being issued in connection with the Business Combination (the “Registration Statement”), which Registration Statement will also contain a proxy statement for the purpose of soliciting votes from the Focus Impact shareholders to approve the Business Combination. The Business Combination is expected to be completed by early Q1 2024, subject to the satisfaction of closing conditions under the Business Combination Agreement.

Learn more about the Company’s progress by joining a live webinar presented by DevvStream and Focus Impact on Thursday, October 26^th at 9:30am PT / 12:30pm ET. Please register by clicking on the following link: https://event.webinarjam.com/register/248/q32nmsn2.

“Since DevvStream and Focus Impact agreed to merge, the transaction has proceeded smoothly and efficiently,” said Sunny Trinh, CEO of DevvStream. “Not only are the two teams well-aligned in terms of culture, strategy, and vision, but they also bring highly complementary areas of expertise to the relationship, making the process of combining our businesses effortless and natural. DevvStream is excited to continue moving forward in its journey to become the first and only carbon credit firm to be listed on Nasdaq, which will strengthen our leadership position and market presence, as well as enhance our ability to quickly and cost-effectively help corporations and governments reach net zero while generating ongoing streams of revenue.”