FIAC merger with DevvStream Corp.
DevvStream Corp. — DevvStream is a CAPEX-light carbon credit generation company focused on technology-based projects Providing a turnkey solution to help companies generate, manage and monetize environmental assets through carbon credits With Environmental …
Structure & dilution
SEC-primary termsThe headline number ignores the shares that did not pay $10 — the founder promote, PIPE stock and warrants. This is the same deal with all equity claims counted.
- PIPE
- ≈ $2M · unsourced
- Break fee
- $1M
PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.
An effective (post-dilution) figure needs either a stated pro-forma share count or the headline value plus the promote terms; the filings we hold do not yet state enough, and we will not print an estimate built on inventions.
Why headline and effective values differ is covered in headline vs effective deal value, in plain English.
The target: DevvStream Corp.
from S-4/AThe business actually being bought — described from SEC primary filings, with projections labelled as projections.
DevvStream is a CAPEX-light carbon credit generation company focused on technology-based projects Providing a turnkey solution to help companies generate, manage and monetize environmental assets through carbon credits With Environmental, Social and Governance (“ESG”) at the core of every investment Utilizing blockchain technology to drive trust and transparency across the credit lifecycle Leveraging partnerships with market leaders and decades of experience 1. Co-Development Process 3. Funds Flow to DevvStream & Co-Developers 2. Sales of Carbon Credits Monetization Corporations Countries Developers Corporations Non-Profits Investment Highlights 14 DevvStream plays a critical role in large and fast-growing carbon credit market by co-developing high-quality credits from credible decarbonization projects Opportunity >90% of DevvStream’s CY 2025 credits are technology-based, and bolstered by proprietary IP, providing enhanced credibility & transparency for buyers vs legacy methods Disruptive Advantage CAPEX-light business model with long-term recurring revenue streams, high margins, and material potential to expand Business Model ~97% of estimated revenue in CY 2025 is expected to be generated by compliance credits, providing higher pricing and demand transparency Regulation DevvStream is already public and is uplisting from the nascent TSX: CBOE to NASDAQ for greater access to capital and investor transparency Investment Friendly Regulatory Tailwinds Drive Significant Visibility and Predictability SECTION III DevvStream Platform Overview We Solve Pain Points for Buyers and Developers DEVELOPERS BUYERS THE DEVVSTREAM SOLUTION Technology Lack of technical know-how Lack of perceived credit quality Concern over proper control and accounting of credits Industr
DevvStream Corp. — every SPAC that has bid for it, and its listed peers
In plain English
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.