DevvStream Holdings Inc. Announces Receipt of Court Approval for the De-SPAC Transaction and Provides Transaction Updates

Vancouver, British Columbia–(Newsfile Corp. – September 13, 2024) – DevvStream Holdings Inc. (Cboe CA: DESG) (OTCQB: DSTRF) (FSE: CQ0) (“DevvStream” or the “Company“)  is pleased to announce that it has received the final order from the British Columbia Supreme Court (the “Final Order“) to approve the previously announced plan of arrangement (the “Arrangement“) with Focus Impact Acquisition Corp. (“FIAC“). Under the terms of the Arrangement, the Company is expected to amalgamate with a wholly-owned subsidiary of FIAC, following FIAC redomiciling as an Alberta Company, with the new combined company to be renamed DevvStream Corp. (the “De-SPAC Transaction“). Further information on the De-SPAC Transaction is disclosed in the Company’s prior public disclosure, including the management information circular of the Company dated July 29, 2024.

FIAC received approval from its shareholders for the De-SPAC Transaction at a special meeting of FIAC shareholders held on September 13, 2024.

The Company and FIAC continue to work together to advance the closing of the De-SPAC Transaction, including obtaining receipt of all regulatory approvals and the satisfaction or waiver of all closing conditions to the Arrangement. Closing of the De-SPAC Transaction is expected to be delayed beyond the previously disclosed closing date of September 16, 2024. The Company will provide additional material updates on the De-SPAC Transaction in due course, including a new closing date when it can be determined.

About DevvStream

Founded in 2021, DevvStream is a leading authority in the use of technology in carbon project development. The Company’s mission is to create alignment between sustainability and profitability, helping organizations achieve their climate initiatives while directly improving their financial health. With a pipeline of over 140 technology-based projects worldwide, DevvStream makes it simple for corporations and governments to address their net-zero goals while generating premium carbon credits in the process. DevvStream takes a programmatic approach to evaluating project opportunities, and co-develops projects spanning energy-efficient buildings, facilities and homes, industrial facilities, LED systems, EV charging stations, and technologies to seal oil wells. The Company’s end-to-end proprietary solution removes the risk and complexity from every step, allowing organizations to move from project ideation to credit monetization with ease. The result is a multi-year stream of carbon credit revenue that transforms sustainability into a financial investment. In addition, for organizations that need help to offset their most difficult-to-reduce emissions, we also provide premium carbon credits for purchase.

On Behalf of the Board of Directors,
Sunny Trinh, CEO

DevvStream Media Contacts

Disclaimer

Certain statements in this news release may be considered forward-looking statements. Forward-looking statements are statements that are not historical facts and generally relate to future events or DevvStream’s future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. These forward-looking statements, including, without limitation DevvStream’s expectations with respect to the closing of the De-SPAC Transaction are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by DevvStream and its management, are inherently uncertain and subject to material change. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could further postpone or cancel the Closing Date; (2) the outcome of any legal proceedings that may be instituted against Focus Impact, DevvStream, the combined company or others; (3) the inability to complete the De-SPAC Transaction due to the failure to satisfy other conditions to closing; (4) the ability to obtain financing sources; (5) changes in applicable laws or regulations; (6) various factors beyond management’s control, including general economic conditions and other risks, uncertainties and factors set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Registration Statement on Form S-4 that includes a proxy statement and prospectus of Focus Impact (as amended, the “Registration Statement”), filed with the SEC on December 4, 2023, and other filings with the SEC; and (7) certain other risks identified and discussed in DevvStream’s Annual Information Form for the year ended July 31, 2023, and DevvStream’s other public filings with Canadian securities regulatory authorities, available on DevvStream’s profile on SEDAR at www.sedarplus.ca.

These forward-looking statements are expressed in good faith, and DevvStream believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and DevvStream is not under any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in DevvStream’s public filings with Canadian securities regulatory authorities. This news release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in DevvStream and is not intended to form the basis of an investment decision in DevvStream. All subsequent written and oral forward-looking statements concerning DevvStream, the proposed transaction or other matters and attributable to DevvStream or any person acting on DevvStream’s behalf are expressly qualified in their entirety by the cautionary statements above.

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