DevvStream Provides Bi-Weekly Status Update
November 20, 2024 3:57 PM EST | Source: DevvStream Corp.
Vancouver, British Columbia--(Newsfile Corp. - November 20, 2024) - DevvStream Holdings Inc. ("DevvStream" or the "Company"), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, is providing this bi-weekly status report of its Management Cease Trade Order in accordance with National Policy 12-203 - Management Cease Trade Orders. As described in the Company's initial news release on October 30, 2024, the filing of its annual financial statements for the year ended July 31, 2024, including the related management discussion and analysis, CEO and CFO certifications and annual information form (collectively, the "Annual Financial Filings") were not filed by the required filing deadline.
The Company is working on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings by December 24, 2024. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
On November 6, 2024, the Company completed its previously announced business combination transaction (the "Transaction") with Focus Impact Acquisition Corp. (renamed DevvStream Corp.) (the "Acquiror"), pursuant to which the Acquiror acquired all of the outstanding securities of the Company, the Company became a wholly-owned subsidiary of DevvStream Corp. and the Company's common shares were delisted from the Cboe Canada Stock Exchange. More information in respect of the Transaction is provided in the Company's news release dated November 6, 2024. In connection with the completion of the Transaction, the Company intends to apply to cease to be a reporting issuer. The Company confirms that, except as provided herein, there are no changes from its news release dated October 30, 2024.
The Company has applied to the applicable securities regulatory authorities and received a management cease trade order ("MCTO") imposed against the Chief Executive Officer and Chief Financial Officer of the Company precluding them from trading securities of the Company. The MCTO will be in effect until the Annual Financial Filings are filed and requires that the Annual Financial Filings be filed on or before December 30, 2024.
Until the Annual Financial Filings are filed, the Company intends to issue bi-weekly default status reports in accordance with National Policy 12-203 — Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.
Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur including the Company's anticipated timing for filing the Annual Financial Filings are the managements best estimates and cannot be guaranteed or relied upon and is forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this news release, whether as a result of new information, future events or otherwise, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230790
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