DevvStream (DEVS) shares were down 13% pre-bell after it said Thursday that it has signed a binding term sheet with EEME Energy SPV I for a $6 million private placement of its Series A Non-Redeemable Convertible Preferred Stock.
The company said EEME Energy has already funded $1.5 million of the investment, and that it will terminate its equity line of credit purchase agreement, under which up to $300 million of shares could have been issued and sold.
DevvStream said $5 million of net proceeds will fund its investment in Southern Energy Renewables.
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