DevvStream Holdings Inc. ("DevvStream" or the "Company"), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, announced that its annual financial statements for the year ended July 31, 2024, including the related management discussion and analysis, annual information form, and CEO and CFO certifications (collectively, the "Annual Financial Filings") were not filed by the required filing deadline of October 29, 2024 (the "Filing Deadline").
The Company had expected to complete its previously announced business combination transaction with Focus Impact Acquisition Corp. (the "De-SPAC Transaction") prior to the Filing Deadline, and accordingly the Company intended to apply to cease to be a reporting issuer in the provinces of British Columbia, Alberta, and Ontario, in which case the Annual Financial Filings would not have been required. Since the De-SPAC Transaction did not complete prior to the Filing Deadline, the Company is now in the process of preparing the Annual Financial Filings but was unable to finalize the Annual Financial Filings by the 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 November 26, 2024. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.
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.
