XCF Global Appoints Chris Cooper as Board Chair
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 05 2026
0mins
XCF Global announced that CEO Chris Cooper has been appointed Board Chair. Cooper will continue to serve as CEO, aligning executive leadership with Board oversight as the Company progresses toward its next phase of growth. Wray Thorn, who has served as Interim Board Chair since November 7, 2025, will continue on the Board and serve as Chair of the Finance Committee. Additionally, Si-Yeon Kim will serve as Lead Independent Board Member in addition to her role as Chairperson of the Governance Committee, further strengthening the Company's independent governance framework and Board oversight.
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Analyst Views on SAFX
About SAFX
XCF Global, Inc. is a sustainable aviation fuel company engaged in accelerating the aviation industry's transition to net-zero emissions. The Company is developing and operating clean fuel synthetic aviation fuel (SAF) production facilities. SAF is a synthetic kerosene derived from non-food feedstocks, such as waste oils and fats, green and municipal waste and non-food crops. SAF is able to recycle carbon dioxide absorbed by biomass during its lifetime rather than injecting new carbon into the system, reducing emissions by up to 80%. It is also engaged in building partnerships across the energy and transportation sectors to accelerate the adoption of SAF on a global scale.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
XCF Global Secures 180-Day Nasdaq Grace Period
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- Compliance Strategy Evaluation: The extension was based on XCF meeting all other applicable initial listing requirements for the Nasdaq Capital Market, except for the $1.00 minimum bid price rule, indicating the company's commitment to compliance and potential for recovery.
- Market Value Requirement: XCF met the minimum market value threshold for publicly held shares during this evaluation, reflecting its stability in the capital markets and investor confidence despite challenges with the bid price requirement.
- Future Outlook: This grace period provides XCF Global with the opportunity to develop and implement effective compliance strategies aimed at restoring its compliance status and enhancing market competitiveness, ensuring long-term business growth and investor trust.
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- Role of Fairness Opinions: Following the expiration of the Fairness Opinion Termination Rights outlined in the BCA, DevvStream and XCF have received the necessary fairness opinions, leading to the automatic termination of the prior merger agreement without liability, facilitating a smooth merger progression.
- Upcoming Registration Statement: The parties expect to file a Form S-4 registration statement with the SEC in the coming weeks, which is a critical step toward obtaining SEC effectiveness and shareholder approvals necessary for closing the proposed combination.
- Market Impact Analysis: This merger is set to enhance DevvStream's market position in carbon management and renewable energy, with XCF's renewable diesel production capacity of 38 million gallons per year expected to strengthen the competitive edge of all parties in the sustainable energy market.
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- New Additions: Companies such as ChargePoint, FuelCell Energy, and Canadian Solar are set to join the Russell 3000 Index, which could broaden their investor base, potentially driving stock price increases and boosting market confidence.
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- Market Implications: This reconstitution highlights the dynamic shifts within the energy sector, particularly in the EV charging and renewable energy spaces, which may prompt investors to reassess their strategies and investment in these companies.
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- Equity Issuance Details: The shares will be issued at a conversion price of $0.451 each, based on a pricing formula tied to the company's recent stock performance, aimed at enhancing financial flexibility through reduced indebtedness.
- Subsidiary Involvement: The agreement involves XCF Global's subsidiary New Rise Renewables Reno LLC, aiming to eliminate property liens associated with the design and construction of its new facility, thereby supporting future operational execution.
- Long-term Growth Strategy: Through this debt reduction transaction, XCF Global plans to focus on operational execution and long-term growth, indicating the company's ongoing commitment to development in the renewable fuels sector.
See More
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- Business Combination Advancement: This funding satisfies a key financing condition tied to the proposed three-party business combination with DevvStream and Southern Energy Renewables, indicating the company's proactive steps in resource integration and market share expansion.
- Complex Transaction Conditions: Although the financing is complete, the transaction remains subject to several closing conditions, including shareholder approvals, regulatory clearances, stock exchange listing approvals, and other milestones, which could affect the timeline for finalizing the deal.
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See More
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- Financial Evaluation: Discussions are ongoing regarding the financial impact of evaluating notices.
- Involvement of Phillips: The evaluation process includes consultations with Phillips, indicating a collaborative approach.
See More
XCF Global Secures 180-Day Nasdaq Grace Period
- Grace Period Extension: XCF Global (SAFX) has been granted a 180-day grace period by the Nasdaq Listing Qualifications Staff, allowing the company until December 7, 2026, to meet the minimum bid price requirement, thus maintaining its listing on the Nasdaq Capital Market.
- Compliance Strategy Evaluation: The extension was based on XCF meeting all other applicable initial listing requirements for the Nasdaq Capital Market, except for the $1.00 minimum bid price rule, indicating the company's commitment to compliance and potential for recovery.
- Market Value Requirement: XCF met the minimum market value threshold for publicly held shares during this evaluation, reflecting its stability in the capital markets and investor confidence despite challenges with the bid price requirement.
- Future Outlook: This grace period provides XCF Global with the opportunity to develop and implement effective compliance strategies aimed at restoring its compliance status and enhancing market competitiveness, ensuring long-term business growth and investor trust.
See More
DevvStream, XCF, and Southern Confirm Business Combination Agreement
- Agreement Confirmation: DevvStream, XCF, and Southern have confirmed that their Business Combination Agreement (BCA) remains in full effect, despite the automatic termination of the prior merger agreement, ensuring continuity and stability in the merger process.
- Role of Fairness Opinions: Following the expiration of the Fairness Opinion Termination Rights outlined in the BCA, DevvStream and XCF have received the necessary fairness opinions, leading to the automatic termination of the prior merger agreement without liability, facilitating a smooth merger progression.
- Upcoming Registration Statement: The parties expect to file a Form S-4 registration statement with the SEC in the coming weeks, which is a critical step toward obtaining SEC effectiveness and shareholder approvals necessary for closing the proposed combination.
- Market Impact Analysis: This merger is set to enhance DevvStream's market position in carbon management and renewable energy, with XCF's renewable diesel production capacity of 38 million gallons per year expected to strengthen the competitive edge of all parties in the sustainable energy market.
See More
FTSE Russell Announces Changes to Russell 3000 Index
- Index Reconstitution: FTSE Russell has released a preliminary list for the Russell 3000 Index reconstitution set for June 26, which includes new additions like ChargePoint and FuelCell Energy, likely enhancing their market visibility and liquidity.
- New Additions: Companies such as ChargePoint, FuelCell Energy, and Canadian Solar are set to join the Russell 3000 Index, which could broaden their investor base, potentially driving stock price increases and boosting market confidence.
- Companies Removed: New Fortress Energy and DMC Global are among those being removed from the Russell 3000 Index, which may lead to decreased liquidity and diminished investor confidence, adversely affecting their stock performance.
- Market Implications: This reconstitution highlights the dynamic shifts within the energy sector, particularly in the EV charging and renewable energy spaces, which may prompt investors to reassess their strategies and investment in these companies.
See More
XCF Global to Reduce $16.7M Debt via Stock Issuance
- Debt Reduction Plan: XCF Global has agreed to satisfy approximately $16.7 million in outstanding debt and property liens by issuing 37.03 million shares of Class A common stock to key stakeholder Encore DEC LLC, which will significantly improve the company's financial condition.
- Equity Issuance Details: The shares will be issued at a conversion price of $0.451 each, based on a pricing formula tied to the company's recent stock performance, aimed at enhancing financial flexibility through reduced indebtedness.
- Subsidiary Involvement: The agreement involves XCF Global's subsidiary New Rise Renewables Reno LLC, aiming to eliminate property liens associated with the design and construction of its new facility, thereby supporting future operational execution.
- Long-term Growth Strategy: Through this debt reduction transaction, XCF Global plans to focus on operational execution and long-term growth, indicating the company's ongoing commitment to development in the renewable fuels sector.
See More
XCF Global Raises $10 Million for Plant Conversion
- Successful Financing: XCF Global has raised $10 million by selling 100 million shares of common stock to private investors, providing essential funding for its planned plant conversion at the New Rise Renewables facility in Reno, thereby securing the financial foundation for the project.
- Business Combination Advancement: This funding satisfies a key financing condition tied to the proposed three-party business combination with DevvStream and Southern Energy Renewables, indicating the company's proactive steps in resource integration and market share expansion.
- Complex Transaction Conditions: Although the financing is complete, the transaction remains subject to several closing conditions, including shareholder approvals, regulatory clearances, stock exchange listing approvals, and other milestones, which could affect the timeline for finalizing the deal.
- Market Reaction: DevvStream's stock price fell 1.75% in pre-market trading to $0.6791, reflecting market caution regarding the transaction and its potential risks.
See More
XCF Global Assesses Notice and Financial Implications, Engages in Talks with Phillips 66 - SEC Filing
- Financial Evaluation: Discussions are ongoing regarding the financial impact of evaluating notices.
- Involvement of Phillips: The evaluation process includes consultations with Phillips, indicating a collaborative approach.
See More
