DevvStream Corp. (NASDAQ:DEVS) shares surged 19.37% in the pre-market session on Friday to $0.55 a piece.
The gain followed a steep 31.29% decline during Thursday’s regular session, which saw the stock close at $0.46, according to Benzinga Pro data.
$6 Million Preferred Placement With No Debt Obligation
The stock rally came after DevvStream announced a $6 million private placement of Series A Non-Redeemable Convertible Preferred Stock with EEME Energy SPV I, LLC. The investor has already funded $1.5 million of the commitment, with the remainder expected to be funded through subsequent closings, subject to definitive agreements and customary closing conditions.
The company said $5 million of the net proceeds will fund its investment in Southern Energy Renewables Inc., while the remaining $1 million will be used for general working capital.
