XCF Global Completes SPAC Merger and Begins Trading

Introduction

XCF Global Inc. (NASDAQ: SAFX) is a clean energy holding company focused on the production of sustainable aviation fuel (SAF). Founded in 2023 and headquartered in San Francisco, California, XCF Global completed its business combination with Focus Impact BH3 Acquisition Co. on June 9, 2025, and began trading on the Nasdaq Capital Market that day.

Corporate Structure and Leadership

As of mid-2025, XCF Global employs between 11 and 50 people. The board of directors comprises:

• Mihir Dange – Board Chair & CEO
• Anne Anderson – Lead Independent Director
• Sanford Cockrell – Director
• Si-Yeon Kim – Director
• Carter McCain – Director
• Wray Thorn – Director

On June 6, 2025, the company appointed Pamela Abowd as Chief Accounting Officer and Jonathan Seeley as Vice President, Treasurer, to enhance its finance and accounting functions.

Recent Developments and News

• March 12, 2024: XCF Global Capital, Inc. signed a Business Combination Agreement with Focus Impact BH3 Acquisition Co., which implies a combined enterprise value of $1.84 billion.
• 2024: Acquisition of New Rise Renewables’ Reno, Nevada facility, establishing an initial annualized production capacity of 38 million gallons of neat SAF.
• February 2025: Commercial production began at the Reno facility.
• March 2025: First customer deliveries of over 3 million gallons of neat SAF commenced under an irrevocable purchase order.
• June 6, 2025: Filed a Form 8-K and two Form 425 prospectuses, disclosing amendments to the business combination agreement and a new equity line of credit purchase agreement.
• June 9, 2025: Completion of the SPAC merger and Nasdaq debut under ticker SAFX.

A second adjacent 40 million-gallon facility in Reno is scheduled for 2027, and additional plants in Wilson, North Carolina, and Fort Myers, Florida, are expected to become operational by 2029. Together, these sites aim to deliver 159 million gallons of neat SAF per year within five years of 2024.

Financial and Strategic Analysis

• Stock Performance (June 18, 2025): Closed at $2.40 (+41.18%), with 2,189,701 shares traded.
• Trading Range: All-time high of $45.90 on June 9, 2025; all-time low of $2.01 on March 5, 2025.
• Profitability: Reported net income of −$1.43 million for the most recent quarter, compared to −$0.31 million in the prior quarter.
• Supply and Offtake: Holds a 15-year agreement with Phillips 66 for feedstock supply and fuel offtake.
• Facility Design: Patent-pending modular layout on 10-acre footprints is designed to facilitate rapid permitting and lower capital intensity.
• Capital Structure: Executed an equity line of credit agreement on June 6, 2025, to strengthen liquidity for facility expansion and operational needs.

Market Position and Industry Context

XCF Global is the first publicly traded pure-play SAF producer in the United States. Its growth plan aligns with the U.S. SAF Grand Challenge, which seeks to produce 3 billion gallons by 2030 and 35 billion gallons by 2050. Federal SAF producer credits are set to expire in 2027, making state incentives—such as Nevada’s AB 481 offering $2.50 per gallon—increasingly important. Internationally, Europe has mandated a minimum of 2% SAF by 2025, escalating to 70% by 2050. XCF Global is also evaluating expansion opportunities in Europe, Asia, and the Middle East to leverage regional mandates and potential price premiums.

tl;dr

On June 9, 2025, XCF Global completed its SPAC merger with Focus Impact BH3 and began trading on Nasdaq under SAFX. Commercial production started at the Reno, Nevada facility in February 2025, with first deliveries in March 2025. A 15-year Phillips 66 supply and offtake agreement and a patent-pending modular plant design support the company’s goal of producing 159 million gallons of neat SAF annually within five years of 2024. An equity line of credit executed on June 6, 2025, provides further liquidity for U.S. expansion and potential overseas projects. XCF Global’s shares closed at $2.40 on June 18, 2025, reflecting a 41.18% increase for the day.