DevvStream Corp. 10-K

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES (a) Market Information Our units, shares of Class A common stock and warrants are each traded on the Nasdaq under the symbol “FIACU”, “FIAC” and “FIACW” respectively. Our units commenced public trading on October 27, 2021. Our shares of Class A common stock and warrants began separate trading on December 20, 2021. (b) Holders As of December 31, 2023, there was one holder of record for our units, two holders of record for our shares of Class A common stock, one holder of our shares of Class B common stock and two holders of our warrants. 73 Table of Contents (c) Dividends We have not paid any cash dividends on our common stock to date and do not intend to pay cash dividends prior to the completion of an initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial conditions subsequent to completion of an initial business combination. The payment of any cash dividends subsequent to an initial business combination will be within the discretion of our board of directors at such time. In addition, our board of directors is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable future. Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith. (d) Securities Authorized for Issuance Under Equity Compensation Plans None. (e) Performance Graph Not applicable. (f) Recent Sales of Unregistered Securities; Use of Proceeds from Registered Offerings On November 1, 2021, we consummated our initial public offering of 23,000,000 units which included the exercise of the underwriters’ option to purchase an additional 3,000,000 units. The units sold in the initial public offering and the full exercise of over-allotment option sold at an offering price of $10.00 per unit, generating total gross proceeds of $230,000,000. The securities sold in the offering were registered under the Securities Act on a registration statement on Form S-1 (No. 333-255448). The registration statements became effective on October 27, 2021. Simultaneously with the closing of initial public offering, the Company completed the private sale of 11,200,000 warrants (the “ Private Placement Warrants ”) at a purchase price of $1.00 per Private Placement Warrant to the sponsor, generating gross proceeds to the Company of $11,200,000. Such securities were issued pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act. The Private Placement Warrants are identical to the Public Warrants underlying the units sold in the initial public offering, except that the Private Placement Warrants are not transferable, assignable or salable until 30 days after the completion of a business combination, subject to certain limited exceptions. Of the gross proceeds received from the initial public offering including the over-allotment option, and the sale of the Private Placement Warrants, $234,600,000 was placed in the trust account. We paid a total of $4,000,000 of underwriting commissions and $807,525 for other offering costs related to the initial public offering. The underwriters have waived any right to receive the deferred underwriting commissions of $8,650,000, and therefore will receive no additional underwriting fee in the event that the Company completes an initial business combination. (g) Purchases of Equity Securities by the Issuer and Affiliated Purchasers None. 74 Table of Contents ITEM 6. [RESERVED]