New York, June 5, 2026, 12:07 EDT
XCF Global Inc. dropped roughly 8.5% late Friday morning, trading near 40 cents again as the sustainable aviation fuel maker appointed CEO Chris Cooper as board chair and investors focused on an upcoming Nasdaq cutoff.
SAFX was last at $0.4028 by 11:51 a.m. EDT, slipping from the last close of $0.4402. Shares opened at 45 cents, touched a session peak of 46 cents, and dropped to a session low at the latest price. Volume stood near 1.67 million shares.
Timing is key here. Nasdaq notified XCF back in December that its stock had finished under $1 for 30 straight sessions. The company has until June 8, 2026, to fix the issue. To get back in compliance, XCF needs the shares to close above $1 for at least 10 days in a row.
XCF named Chris Cooper board chair, effective May 28. Wray Thorn, interim board chair since Nov. 7, will move to chair the finance committee. Si-Yeon Kim gets the lead independent director role and stays as governance committee chair.
Cooper said he plans to work with the board on “disciplined execution and long-term value creation.” That comment comes as the company gets ready for a run of board shifts, financing decisions, and a plant restart, all coming close together.
XCF is working to bring its New Rise Renewables Reno refinery online after a stretch of upgrade work. The company said June 1 it got the process catalyst and started loading it at the site, moving the plant into what CEO Cooper called the “final sequencing phase.” Early June production is expected. The catalyst is used to speed refining reactions but isn’t consumed. Xcf
Sustainable aviation fuel, or SAF, is a jet fuel with less carbon, made from feedstocks like waste oils, fats, and biomass, then blended for planes. XCF says its Reno plant has permitted nameplate capacity at 38 million gallons a year. Nameplate capacity is the most a plant is built or approved to make.
DevvStream Corp. has restarted as it heads into a broader deal effort. The carbon-management company said Thursday it landed a $6 million preferred equity investment from EEME Energy, of which $1.5 million has been funded. DevvStream also said it gave notice to end a $300 million equity line as it pushes forward with a planned merger with XCF and Southern Energy Renewables.
DevvStream CEO Sunny Trinh said the investment “materially strengthens our balance sheet” and added the company was “cleaning up our capital structure ahead of the close.” In the same statement, DevvStream said Helena Global claimed a default on a senior secured convertible note and told the company to liquidate about $2.8 million in digital-asset collateral. DevvStream said it disputes Helena Global’s claim.
The risk story is clear. XCF booked Q1 revenue at $348,688 and posted a net loss of $17.8 million. Cash stood at $1.05 million, up against $244.8 million in current liabilities as of March 31. Management flagged “substantial doubt” over its ability to keep operating, saying XCF might fall short on obligations unless it finds funding, sells assets, or slashes spending.
Renewable-fuel stocks traded lower Friday. Gevo dropped around 7.1% and Aemetis slid 7.1% late in the morning. Smaller clean-fuel names have been under pressure, with investors focused on whether these companies can turn permits, credits and offtake agreements into steady cash flow.
Gevo says it’s working on alcohol-to-jet SAF. Aemetis says its SAF and renewable diesel use waste oils, fats and biomass. The companies aren’t working from the same playbook—assets, financing and technology differ—but the market lumps them into the same capital-intensive energy transition story.
XCF heads into its next few sessions needing to show more than just slogans. Investors will look for progress at the Reno plant, signs of a real funding plan, and either a fix or more time from Nasdaq. Without these, the cheap stock limits how much governance fixes can matter.
