XCF Global (NASDAQ: SAFX) to acquire west coast renewable fuel business

XCF Global Inc. (SAFX) signed a non-binding indication of intent to acquire a renewable fuels infrastructure company in the western United States, the synthetic aviation fuel producer announced.

Under the agreement, XCF would acquire 100% of the target company’s equity interests in exchange for shares of XCF Class A common stock. The parties have entered a 20-business day exclusive negotiation period to complete due diligence and negotiate a definitive offer.

The acquisition would add feedstock processing capabilities, logistics infrastructure including marine, truck and rail access, and expand XCF’s reach into California’s Low Carbon Fuel Standard markets. The target company provides pretreatment, feedstock processing and blending services.

“This IOI signals continued execution of our growth strategy to build a fully integrated, Nasdaq-listed SAF and renewable fuels platform,” said Mihir Dange, XCF’s chief executive officer and board chair.

XCF would assume certain debt obligations as part of the transaction structure. The final valuation determining the stock issuance remains subject to confirmatory due diligence.

The transaction requires customary closing conditions, regulatory approvals and board approvals. XCF stated there is no assurance the parties will reach definitive agreements or that final terms will match those outlined in the indication of intent.

XCF operates synthetic aviation fuel production facilities and recently signed a memorandum of understanding to expand into Australia. The company has approximately 149.3 million outstanding shares with less than 20% free float as of July28, 2025.