XCF Global Inc. (NASDAQ: SAFX) completed a debt‑to‑equity conversion that turned $28 million of accounts receivable into new common shares. The transaction was disclosed in a Form S‑4 filed on January 13 2026 and is the first major financing move since the company’s 2025 business combination.
Under the terms of the conversion, each invoice was valued at $1.00 per share, resulting in the issuance of 28 million new shares that will be subject to a six‑month trading restriction. The conversion increases the company’s equity base by $28 million and provides immediate working capital that can be deployed toward SAF production expansion and debt reduction.
The move comes at a time when XCF Global is pursuing the construction of its “New Rise Reno 2” sustainable aviation fuel facility and has engaged Bank of America to structure potential debt financing for the project. Management cited the capital infusion as a key enabler for scaling production capacity to meet growing demand in the global SAF market.
Analysts noted that the conversion will dilute existing shareholders by approximately 4 percent, but the dilution is offset by the strengthening of the balance sheet and the removal of a significant working‑capital deficit that had previously contributed to a Nasdaq minimum bid‑price deficiency. The company’s cash position rose to $12 million from $3 million at the end of the prior quarter.
The filing also announced the appointment of William Dale as Chief Financial Officer effective January 12 2026, a move that signals a focus on financial discipline and capital allocation as the company navigates its growth trajectory.
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