New York, Jan 14, 2026, 08:21 EST — Premarket
- SAFX shares rise in premarket after XCF tapped Bank of America to explore financing for a Nevada expansion
- A new Schedule 13D shows Randy Soule and Encore DEC hold 78.9 million shares, or 49.6% of the class
- Traders are also watching a Nasdaq minimum-bid deadline that runs to June 8
Shares of XCF Global (SAFX) were up about 11.5% in premarket trading on Wednesday after the sustainable aviation fuel maker said it was weighing funding options for a second plant in Nevada. The company has pegged the New Rise Reno 2 build at roughly $300 million, with an output jump that could double capacity to about 80 million gallons a year.
The timing matters because XCF is still proving it can turn one operating site into a repeatable build-out. For a small, thinly traded name, the next financing package is the story — it tells investors whether “Reno 2” is a plan or a shovel-ready project.
It also lands while the stock sits deep below $1, leaving little room for mishaps. Any new debt, export-backed structure, or equity-linked paper is likely to show up fast in the share count, the trading tape, or both.
XCF said it had engaged Bank of America to help structure potential debt financing that could qualify for export credit agency programmes, which are government-backed tools that can lower risk for lenders. The company also pointed to a non-binding memorandum of understanding, or MOU, with BGN INT US LLC aimed at building distribution and offtake frameworks in Europe and the Middle East, and warned there was no assurance any financing deal would be completed or on what terms. Chief executive Chris Cooper said “expanding SAF production has never been more critical.” ACCESS Newswire
A separate Schedule 13D filed on Tuesday showed Randy Soule and his construction and engineering firm Encore DEC beneficially owned 78.9 million shares, representing 49.6% of XCF’s Class A common stock. The filing said the shares were obtained by converting $28 million of invoices payable to Encore into XCF stock, and added the reporting persons did not plan to pursue major corporate actions “at this time” but reserved the right to do so. StreetInsider.com
That filing cuts two ways for the market. It highlights a large insider-linked position and a stated holding period, but it also underlines how the company is settling bills — and how quickly paper can turn into stock in capital-hungry projects.
In earlier disclosures, XCF said it had received a Nasdaq notice for failing to meet the exchange’s minimum bid-price requirement and had until June 8, 2026 to regain compliance. The company has also described non-binding talks with Southern Energy Renewables and carbon-management firm DevvStream on an arrangement tied to carbon credits and SAF production.
The risk case is straightforward: financing can stall, export-credit structures can take time, and the Reno 2 plan can slip if lenders push back on terms. A stock that trades in pennies also faces sharp swings, and any fresh equity-linked funding could hit holders hard if it comes with discounts or warrants.
Investors will be watching for any definitive financing package, and whether the BGN framework turns into signed offtake or distribution agreements that lenders can underwrite. Just as closely, they will watch whether SAFX can climb back above $1 long enough to clear Nasdaq’s clock ahead of June 8.
