Why Did XCF Global (SAFX) Jump Nearly 51% In After-Hours Trading?

XCF Global Inc. (NASDAQ:SAFX) shares rose 50.93% in after-hours trading on Tuesday to $0.25, following a Securities and Exchange Commission filing and the company's announcement of expansion financing plans.

Check out the current price of SAFX stock here.

$28 Million Debt Converted to Equity

Randy Soule and Encore DEC LLC converted $28 million in invoices into XCF common stock, according to a Tuesday SEC filing.

Shares acquired:

The shares are subject to a six-month trading restriction.

Bank of America Engaged for Expansion Financing

XCF announced on Monday that it engaged Bank of America (NYSE:BAC) to structure potential debt financing for its New Rise Reno 2 facility to expand its Sustainable Aviation Fuel and renewable fuel platform.

The company also signed a non-binding Memorandum of Understanding with BGN INT US LLC, the American arm of the global energy and commodities group BGN, to establish global distribution and marketing frameworks across Europe, the Middle East, and other markets.

CEO Chris Cooper said the company is evaluating financing options to support SAF production expansion. “With governments and airlines worldwide raising their sustainability commitments, expanding SAF production has never been more critical,” Cooper stated.

SAF Market Projections

According to the company, the global SAF market is projected to exceed $25 billion by 2030, with demand expected to surpass 5.5 billion gallons. The market could reach $250 billion by 2050 if decarbonization targets are met.

Trading Metrics, Technical Analysis

XCF Global has a Relative Strength Index (RSI) of 23.37.

The stock has a market capitalization of $34.12 million, with shares trading between a 52-week high of $44.65 and a 52-week low of $0.14.

The stock is down 98.37% over the past 12 months, reflecting a longer-term bearish trend.

Price Action: According to Benzinga Pro data, SAFX closed at $0.17 on Tuesday, up 13.38%

Benzinga's Edge Stock Rankings indicates SAFX stock has a negative price trend across all time frames. Here is how the stock fares on other parameters.

Photo Courtesy: Arsenii Palivoda on Shutterstock.com

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.