Spring Valley (SV) Shareholders Approve NuScale Deal
by Marlena Haddad on 2022-04-28 at 6:38pm

SV (NASDAQ:SV) announced this afternoon that its shareholders have voted to approve its combination with nuclear power provider NuScale Power in a special meeting held today.

The SPAC announced its redemption results yesterday, disclosing that shareholders elected to redeem an aggregate of 8,619,631 shares, or approximately 37.477% of the outstanding ordinary shares.  As we noted in a previous post, this marks the second best vote of the year out of 33 SPAC completion votes. NuScale’s transaction is expected to raise approximately $380 million from a combination of Spring Valley trust proceeds and PIPE commitments.

The business combination is now expected to close on Monday, May 2, 2022 and Spring Valley will change its name to NuScale Power Corporation. Trading is expected to begin on the New York Stock Exchange on Tuesday, May 3, 2022, under the ticker symbols “SMR” for NuScale common stock and “SMR WS” for NuScale warrants.

The parties initially announced their $1.9 billion combination on December 14, 2021. Portland, Oregon-based NuScale has designed and is working to deploy a uniquely flexible nuclear power plant design with its first project scheduled for installation in Utah. It uses modular designs combining small 77 MW reactors that can be combined for larger projects or kept small to provide power to remote areas.


ADVISORS

  • Guggenheim Securities, LLC is acting as financial advisor to NuScale and Fluor.
  • Cowen is acting as financial advisor and lead capital markets advisor to Spring Valley.
  • Wells Fargo is acting as capital markets advisor to Spring Valley.
  • Guggenheim Securities, LLC and Cowen acted as placement agents to Spring Valley in connection with the PIPE offering.
  • Stoel Rives LLP is acting as legal counsel to NuScale
  • Gibson, Dunn & Crutcher LLP is acting as legal counsel to Fluor
  • White & Case LLP is acting as legal counsel to the placement agents and Kirkland & Ellis LLP is acting as legal counsel to Spring Valley.
Spring Valley (SV) Shareholders Approve NuScale Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2025-07-03 at 8:27am

At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...

by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

by Nicholas Alan Clayton on 2025-07-02 at 6:28am

EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved