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.
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