Spring Valley (NASDAQ:SV) has added $30 million more to the PIPE for its combination with nuclear power developer NuScale, bringing total PIPE proceeds to $211 million.
This additional financing ensures that the SPAC will meet the transaction’s $200 million minimum cash condition regardless of redemptions as the parties work towards a close in the second quarter of 2022. NuScale, its parent Fluor (NYSE:FLR) and Samsung C&T (KSE:028260) recently entered into a commercial agreement, the terms of which have not yet been made public.
But, the new money comes as a part of a contingency that an agreement would be reached, and it adds to a $20 million investment made by Samsung’s engineering and subsidiary into NuScale in June 2021.
Spring Valley closed yesterday at $10.01, which is still slightly below its pro rata trust value of $10.10 because it overfunded its trust at IPO. It has not yet set a vote date and has until May 27 to complete a transaction, but can further extend this deadline by six months for a $0.10 per share contribution to its trust.
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.
Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...
At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...
A look at Plus’ software-first approach to autonomous trucking. After years of investment and excitement, the dawn of self-driving cars and trucks is now here. The question now is which business model among autonomous driving technology companies will win out? This week, we speak with David Liu, CEO of autonomous trucking company Plus. Plus announced...
At the SPAC of Dawn One thing that SPAC investors can typically count on while their money is invested in a SPAC’s trust is that it is going to grow one way or the other between now and their next redemption opportunity, but the devil can occasionally be in the details. In 2024, it became...
Thunderstone has filed for a $50 million SPAC to put a new first-time Asia-based team in action on a generalist hunt. The new SPAC is offering investors a right to a 1/8 share in each unit with 18 months to initially complete a business combination. It is the 8th fresh S-1 filed with underwriter D....