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 2025-07-01 at 7:51pm

Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....

by Nicholas Alan Clayton on 2025-07-01 at 7:47pm

Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....

by Nicholas Alan Clayton on 2025-07-01 at 7:19pm

1RT Acquisition Corp. (NASDAQ:ONCHU) announced the pricing of its $150 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ONCHU”, Wednesday, July 2, 2025. The new SPAC plans to target company in the digital asset ecosystem involved in the creation, storage, exchange or management of such assets, whether...

by Nicholas Alan Clayton on 2025-07-01 at 3:49pm

D. Boral ARC Acquisition II Corp. (NASDAQ:ARBCU) has filed for a $250 million SPAC to give underwriter D. Boral a second in-house SPAC to pursue deals with. The new SPAC offers investors a 1/2 warrant and an initial 18-month time frame to complete a deal. D. Boral II’s sponsor may automatically extend this once by...

by Nicholas Alan Clayton on 2025-07-01 at 11:33am

Ribbon (NASDAQ:RIBB) has entered into a definitive agreement to combine with Japanese biotech firm DRC Medicine at a pro forma equity value of $422 million. Tokyo-based DRC Medicine manufactures reusable anti-bacterial and anti-allergen wearables and aims to go deeper into the medical device and pharmaceutical space. Transaction Overview Ribbon is expected to provide $50.4 million...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved