Transaction expected to close on May 2, 2022,
generating approximately $380 million in gross proceeds
NuScale Power Corporation will begin trading on
the New York Stock Exchange under the ticker symbols “SMR” and “SMR
WS”
Spring Valley Acquisition Corp. (Nasdaq: SV, SVSVW) (“Spring
Valley”), a publicly-traded special purpose acquisition company,
announced today that in a special meeting (the “Special Meeting”)
on April 28, 2022, its shareholders voted to approve the proposed
business combination (“the Business Combination”) with NuScale
Power, LLC (“NuScale” or the “Company”).
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220428006342/en/
The transaction is expected to raise approximately $380 million
from a combination of Spring Valley trust proceeds and private
investment in public equity (“PIPE”) commitments.
The Business Combination is expected to close on May 2, 2022,
subject to the satisfaction or waiver of all closing conditions. As
part of the Business Combination, Spring Valley will change its
name to NuScale Power Corporation (“NuScale Corp.”). Trading is
expected to begin on the New York Stock Exchange on May 3, 2022,
under the ticker symbols “SMR” for NuScale common stock and “SMR
WS” for NuScale warrants. Until the transfer is complete, the
Spring Valley common stock, warrants and units will continue to
trade under the ticker symbols “SV”, "SVSVW" and "SVSVU",
respectively, on NASDAQ.
A Form 8-K disclosing the full voting results has been filed
with the Securities and Exchange Commission (the “SEC”).
About Spring Valley Acquisition Corp.
Spring Valley Acquisition Corp. (NASDAQ: SV, SVSVW) is a special
purpose acquisition company formed for the purpose of entering into
a merger or similar business combination with one or more
businesses or entities focusing on sustainability, including clean
energy and storage, smart grid/efficiency, environmental services
and recycling, mobility, water and wastewater management, advanced
materials and technology enabled services. Spring Valley’s sponsor
is supported by Pearl Energy Investment Management, LLC, a Dallas,
Texas based investment firm with $1.2 billion of committed capital
under management, which focuses on partnering with best-in-class
management teams to invest in the North American energy and
sustainability sectors.
About NuScale Power
NuScale Power is poised to meet the diverse energy needs of
customers across the world. It has developed a new modular light
water reactor nuclear power plant to supply energy for electrical
generation, district heating, desalination, hydrogen production and
other process heat applications. The groundbreaking NuScale Power
Module™ (NPM), a small, safe pressurized water reactor, can
generate 77 MWe of electricity and can be scaled to meet customer
needs. The VOYGR™-12 power plant is capable of generating 924 MWe,
and NuScale also offers the four-module VOYGR-4 (308 MWe) and
six-module VOYGR-6 (462 MWe) and other configurations based on
customer needs. The majority investor in NuScale is Fluor
Corporation, a global engineering, procurement, and construction
company with a 70-year history in commercial nuclear power.
NuScale is headquartered in Portland, OR and has offices in
Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and
London, UK. Follow us on Twitter: @NuScale_Power, Facebook:
NuScale Power, LLC, LinkedIn: NuScale-Power, and
Instagram: nuscale_power. Visit NuScale Power's
website.
No Offer or Solicitation
This release does not constitute an offer to sell or a
solicitation of an offer to buy, or the solicitation of any vote or
approval in any jurisdiction in connection with the Business
Combination among Spring Valley and NuScale or any related
transactions, nor shall there be any sale, issuance or transfer of
securities in any jurisdiction where, or to any person to whom,
such offer, solicitation or sale may be unlawful. Any offering of
securities or solicitation of votes regarding the Business
Combination will be made only by means of a proxy
statement/prospectus that complies with applicable rules and
regulations promulgated under the Securities Act of 1933, as
amended (the “Securities Act”), and Securities Exchange Act of
1934, as amended, or pursuant to an exemption from the Securities
Act or in a transaction not subject to the registration
requirements of the Securities Act.
Forward Looking Statements
This release may contain “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical facts. These
forward-looking statements are inherently subject to risks,
uncertainties and assumptions. Actual results may differ materially
as a result of a number of factors. Caution must be exercised in
relying on these and other forward-looking statements. Due to known
and unknown risks, NuScale’s results may differ materially from its
expectations and projections. While NuScale may elect to update
these forward-looking statements at some point in the future
NuScale specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing NuScale’s assessments of any date subsequent to the
date of this release. Accordingly, undue reliance should not be
placed upon the forward-looking statements.
Additional Information and Where to Find It
The Registration Statement that Spring Valley has filed with the
SEC includes a proxy statement/prospectus and certain other related
documents, which has been distributed to holders of Spring Valley’s
Class A ordinary shares in connection with Spring Valley’s
solicitation of proxies for the vote by the Spring Valley
shareholders with respect to the Business Combination and other
matters as described in the proxy statement/prospectus. Spring
Valley mailed a definitive proxy statement/prospectus to the Spring
Valley shareholders as of the close of business on March 25, 2022,
which is the record date established in connection with Spring
Valley’s solicitation of proxies for the vote on the Business
Combination and other matters that were presented at the special
meeting of Spring Valley shareholders. Spring Valley shareholders
and other interested parties are urged to read the definitive proxy
statement/prospectus, any amendments thereto and any other
documents filed with the SEC carefully and in their entirety when
they become available because they will contain important
information about Spring Valley, NuScale and the Business
Combination. Shareholders may also obtain a copy of the proxy
statement/prospectus, as well as other documents filed with the SEC
regarding the Business Combination and other documents filed with
the SEC by Spring Valley, without charge, at the SEC’s website
located at www.sec.gov. A link to the Registration
Statement, as well as other information related to the transaction,
can be found on the “Investors” section of NuScale’s website at
www.nuscalepower.com/about-us/investors.
INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN
APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY
AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS
OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION
CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL
OFFENSE.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220428006342/en/
Contacts regarding the Business Combination
Spring Valley Acquisition Corp.: www.sv-ac.com Robert Kaplan
Investors@sv-ac.com
Investor inquiries: Gary Dvorchak, The Blueshirt Group for
NuScale ir@nuscalepower.com
Media inquiries: Diane Hughes, NuScale
media@nuscalepower.com
Barney Gimbel / Max Gross, Finsbury Glover Hering for NuScale
barney.gimbel@fgh.com max.gross@fgh.com
Spring Valley Acquisition (NASDAQ:SVSVW)
Historical Stock Chart
From Sep 2024 to Oct 2024
Spring Valley Acquisition (NASDAQ:SVSVW)
Historical Stock Chart
From Oct 2023 to Oct 2024