Spring Valley Acquisition Corporation (NASDAQ:SV) announced its redemption results in connection with its business combination with nuclear power provider NuScale Power ahead of its shareholder vote tomorrow.
Spring Valley shareholders elected to redeem an aggregate of 8,619,631 shares, or approximately 37.477% of the outstanding ordinary shares. This marks the second best vote of the year out of 33 SPAC completion votes right behind Power & Digital Infrastructure’s $4.3 billion combination with Core Scientific (NASDAQ:CORZ), which saw redemptions of just 36%.
SV had consistently added additional funding to its PIPE since February, bringing the total PIPE proceeds to $236 million. Following a $15 million addition to the PIPE earlier this month, the transaction’s PIPE now exceeds Spring Valley’s $232 million trust and the parties had already secured the deal’s $200 million minimum cash condition with previous PIPE additions.
SV is a SPAC comeback story having had to previously terminate their first deal with Aerofarms in October of 2021, but managed to schedule a shareholder vote for their second deal with NuScale, with roughly 1.1 months left to completion deadline. And without having to extend. Today’s announcement of a good vote in a very challenging market is the icing on the cake.
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.
- 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.