Spring Valley Acquisition II priced its initial public offering of 20 million units at $10. Units began trading today on the Nasdaq under the ticker symbol SVIIU. Each consists of one Class A share, one right to receive one-tenth of a share and one-half of a warrant. Whole warrants are redeemable at $11.50 per share.
Once the securities begin separate trading, shares, rights and warrants are expected to list under the symbols SVII, SVIIR and SVIIW. The offering is expected to close Oct. 17.
The SPAC intends to target companies in the sustainability industry, including renewable energy, resource optimization, environmental services, and grid infrastructure, which complement the backgrounds of management. Spring Valley II is led by CEO Chris Sorrells and CFO Rob Kaplan. The company’s primary sponsor is an affiliate of Pearl Energy Investment Management.
Management’s first Spring Valley SPAC completed a deal with NuScale Power in May. Read more.
