Spring Valley Acquisition II announced redemption numbers ahead of tomorrow’s shareholder meeting to vote on a lengthy extension.
As of yesterday shareholders elected to redeem 11,036,652 Class A shares, or approximately 48% of the outstanding stock, prior to the conversion of 7,666,666 Class B ordinary shares.
Based on the redemption requests received by the redemption deadline, and prior to giving effect to the Class B conversion, the SPAC would have 11,963,348 Class A shares outstanding following the meeting and a remaining trust balance of approximately $129.6 million. Shareholders who wish to withdraw their previously submitted redemption requests may do so prior to the start of the meeting, the SPAC said.
The extension proposal calls for moving the termination date back to October 2025, which would be three years post-IPO. A separate proposal would modify the vesting period for a portion of the founder shares.
The SPAC originally raised $230 million to target companies in the sustainability industry, including renewable energy, resource optimization, environmental services, and grid infrastructure.
The first Spring Valley SPAC completed a merger with NuScale Power in May 2022. Read more.
