Spring Valley Acquisition in a regulatory filing disclosed that 8,619,631 shares were redeemed ahead of the stockholder vote tomorrow on whether to merge with NuScale Power, a provider of nuclear small modular reactor technology.
The SPAC already has sufficient cash to satisfy the deal’s minimum closing condition of $200 million, having added to its PIPE financing three times in the last three months. The $236 million PIPE is now larger than the SPAC’s cash in trust, which after redemptions would be about $145 million.
Spring Valley rebounded from a setback last fall when the SPAC terminated a deal with indoor vertical farming company Aerofarms. Spring Valley shareholders had voted in favor of that merger in August, however, heavy redemptions ahead of the vote caused the SPAC to fall far short of the minimum cash requirement to close the transaction.
The SPAC now appears on target to seal the deal with NuScale well ahead of its May 27 dissolution deadline. Read more.
