Spring Valley Acquisition Corp. III (NASDAQ: SVAC) and General Fusion Inc. filed a joint registration statement on Form F‑4 with the U.S. Securities and Exchange Commission on February 24, 2026. The filing marks the first formal step toward a proposed business combination that would list General Fusion on the Nasdaq under the ticker “GFUZ.”
The registration statement contains a preliminary proxy statement and prospectus and has not yet been declared effective by the SEC. The filing signals that the two companies are moving forward with the merger process, which must be completed within SVAC’s 24‑month combination deadline.
The proposed transaction values General Fusion at approximately US$1 billion in pro‑forma equity, includes a committed PIPE financing of US$107.7 million, and relies on US$230 million of SVAC’s trust capital, assuming no redemptions. The parties expect the merger to close in mid‑2026, subject to customary closing conditions.
General Fusion is developing Magnetized Target Fusion (MTF) technology and is advancing its Lawson Machine 26 (LM26) program, which aims to demonstrate and de‑risk MTF in a commercially relevant setting. The merger would make General Fusion the first publicly traded pure‑play fusion company, positioning it to raise capital for further development of its fusion platform.
SVAC has focused its SPAC strategy on power infrastructure and decarbonization, having previously completed deals with NuScale Power and Eagle Energy Metals. The merger represents a transition for SVAC from a blank‑check vehicle to a potential operating entity in the decarbonization sector, aligning its portfolio with the growing demand for clean, baseload power.
The combination is expected to create synergies by combining General Fusion’s advanced fusion technology with SVAC’s capital structure and market access, while providing investors with exposure to a nascent but rapidly expanding fusion energy market that has attracted more than US$10 billion in private investment globally.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.