Spring Valley Acquisition III, a blank check company targeting the natural resources and decarbonization industries, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant.
The company is led by CEO and Chairman Christopher Sorrells, the former Lead Director for Renewable Energy Group (now part of Chevron) and a former Operating Partner for Natural Gas Partners' NGP Energy Technology Partners. Spring Valley Acquisition III plans to target the natural resources and decarbonization industries.
Management's previous SPACs include Spring Valley Acquisition II (SVII; +20% from $10 offer price), which has a pending merger agreement with uranium explorer and SMR developer Eagle Energy Metals, and Spring Valley Acquisition, which completed its combination with nuclear tech developer NuScale Power (NYSE: SMR; +304%) in 2022.
Spring Valley Acquisition III plans to list on the Nasdaq under the symbol SVACU. Cohen & Company Securities and Clear Street acted as joint bookrunners on the deal.
