General Fusion to go public via SPAC merger with Spring Valley at ~$1B pro-forma equity value

Spring Valley Acquisition Corp. III

Definitive Business Combination Agreement signed Jan. 21, 2026; ~$1B pro-forma equity value inclusive of $105M oversubscribed PIPE and $230M trust capital (assuming no redemptions).
General Fusion's LM26 fusion demonstration machine is operating, compressing plasma at 50% commercial-scale diameter; key milestones include 1 keV and Lawson criterion.
Company has raised >$400M to date, holds 210 patents, and is one of only four private firms with published peer-reviewed fusion results.
Transaction unanimously approved by both boards; expected to close mid-2026; combined company to list on Nasdaq as GFUZ.

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