| April 7, 2022 | | | By Order of the Board of Directors, | |
| | | |
/s/ William Quinn
William Quinn
Chairman of the Board of Directors |
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| | | | | F-1 | | | |
| | | | | A-1 | | | |
| | | | | A-I-1 | | | |
| | | | | B-1 | | | |
| | | | | C-1 | | | |
| | | | | D-1 | | | |
| | | | | E-1 | | | |
| | | | | F-1 | | | |
| | | | | G-1 | | | |
| | | | | H-1 | | | |
| | | | | I-1 | | | |
| | | | | J-1 | | | |
| | | | | K-1 | | | |
| | | | | L-1 | | |
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Economic Interests in NuScale Corp
|
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| | |
Assuming No
Redemptions(1) |
| |
Assuming Maximum
Redemptions(2) |
| ||||||
Spring Valley Public Shareholders
|
| | | | 10.0% | | | | | | 0.0% | | |
Initial Shareholders(3)
|
| | | | 1.8% | | | | | | 1.7% | | |
PIPE Investors
|
| | | | 10.4% | | | | | | 11.6% | | |
NuScale Equityholders
|
| | | | 77.8% | | | | | | 86.7% | | |
Total | | | | | 100% | | | | | | 100% | | |
| | |
No Redemption
Scenario |
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50% Redemption
Scenario |
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Maximum
Redemption Scenario |
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Shares held by Spring Valley Public Shareholders
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| | | | 23,000,000 | | | | | | 11,500,000 | | | | | | — | | |
Spring Valley Founder Shares(1)
|
| | | | 4,023,803 | | | | | | 3,786,813 | | | | | | 3,442,011 | | |
PIPE Shares
|
| | | | 23,800,002 | | | | | | 23,800,002 | | | | | | 23,800,002 | | |
NuScale Equityholders
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| | | | 178,268,640 | | | | | | 178,268,640 | | | | | | 178,268,640 | | |
Total Shares
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| | | | 229,092,445 | | | | | | 217,355,455 | | | | | | 205,510,653 | | |
Remaining NuScale Consideration Shares issuable upon exercise of NuScale Corp Options
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| | | | 14,910,410 | | | | | | 14,910,410 | | | | | | 14,910,410 | | |
NuScale Corp Class A Common Stock issuable upon exercise of the Spring Valley Warrants
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| | | | 20,400,000 | | | | | | 20,400,000 | | | | | | 20,400,000 | | |
Other – Earn Out Shares(1)
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| | | | 1,726,197 | | | | | | 1,598,587 | | | | | | 1,412,924 | | |
Total Diluted Shares at Closing
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| | | | 266,129,052 | | | | | | 254,264,452 | | | | | | 242,233,987 | | |
Implied Value per Share: | | | | | | | | | | | | | | | | | | | |
Shares issued and outstanding(2)
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| | | $ | 9.20 | | | | | $ | 9.16 | | | | | $ | 9.12 | | |
Shares issued, outstanding and fully diluted(3)
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| | | $ | 7.97 | | | | | $ | 7.88 | | | | | $ | 7.79 | | |
Shares issued, outstanding, fully diluted assuming full vesting of Earn Out Shares(4)
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| | | $ | 7.92 | | | | | $ | 7.83 | | | | | $ | 7.74 | | |
Effective Underwriting Fee(5)(6)
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| | | | 2.70% | | | | | | 3.59% | | | | | | 5.36% | | |
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Source of Funds(1)
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Uses(1)
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Existing Cash held in Trust
Account(2) |
| | | $ | 232,320,939 | | | |
Remaining Cash on Balance
Sheet |
| | | $ | 425,320,939 | | |
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PIPE Investment
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| | | | 236,000,000 | | | |
Transaction Fees and Expenses
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| | | | 43,000,000 | | |
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Total Sources
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| | | $ | 468,320,939 | | | |
Total Uses
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| | | $ | 468,320,939 | | |
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Source of Funds(1)
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Uses(1)
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Existing Cash held in Trust Account(2)
|
| | | $ | 232,320,939 | | | |
Remaining Cash on Balance
Sheet |
| | | $ | 193,020,939 | | |
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PIPE Investment
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| | | | 236,000,000 | | | |
Spring Valley public redemption(3)
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| | | | 232,300,000 | | |
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Transaction Fees and Expenses
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| | | | 43,000,000 | | |
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Total Sources
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| | | $ | 468,320,939 | | | |
Total Uses
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| | | $ | 468,320,939 | | |
| | |
Pro Forma
Combined (Assuming No Redemptions) |
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Pro Forma
Combined (Assuming Maximum Redemptions) |
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| | |
(in thousands, except share
and per share data) |
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Selected Unaudited Pro Forma Condensed Combined | | | | | | | | | | | | | |
Statement of Operations Data for the Year Ended December 31, 2021 | | | | | | | | | | | | | |
Revenue
|
| | | $ | 2,862 | | | | | $ | 2,862 | | |
Net loss per share of common stock – basic and diluted
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| | | $ | (0.45) | | | | | $ | (0.50) | | |
Weighted average number of shares of common stock outstanding – basic and
diluted |
| | | | 50,823,805 | | | | | | 27,242,013 | | |
| | |
Pro Forma
Combined (Assuming No Redemptions) |
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Pro Forma
Combined (Assuming Maximum Redemptions) |
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| | |
(in thousands)
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Selected Unaudited Pro Forma Combined | | | | | | | | | | | | | |
Balance Sheet Data as of December 31, 2021 | | | | | | | | | | | | | |
Total assets
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| | | $ | 546,239 | | | | | $ | 313,939 | | |
Total liabilities
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| | | $ | 67,722 | | | | | $ | 67,722 | | |
Total equity
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| | | $ | 478,517 | | | | | $ | 246,217 | | |
| | |
Assuming No
Redemptions |
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Assuming Maximum
Redemptions |
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Shares
|
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%
|
| |
Shares
|
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%
|
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Spring Valley Class A Shareholders
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| | | | 23,000,000 | | | | | | 10.0% | | | | | | — | | | | | | 0.0% | | |
Spring Valley Founders(1)
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| | | | 4,023,803 | | | | | | 1.8% | | | | | | 3,442,011 | | | | | | 1.7% | | |
Total Spring Valley
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| | | | 27,023,803 | | | | | | 11.8% | | | | | | 3,442,011 | | | | | | 1.7% | | |
NuScale Equityholders
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| | | | 178,268,640 | | | | | | 77.8% | | | | | | 178,268,640 | | | | | | 86.7% | | |
PIPE Shares
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| | | | 23,800,002 | | | | | | 10.4% | | | | | | 23,800,002 | | | | | | 11.6% | | |
Total Shares at Closing (excluding shares below)
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229,092,445
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100.0%
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205,510,653
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100.0%
|
| |
Remaining NuScale Consideration Shares – upon Exercise of
NuScale Corp Options |
| | | | 14,910,410 | | | | | | | | | | | | 14,910,410 | | | | | | | | |
Other – Earn Out Shares(1)
|
| | | | 1,726,197 | | | | | | | | | | | | 1,412,924 | | | | | | | | |
Total Diluted Shares at Closing (including shares above)
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| | |
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245,729,052
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221,833,987
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