SVAC SEC filings, in plain English
Everything Spring Valley Acquisition Corp. III has filed with the SEC that we hold — 40 filings, newest first, 17 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
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What changed: Spring Valley Acquisition Corp. III filed an Amendment No. 1 to its Form 10-Q for the quarter ended March 31, 2026, restating financials to correct a $411,329,404 overstatement in the subscription agreement liability caused by incorrect valuation inputs. The filing discloses that on July 10, 2026, the company consummated its business combination with General Fusion, resulting in a change of name to General Fusion Group Ltd., and notes that 21,075,896 Class A ordinary shares were redeemed at the shareholder vote. Why it matters: Investors should note that the SPAC has completed its merger and is no longer a shell; the redemption deadline has passed with approximately 91.6% of public shares redeemed, significantly reducing the trust value available to remaining shareholders. The restatement confirms a material weakness in internal controls regarding complex financial instrument valuation, which may impact future reporting reliability.
What changed: Spring Valley Acquisition Corp. III filed as Rule 425 material a July 7, 2026 Business in Vancouver article reporting that SVAC shareholders voted on July 6, 2026 to approve the General Fusion business combination (BCA dated January 21, 2026), with General Fusion securityholders also approving. The article says closing was expected 'on or about' July 10, 2026, that SVAC would rename to General Fusion Group Ltd. and trade on Nasdaq as GFUZ (warrants GFUZW), and cites up to US$338 million of capital — roughly US$230 million from the SPAC trust plus US$108 million of PIPE — against an expected ~US$1 billion market cap. SVAC's F-4 was declared effective June 12, 2026 and the definitive proxy mailed from June 15, 2026 (record date June 12, 2026). Why it matters: Third-party press confirming shareholder approval of a definitive BCA days before closing; note the US$230 million trust figure is pre-redemption, and SVAC shares fell roughly 20-28% on the day, signalling heavy expected redemptions against the stated $338 million.
What changed: Spring Valley Acquisition Corp. III (SVAC) filed a Rule 425 attaching the July 6, 2026 press release announcing that both SVAC shareholders and General Fusion securityholders approved the business combination under the January 21, 2026 Business Combination Agreement (SVAC continues from the Cayman Islands to British Columbia, NewCo 1573562 B.C. Ltd. amalgamates into General Fusion, and SVAC is renamed General Fusion Group Ltd.). Closing was stated as expected on or about Friday, July 10, 2026, with shares and warrants to trade on Nasdaq as GFUZ and GFUZW subject to listing approval. Why it matters: Both shareholder votes are cleared and a specific closing date was given, so the deSPAC is at the final condition-satisfaction stage; General Fusion would become the first publicly traded pure-play fusion company.
What changed: Spring Valley Acquisition Corp. III (SVAC) filed a Rule 425 attaching a July 2, 2026 Business in Vancouver article on the pending General Fusion combination. The article states the transaction could give General Fusion access to up to US$338 million, comprising roughly US$230 million already in the SPAC and US$108 million of committed PIPE capital, at an implied Nasdaq valuation of about US$1 billion, with the SVAC shareholder vote set for July 6, 2026 and proceeds expected to fund the company through the end of 2028. The article notes General Fusion raised approximately US$44.5 million in the second half of 2025 after warning of urgent financing constraints and laying off staff. Why it matters: Third-party press, not company disclosure, but it puts numbers on the deal: a US$108 million PIPE, US$230 million of pre-redemption trust and a company that was liquidity-stressed a year earlier, so redemption levels determine how much cash actually lands.
What changed: At its July 6, 2026 extraordinary general meeting, Spring Valley Acquisition Corp. III shareholders approved every proposal for the General Fusion Inc. business combination under the January 21, 2026 Business Combination Agreement (with NewCo 1573562 B.C. Ltd.): the Continuation Proposal to de-register from the Cayman Islands and continue into British Columbia (16,760,091 for / 642,282 against), the Business Combination Proposal (16,760,217 for / 642,282 against), all four advisory organizational document proposals, the Nasdaq share-issuance proposal (16,759,233 for) and the 2026 Long-Term Incentive Plan (15,491,365 for / 1,910,943 against). Of approximately 23,000,000 Class A and 7,666,667 Class B shares outstanding at the June 12, 2026 record date, 17,402,874 shares (56.74%) were present, constituting a quorum. New capital structure authorized: unlimited subordinate voting shares, unlimited preferred, 4,500,000 each of Class A/B/C earnout shares and 10,556,373 multiple voting shares. Why it matters: Shareholder approval clears the last major vote for SVAC to become General Fusion Group Ltd. on Nasdaq (proposed GFUZ/GFUZW), making this the deSPAC that creates the first publicly traded pure-play fusion company.
What changed: Spring Valley Acquisition Corp. III (SVAC) reported the results of its July 6, 2026 extraordinary general meeting on the General Fusion business combination. Of approximately 23,000,000 Class A and 7,666,667 Class B ordinary shares outstanding as of the June 12, 2026 record date, 17,402,874 shares (about 56.74%) were present. The Continuation Proposal passed 16,760,091 for / 642,282 against, the Business Combination Proposal passed 16,760,217 for / 642,282 against, and the Nasdaq Proposal passed 16,759,233 for / 643,268 against. Advisory charter proposals were approved, including an authorized capital of unlimited New GF Subordinate Voting Shares, 4,500,000 each of Class A/B/C Earnout Shares, and 10,556,373 Multiple Voting Shares, plus a 2026 Long-Term Incentive Plan. Why it matters: Shareholder approval was the last vote-based condition for the General Fusion deSPAC, and the approved capital structure quantifies the earnout overhang (13.5 million earnout shares) and the dual-class control block (10,556,373 multiple voting shares) that public holders inherit.
What changed: Spring Valley Acquisition Corp. III (SVAC) filed a Rule 425 attaching a June 30, 2026 PR Newswire commentary piece (Equity Insider, issued on behalf of General Fusion) recapping that General Fusion was ranked TIME's number one GreenTech company of 2026 (score 96.68 out of 250 ranked companies), that its LM26 machine heated plasma to roughly 8.4 million degrees Celsius (about 0.72 keV) via mechanical compression, and that it signed a non-binding framework agreement with Renexia S.p.A. for Italian deployment, ahead of the proposed Nasdaq listing as GFUZ. Why it matters: Sponsored promotional commentary with no new transaction terms; the only substantive datapoint is the 0.72 keV plasma result, still well short of the 1 keV and 10 keV milestones General Fusion says are needed.
What changed: Spring Valley Acquisition Corp. III (SVAC) filed a Rule 425 attaching General Fusion's June 2026 investor presentation ('An Engineering Approach to Delivering Fusion Energy') in connection with the January 21, 2026 Business Combination Agreement. The portion of the document available is entirely legal disclaimers and forward-looking-statement risk language, including the risk that the combination may not be completed by Spring Valley's business combination deadline; no financial projections or deal terms are legible in the text provided. Why it matters: Standard marketing deck refiling ahead of the shareholder vote; no verifiable new financial or transaction information in the available text.
What changed: Spring Valley Acquisition Corp. III (SVAC) furnished on Form 8-K the same June 2026 General Fusion investor presentation (Exhibit 99.1) filed the same day under Rule 425, relating to the January 21, 2026 Business Combination Agreement with General Fusion Inc. and NewCo 1573562 B.C. Ltd. The available text consists of legal disclaimers and forward-looking statement risk factors only. Why it matters: Routine furnishing of investor marketing materials before the July 6, 2026 vote; adds no new facts beyond the concurrent 425.
What changed: Spring Valley Acquisition Corp. III (SVAC) filed a Rule 425 attaching a June 26, 2026 PR Newswire commentary describing General Fusion's June 24, 2026 milestone-based framework agreement with Renexia S.p.A. (Toto Group) covering potential siting, development, funding, construction and commissioning of Magnetized Target Fusion power plants in Italy. The piece explicitly characterizes the framework as non-binding, with each phase gated by a separate definitive agreement, site feasibility work starting immediately and further phase-one work expected in 2026, and notes the SVAC shareholder vote set for July 6, 2026. Why it matters: Sponsored promotional commentary; the Renexia arrangement is a non-binding framework to negotiate future agreements, not a contracted plant or offtake, so it should not be scored as revenue backlog.
What changed: Spring Valley Acquisition Corp. III filed as soliciting material a June 25, 2026 PR Newswire commentary piece issued on behalf of General Fusion recapping the LM26 result — electron temperature of approximately 0.72 keV (8.4 million degrees Celsius), a more than threefold increase via mechanical compression, with plasma density and poloidal field each up roughly tenfold and an observed neutron yield increase. It restates that the SEC declared the registration statement effective June 12, 2026, that the shareholder meeting is set for July 6, 2026, and that the combined company would trade as GFUZ/GFUZW. Why it matters: Paid-placement promotional commentary ahead of the vote; the underlying technical result and meeting date were already disclosed in the company's own press release and proxy.
What changed: Spring Valley filed under Rule 425 General Fusion's June 23, 2026 press release announcing that its LM26 Magnetized Target Fusion machine achieved compressional plasma heating to approximately 0.72 keV +/- 0.08 (8.4 million degrees Celsius), a more than 3x increase in electron temperature, with plasma density and poloidal magnetic field each rising about tenfold, stability deep into compression, no significant lithium-liner contamination and an observed neutron-yield increase. Results were submitted for peer review; the next targeted milestone is 1 keV. The release reconfirms the July 6, 2026 extraordinary general meeting and the post-close renaming to General Fusion Group Ltd. trading as GFUZ/GFUZW. Why it matters: Target-company technical progress released into the vote window — supportive of the deal narrative but pre-peer-review, with no net energy achieved and no change to deal terms.
What changed: Spring Valley filed under Rule 425 a June 24, 2026 shareholder letter from CEO Chris Sorrells plus a General Fusion press release. The letter promotes the LM26 compressional heating result (0.72 keV), General Fusion's #1 ranking on TIME's 2026 World's Top GreenTech Companies list (from more than 8,300 applicants), and confirms a fully committed $107.5 million PIPE financing from institutional investors. The press release announces a milestone-based framework agreement between General Fusion and Renexia S.p.A. (Toto Group) to explore siting, development, funding, construction and commissioning of one or more Magnetized Target Fusion power plants in Italy, with site-feasibility work starting immediately and phase-one work expected in 2026 subject to definitive terms. Why it matters: Vote-solicitation material; the Renexia arrangement is a non-binding, milestone-based framework with no committed capital or offtake, while the $107.5 million committed PIPE is the substantive datapoint for post-close funding.
What changed: On June 23, 2026 Spring Valley Acquisition Corp. III issued an unsecured, non-interest-bearing promissory note of up to $1,500,000 to its sponsor, Spring Valley Acquisition Sponsor III, LLC, drawable on request and payable at the closing of the initial business combination. At maturity the sponsor may convert outstanding principal into Working Capital Warrants at $0.90 per warrant, on terms identical to the private placement warrants issued at the September 3, 2025 IPO. Why it matters: Routine sponsor working-capital funding ahead of the General Fusion closing; the only investor-relevant detail is the $0.90 conversion price, which adds modest potential warrant dilution to the post-close cap table.
What changed: Spring Valley Acquisition Corp. III filed as Rule 425 material a June 22, 2026 General Fusion press release reporting that its LM26 Magnetized Target Fusion machine reached electron temperatures of roughly 0.72 keV (+/- 0.08), about 8.4 million degrees Celsius — a more than 3x increase during mechanical compression — with 10x increases in plasma density and poloidal magnetic field, no significant lithium contamination and increased neutron yield. Results were submitted for peer review; the next milestone is 1 keV. The release restates that SVAC's extraordinary general meeting on the General Fusion combination is set for July 6, 2026. Why it matters: Target-company technical PR ahead of the deal vote; the headline result is still below General Fusion's own first major 1 keV milestone and is unpeer-reviewed.
What changed: Spring Valley filed under Rule 425 a June 17, 2026 PR Newswire sponsored commentary about General Fusion's path to Nasdaq. It restates deal economics: approximately US$1 billion pro forma equity value, a roughly US$108 million committed and oversubscribed PIPE, and up to US$230 million of SVAC trust capital assuming no redemptions, with closing targeted mid-2026 after the July 6, 2026 meeting (June 12, 2026 record date). It also notes General Fusion's #1 rank (score 96.68 of 250 companies) on TIME's 2026 GreenTech list and that Spring Valley vehicles have raised roughly US$920 million across four IPOs. Why it matters: Promotional third-party commentary, but it puts the deal's headline numbers on record: ~$1B pro forma equity value, ~$108M PIPE and up to $230M of trust — the last of which is fully exposed to redemptions.
What changed: Spring Valley filed under Rule 425 a transcript of General Fusion CEO Greg Twinney's May 13, 2026 keynote at Web Summit Vancouver, covering the company's 20-year history, its Magnetized Target Fusion approach versus tokamaks and laser-driven inertial confinement, deuterium-from-seawater fuel with in-machine tritium breeding, and the engineering barriers (neutron damage to solid structures, tritium breeding, energy capture) MTF is designed to address. No transaction terms, financials or timelines are disclosed in the transcript. Why it matters: Investor-education soliciting material with no new deal or operating facts.
In plain English
Redemption deadlinethe last day to hand shares back for cash
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