Under review · 21 Jan 2026SVACU · NasdaqCIK 2074850Sponsor at IPO: Spring Valley Acquisition III Sponsor, LLC

Spring Valley Acquisition Corp. III

Now General Fusion Group Ltd. · Name history

$230MTrust raised at IPO

IPO3 Sept 2025
Searching24 months
Deal announced—
Closed—

Tavia Read What stands out, from the filings · snapshot 14

01
Smaller than 51% of 2025’s SPAC IPOs.
$230M raised, against a median of $230M for the 143 SPACs that priced in 2025.

Worked out from checked figures in snapshot 14 · no forecasts or advice

Key terms

Other 2025 SPAC IPOs →

IPO priced: 3 Sept 2025
IPO closed: 5 Sept 2025
Raised: $230M¹
Units sold: 23,000,000²
Trust raised: $230M³
Trust per unit: $10.00⁴
Unit: 1 sh + ⅓ warrant⁵
Months to complete: 24⁶
Deadline before extensions: 5 Sept 2027
Over-allotment: Exercised in full

Each unit: “one Class A ordinary share and one-third of one redeemable public warrant”

Name history

The same company under every name it has filed with the SEC, tracked by its CIK, 2074850. This page keeps its IPO name; the others lead here.

Spring Valley Acquisition Corp. IIIAt IPO3 Jul 2025 – 10 Jul 2026
General Fusion Group Ltd.Now10 Jul 2026 – today

Dates are those EDGAR records for each name, as of 16 October 2026. A name change follows a shareholder vote or a merger’s closing, and is reported in an 8-K.

How it compares

Spring Valley Acquisition Corp. III against the 143 SPACs that priced in 2025.

Raised: $230M; 49% of 2025 SPACs are below it; 2025 median: $230M
Trust per unit: $10.00; 83% of 2025 SPACs match it; 2025 median: $10.00
Months to complete: 24; 64% of 2025 SPACs match it; 2025 median: 24

Trust and redemptions

No extension or merger vote with paid redemptions is on record for this SPAC yet.

Firms named in the prospectus

Bookrunners

Other SPACs from Spring Valley

Spring Valley’s track record →

Spring Valley has brought 4 SPACs to market since 1 January 2019, $920M in all: 2 completed, 1 searching, 1 under review. 2 of the 2 that reached an end completed a merger.

SPAC	IPO	Raised	Status	Outcome	Months
Spring Valley Acquisition Corp. IV	9 Feb 2026	$230M	Searching	—	—
Spring Valley Acquisition Corp. III This SPAC	3 Sept 2025	$230M	Under review	—	—
Spring Valley Acquisition Corp. II	12 Oct 2022	$230M	Completed	Eagle Nuclear Energy Corp. (NUCL)	40
SPRING VALLEY ACQUISITION CORP.IPO before 2021	23 Nov 2020	$230M	Completed	NuScale Power Corporation (SMR)	17

Months: from the IPO to the merger’s closing or the liquidation. SPACs are grouped by sponsor when their names, or their sponsor entities, match once the legal form and series numeral are taken off.

Peers

Other 2025 SPAC IPOs with Clear Street LLC as bookrunner.

SPAC	IPO	Raised	Unit	Status
Silicon Valley Acquisition Corp.	22 Dec 2025	$215M	1 sh + ½ warrant	Deal announced
Viking Acquisition Corp I	30 Oct 2025	$230M	1 sh + ⅓ warrant	Completed
AA Mission Acquisition Corp. II	30 Sept 2025	$115M	1 sh + ½ warrant	Searching
Cohen Circle Acquisition Corp. II	30 Jun 2025	$253M	1 sh + ¼ warrant	Searching
Yorkville Acquisition Corp.	26 Jun 2025	$173M	1 sh + ⅓ warrant	Searching

Sources

PFinal prospectus: 0001104659-25-087188
1Gross proceeds: 0001104659-25-088292The Units were sold at an offering price of $10.00 per Unit, generating gross proceeds to the Company of $230,000,000.
2Units sold: 0001104659-25-088292the Company consummated the Offering of 23,000,000 units (the “Units”), including 3,000,000 Units issued pursuant to the underwriters’ exercise of over-allotment in full.
3Trust raised: 0001104659-25-088292A total of $230,000,000 ($10.00 per Unit) of the net proceeds from the Offering and the Private Placement was placed in a trust account
4Trust per unit: 0001104659-25-087188$200,000,000 (or $230,000,000 if the underwriters’ over-allotment option is exercised in full) ($10.00 per unit), will be deposited into a U.S.-based trust account maintained with Continental Stock Transfer & Trust Company acting as trustee.
5Unit composition: 0001104659-25-087188Each unit has an offering price of $10.00 and consists of one Class A ordinary share and one-third of one redeemable public warrant.
6Months to complete: 0001104659-25-087188We will have 24 months from the closing of this offering to consummate an initial business combination

Each quote is found word for word in the filing it cites. Where a figure here differs from the filing, the filing prevails.

How the figures are compiled

Which IPOs. Every final IPO prospectus (Form 424B4 or 424B1, or a 424B3 when it is the first prospectus filed on an S-1 or F-1 registration within 10 days of it going effective) filed on SEC EDGAR from the history start, by a registrant whose SIC code was 6770 (blank checks) on the filing date. Offerings that are not exchange-listed SPAC IPOs are excluded when the prospectus is read. The window starts on 1 January 2021.
Dated by. The date of the final prospectus.
Raised. Units sold to the public, including over-allotment units, times the unit price, as stated in the SPAC's 8-K reports after the IPO.
Trust. The trust held for public shareholders after the IPO and any over-allotment: trust per unit times public units, as stated in the SPAC's filings. Cash deposited in trust and then moved out as working capital is not counted.
Bookrunners. Firms the prospectus names as book-running managers; where it names none, the firm it names as sole underwriter or representative of the underwriters. Only the prospectus's own wording counts, not later 8-K reports. Each IPO's gross proceeds are split equally among its bookrunners.
Counsel and auditors. Issuer counsel and underwriters' counsel as named in the prospectus's Legal Matters section; the auditor as named in its Experts section. Each is credited with the IPO's full gross proceeds.
Unit structure. What one unit consists of, as the prospectus states it: a share with warrants, with rights, with both, or a share alone (shares-only offerings sell no units). Warrants per unit is the fraction of a warrant in each unit; rights are measured as the fraction of a share they convert into per unit.
Trust per unit. Dollars placed in the trust account for each unit sold to the public, as the prospectus states it.
Time to complete. Months from the IPO closing that the SPAC has to complete its business combination before any extension, as the prospectus states it.
Over-allotment. Whether the underwriters bought all, part or none of the over-allotment option, comparing units sold with the base offering and the option.
Votes. Shareholder votes to extend a SPAC's deadline or to approve its business combination, as reported in its 8-Ks (Item 5.07), for the SPACs in the IPO statistics only: SPACs that priced before the history start are not included, so votes in the first years under-represent the market. Only redemptions actually paid count: votes on a proposal that failed, or an extension that was approved but never took effect, are left out (redemption requests lapse with them), and a merger vote counts only when the deal closed, and only the last merger vote before the closing, since merger redemptions are paid at closing. Liquidation votes are left out too, as every public share is redeemed by definition.
Redemption rate. Public shares redeemed at a vote over public shares outstanding just before it. Shares redeemed are as an 8-K, or failing that the next 10-Q or 10-K, states them. Shares before are as a filing states them, or redeemed plus the shares left after, or carried from the IPO's public shares and earlier votes. The median is the typical vote; the weighted rate divides all shares redeemed by all shares before, the share of public money that left the trusts. A vote counts only when each of these figures is verified or accepted. Votes whose redemption count no filing states, after a search of the SPAC's and the combined company's filings, are counted as not disclosed rather than estimated.
Outcomes. Where each SPAC stands as of the snapshot: completed (business combination closed), liquidated (trust returned and redeemed), deal pending (agreement signed, not closed) or searching (no agreement in force). Grouped by the year the SPAC priced its IPO. Awaiting review means its status is still being checked.
Closings. Completed business combinations by year of closing. The sector is the SEC's industry code (SIC) of the combined company, grouped into broad sectors; months from IPO run from the prospectus date to the closing.
Checking. A SPAC counts only when every required figure is verified (quote found verbatim in the filing and all cross-checks pass) or accepted by a named reviewer.
Coverage. 1,077 of the 1,089 SPAC IPOs read are counted; 12 wait on a figure still under review and 11 filings were excluded as not exchange-listed SPAC IPOs.

Compiled from SEC filings with the assistance of AI · figures as of 3 November 2026

For information only. These figures are compiled from SEC filings with the assistance of AI. Although they are checked against those filings, they may contain errors or omissions and have not been audited; where they differ from the filings, the filings prevail. They are not an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. Information about any SPAC is qualified in its entirety by its filings with the SEC, available at www.sec.gov.

Smaller than 51% of 2025’s SPAC IPOs.