Spring Valley closed its IPO of 23,000,000 units at a price of $10.00 per unit on September 5, 2025, which includes the exercise in full by the underwriters of their overallotment option to purchase an additional 3,000,000 units. Total gross proceeds from the offering were $230 million before deducting underwriting discounts and commissions and other offering expenses payable by the Company.
The units began trading on the Nasdaq Global Market (Nasdaq) under the ticker symbol “SVACU” on September 4, 2025. Each unit consists of one Class A ordinary share of the Company and one-third of one redeemable public warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq under the symbols “SVAC” and “SVACW,” respectively.
Spring Valley is a Cayman Islands–incorporated blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more businesses.
Appleby advised on the Cayman Islands legal aspects of the transaction, drawing on its deep experience in SPAC IPOs and capital markets regulation. The Appleby team was led by Counsel Alexandra Low, alongside Partner Simon Raftopoulos, Paralegal Sophia Cunningham and other members of the Appleby corporate team.
By advising on this transaction, Appleby further demonstrates its expertise in handling complex SPAC and public offering deals globally.
