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Page
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| | | | ii | | | |
| | | | ii | | | |
| | | | iii | | | |
TRADEMARKS | | | | | iii | | |
| | | | iii | | | |
| | | | vii | | | |
SUMMARY | | | | | 1 | | |
| | | | 6 | | | |
| | | | 7 | | | |
| | | | 8 | | | |
| | | | 28 | | | |
| | | | 29 | | | |
| | | | 30 | | | |
BUSINESS | | | | | 39 | | |
MANAGEMENT | | | | | 56 | | |
| | | | 66 | | | |
| | | | 75 | | | |
| | | | 78 | | | |
| | | | 82 | | | |
| | | | 92 | | | |
| | | | 105 | | | |
| | | | 108 | | | |
| | | | 114 | | | |
| | | | 119 | | | |
EXPERTS | | | | | 119 | | |
| | | | 119 | | | |
| | | | 119 | | | |
| | | | F-1 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Revenue
|
| | | $ | 11,804 | | | | | $ | 2,862 | | | | | $ | 600 | | |
Net Loss
|
| | | | (141,573) | | | | | | (102,493) | | | | | | (88,387) | | |
| | |
As of December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Summary Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 348,635 | | | | | $ | 121,197 | | | | | $ | 47,057 | | |
Total liabilities
|
| | | | 71,548 | | | | | | 52,799 | | | | | | 74,056 | | |
Total mezzanine and members’ equity
|
| | | | 277,087 | | | | | | 68,398 | | | | | | (26,999) | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Summary Statements of Cash Flows: | | | | | | | | | | | | | | | | | | | |
Operating Cash Flows
|
| | | $ | (148,609) | | | | | $ | (99,162) | | | | | $ | (47,235) | | |
Investing Cash Flows
|
| | | | (52,332) | | | | | | (1,952) | | | | | | (3,526) | | |
Financing Cash Flows
|
| | | | 368,064 | | | | | | 173,344 | | | | | | 38,494 | | |
| | | | | | | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 341,462 | | |
|
Warrant liabilities
|
| | | | (47,532) | | |
|
Total net assets
|
| | | $ | 293,930 | | |
| | |
Twelve Months Ended December 31,
|
| |||||||||||||||
(in thousands, except share and per share amounts)
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Revenue
|
| | | | 11,804 | | | | | $ | 2,862 | | | | | $ | 600 | | |
Cost of sales
|
| | | | (7,317) | | | | | | (1,770) | | | | | | (355) | | |
Gross margin
|
| | | | 4,487 | | | | | | 1,092 | | | | | | 245 | | |
Research and development expenses
|
| | | | 123,416 | | | | | | 93,136 | | | | | | 95,267 | | |
General and administrative expenses
|
| | | | 63,057 | | | | | | 45,226 | | | | | | 37,176 | | |
Other expenses
|
| | | | 48,009 | | | | | | 37,030 | | | | | | 26,645 | | |
Loss from operations
|
| | | | (229,995) | | | | | | (174,300) | | | | | | (158,843) | | |
| | |
Twelve Months Ended December 31,
|
| |||||||||||||||
(in thousands, except share and per share amounts)
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Department of Energy cost share
|
| | | | 72,336 | | | | | | 73,522 | | | | | | 71,109 | | |
Decrease (increase) in fair value of warrant liabilities
|
| | | | 12,148 | | | | | | — | | | | | | — | | |
Interest income and other cost share (interest expense)
|
| | | | 3,938 | | | | | | (1,715) | | | | | | (653) | | |
Loss before income taxes
|
| | | | (141,573) | | | | | $ | (102,493) | | | | | $ | (88,387) | | |
|
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Net cash used in operating activities
|
| | | $ | (148,609) | | | | | $ | (99,162) | | | | | | (47,235) | | |
Net cash used in investing activities
|
| | | | (52,332) | | | | | | (1,952) | | | | | | (3,526) | | |
Net cash provided by financing activities
|
| | | | 368,064 | | | | | | 173,344 | | | | | | 38,494 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 167,123 | | | | | $ | 72,230 | | | | | $ | (12,267) | | |
Name(1)
|
| |
Age
|
| |
Position
|
|
John L. Hopkins | | |
69
|
| | Chief Executive Officer, Director | |
José N. Reyes | | |
67
|
| | Chief Technical Officer | |
Chris Colbert | | |
58
|
| | Chief Financial Officer | |
Robert Temple | | |
66
|
| | General Counsel and Corporate Secretary | |
Thomas Mundy | | |
62
|
| | President VOYGR Services & Delivery | |
Clayton Scott | | |
61
|
| |
Executive Vice President, Business Development
|
|
Scott Bailey | | |
61
|
| | Vice President, Supply Chain | |
Thomas Bergman | | |
59
|
| | Vice President, Regulatory Affairs | |
Carl Britsch | | |
59
|
| | Vice President, Human Resources | |
Robert Gamble | | |
60
|
| | Vice President, Engineering | |
Diane Hughes | | |
47
|
| | Vice President, Marketing & Communications | |
Karin Feldman | | |
45
|
| | Vice President, Program Management | |
Alan L. Boeckmann | | |
74
|
| | Director | |
Bum-Jin Chung | | |
58
|
| | Director | |
Alvin C. Collins, III | | |
50
|
| | Director | |
Shinji Fujino | | |
60
|
| | Director | |
James T. Hackett | | |
69
|
| | Director (Chairman) | |
Kent Kresa | | |
85
|
| | Director | |
Christopher J. Panichi | | |
56
|
| | Director | |
Christopher Sorrells | | |
54
|
| | Director | |
Kimberly O. Warnica | | |
49
|
| | Director | |
| Non-employee directors | | | 5x annual cash retainer | |
| CEO | | | 5x base salary | |
| CFO and CEO Direct Reports | | | 2x base salary | |
Committee
|
| |
Member
|
| |
Additional to
Chair |
| ||||||
Audit
|
| | | $ | 10,000 | | | | | $ | 12,500 | | |
Compensation
|
| | | $ | 7,500 | | | | | $ | 8,000 | | |
Nominating and Governance
|
| | | $ | 5,000 | | | | | $ | 6,500 | | |
Name
|
| |
Fees Earned
|
| |
RSUs
|
| |
Total
|
| |||||||||
Alan L. Boeckmann
|
| | | $ | 60,735 | | | | | $ | 138,374 | | | | | $ | 199,109 | | |
James T. Hackett
|
| | | $ | 126,953 | | | | | $ | 138,374 | | | | | $ | 265,327 | | |
Kent Kresa
|
| | | $ | 79,945 | | | | | $ | 138,374 | | | | | $ | 218,319 | | |
Christopher Sorrells
|
| | | $ | 56,511 | | | | | $ | 138,374 | | | | | $ | 194,855 | | |
Kimberly O. Warnica
|
| | | $ | 63,159 | | | | | $ | 138,374 | | | | | $ | 201,533 | | |
Bum-Jin Chung
|
| | | $ | 6,666 | | | | | $ | — | | | | | $ | 6,666 | | |
Shinji Fujino
|
| | | $ | 6,666 | | | | | $ | — | | | | | $ | 6,666 | | |
| | |
Stock Awards
|
| |||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Total RSUs
Granted |
| |
Grant Date
Fair Value |
| |
Unvested
RSUs |
| ||||||||||||
Alan L. Boeckmann
|
| | | | 2022 | | | | | | 18,627 | | | | | $ | 267,111 | | | | | | 12,908 | | |
James T. Hackett
|
| | | | 2022 | | | | | | 18,627 | | | | | $ | 267,111 | | | | | | 12,908 | | |
Kent Kresa
|
| | | | 2022 | | | | | | 18,627 | | | | | $ | 267,111 | | | | | | 12,908 | | |
Christopher Sorrells
|
| | | | 2022 | | | | | | 18,627 | | | | | $ | 267,111 | | | | | | 12,908 | | |
Kimberly O. Warnica
|
| | | | 2022 | | | | | | 18,627 | | | | | $ | 267,111 | | | | | | 12,908 | | |
Bum-Jin Chung
|
| | | | 2022 | | | | | | — | | | | | | — | | | | | | — | | |
Shinji Fujino
|
| | | | 2022 | | | | | | — | | | | | | — | | | | | | — | | |
Name and Position
|
| |
Year
|
| |
Salary
($) |
| |
Option
awards ($)(1) |
| |
RSUs
($)(2) |
| |
Non-equity
incentive plan compensation ($)(3) |
| |
One-time bonus
($)(4) |
| |
All other
Compensation ($) |
| |
Total
($) |
| ||||||||||||||||||||||||
John L. Hopkins
Chief Executive Officer |
| | | | 2022 | | | | | | 600,000 | | | | | | — | | | | | | 1,576,472 | | | | | | 568,800 | | | | | | 450,000 | | | | | | 15,355 | | | | | | 3,210,627 | | |
| | | 2021 | | | | | | 544,741 | | | | | | 1,094,487 | | | | | | — | | | | | | 531,760 | | | | | | — | | | | | | 4,638 | | | | | | 2,175,626 | | | ||
Dale Atkinson
Chief Operating Officer |
| | | | 2022(5) | | | | | | 423,108 | | | | | | — | | | | | | — | | | | | | 215,839 | | | | | | 320,173 | | | | | | 1,269,456 | | | | | | 2,228,576 | | |
| | | 2021 | | | | | | 407,259 | | | | | | 804,083 | | | | | | — | | | | | | 317,381 | | | | | | — | | | | | | 15,596 | | | | | | 1,544,319 | | | ||
Chris Colbert
Chief Financial Officer |
| | | | 2022 | | | | | | 409,371 | | | | | | — | | | | | | 1,050,978 | | | | | | 208,831 | | | | | | 309,778 | | | | | | 25,469 | | | | | | 2,004,427 | | |
| | | 2021 | | | | | | 347,763 | | | | | | 804,083 | | | | | | — | | | | | | 230,308 | | | | | | — | | | | | | 15,338 | | | | | | 1,397,492 | | |
| | |
Option Awards
|
| |
RSUs(1)
|
| ||||||||||||||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Exercisable
(#) |
| |
Unexercisable
(#) |
| |
Option
Exercise Price |
| |
Option
Expiration Date |
| |
Number of
Shares That Have Not Vested (#) |
| |
Market Value
of Shares That Have Not Vested |
| |||||||||||||||||||||
John L. Hopkins
|
| | | | 7/08/22 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 147,059 | | | | | $ | 1,576,472 | | |
| | | 3/31/21 | | | | | | 178,613 | | | | | | 81,187 | | | | | $ | 6.41 | | | | | | 3/31/31 | | | | | | — | | | | | $ | — | | | ||
| | | 2/14/18 | | | | | | 1,329,136 | | | | | | — | | | | | $ | 3.41 | | | | | | 2/14/28 | | | | | | — | | | | | $ | — | | | ||
Dale Atkinson
|
| | | | 3/31/21 | | | | | | 131,221 | | | | | | — | | | | | $ | 6.41 | | | | | | 3/31/31 | | | | | | — | | | | | $ | — | | |
| | | 2/14/18 | | | | | | 600,449 | | | | | | — | | | | | $ | 3.41 | | | | | | 2/14/28 | | | | | | — | | | | | $ | — | | | ||
| | | 2/19/16 | | | | | | 207,840 | | | | | | — | | | | | $ | 3.24 | | | | | | 2/19/26 | | | | | | — | | | | | $ | — | | | ||
| | | 7/18/14 | | | | | | 242,480 | | | | | | — | | | | | $ | 0.69 | | | | | | 7/18/24 | | | | | | — | | | | | $ | — | | | ||
Chris Colbert
|
| | | | 7/08/22 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 98,039 | | | | | $ | 1,050,978 | | |
| | | 3/31/21 | | | | | | 131,221 | | | | | | 59,645 | | | | | $ | 6.41 | | | | | | 3/31/31 | | | | | | — | | | | | $ | — | | | ||
| | | 2/14/18 | | | | | | 244,627 | | | | | | — | | | | | $ | 3.41 | | | | | | 2/14/28 | | | | | | — | | | | | $ | — | | | ||
| | | 2/19/16 | | | | | | 121,240 | | | | | | — | | | | | $ | 3.24 | | | | | | 2/19/26 | | | | | | — | | | | | $ | — | | | ||
| | | 9/13/13 | | | | | | 149,644 | | | | | | — | | | | | $ | 0.64 | | | | | | 9/13/23 | | | | | | — | | | | | $ | — | | |
| | |
Shares Beneficially Owned
|
| | | | | | | |||||||||||||||||||||
| | |
Class A common stock
|
| |
Class B common stock(1)
|
| |
% of Total
Voting Power |
| |||||||||||||||||||||
Name of Beneficial Owners
|
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| ||||||||||||||||||
Directors and officers**: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Alan L. Boeckmann
|
| | | | 21,439 | | | | | | * | | | | | | 0 | | | | | | — | | | | | | * | | |
Bum-Jin Chung
|
| | | | 0 | | | | | | * | | | | | | 0 | | | | | | — | | | | | | * | | |
Alvin C. Collins, III
|
| | | | 0 | | | | | | * | | | | | | 0 | | | | | | — | | | | | | * | | |
Shinji Fujino
|
| | | | 0 | | | | | | * | | | | | | 0 | | | | | | — | | | | | | * | | |
James T. Hackett
|
| | | | 11,439 | | | | | | * | | | | | | 0 | | | | | | — | | | | | | * | | |
John L. Hopkins(2)
|
| | | | 1,592,181 | | | | | | 2.3% | | | | | | 0 | | | | | | — | | | | | | * | | |
Kent Kresa
|
| | | | 11,439 | | | | | | * | | | | | | 19,783 | | | | | | * | | | | | | * | | |
Christopher J. Panichi
|
| | | | 2,775 | | | | | | * | | | | | | 0 | | | | | | — | | | | | | * | | |
Christopher Sorrells
|
| | | | 11,439 | | | | | | * | | | | | | 0 | | | | | | — | | | | | | * | | |
Kimberly O. Warnica
|
| | | | 11,439 | | | | | | * | | | | | | 0 | | | | | | — | | | | | | * | | |
Julie Adelman
|
| | | | 70,446 | | | | | | * | | | | | | 8,660 | | | | | | * | | | | | | * | | |
Dale Atkinson(2)
|
| | | | 1,212,554 | | | | | | 1.7% | | | | | | 59,369 | | | | | | * | | | | | | * | | |
Christopher Colbert(3)
|
| | | | 686,853 | | | | | | 1.0% | | | | | | 75,585 | | | | | | * | | | | | | * | | |
Karin Feldman(2)
|
| | | | 174,364 | | | | | | * | | | | | | 0 | | | | | | — | | | | | | * | | |
Rudolph Murgo(2)
|
| | | | 36,885 | | | | | | * | | | | | | 0 | | | | | | — | | | | | | * | | |
José N. Reyes(2)(4)
|
| | | | 1,642,566 | | | | | | 2.4% | | | | | | 0 | | | | | | — | | | | | | * | | |
Robert Temple(2)
|
| | | | 458,454 | | | | | | * | | | | | | 0 | | | | | | — | | | | | | * | | |
Clayton Scott(2)
|
| | | | 22,875 | | | | | | * | | | | | | 0 | | | | | | — | | | | | | * | | |
Thomas Mundy(2)
|
| | | | 688,809 | | | | | | 1.0% | | | | | | 0 | | | | | | — | | | | | | * | | |
All directors and officers as a group (19 persons)
|
| | | | 6,655,957 | | | | | | 8.4% | | | | | | 163,397 | | | | | | * | | | | | | * | | |
| | |
Shares Beneficially Owned
|
| | | | | | | |||||||||||||||||||||
| | |
Class A common stock
|
| |
Class B common stock(1)
|
| |
% of Total
Voting Power |
| |||||||||||||||||||||
Name of Beneficial Owners
|
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| ||||||||||||||||||
Five Percent Holders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fluor Enterprises, Inc.(5)
|
| | | | 0 | | | | | | — | | | | | | 126,400,219 | | | | | | 80.5% | | | | | | 55.8% | | |
Doosan Enerbility Co. Ltd.(6)
|
| | | | 3,902,061 | | | | | | 7.5% | | | | | | 0 | | | | | | — | | | | | | 1.7% | | |
Next Tech 1 New Technology Investment Fund(7)
|
| | | | 3,677,787 | | | | | | 7.1% | | | | | | 0 | | | | | | — | | | | | | 1.6% | | |
Next Tech 3 New Technology Investment Fund(8)
|
| | | | 3,866,209 | | | | | | 7.5% | | | | | | 0 | | | | | | — | | | | | | 1.7% | | |
BH Investment and Liberty Ltd. and Dae Seok Bae (9)
|
| | | | 3,980,207 | | | | | | 7.7% | | | | | | 0 | | | | | | — | | | | | | 1.8% | | |
IBK Securities Co. Ltd.(10)
|
| | | | 6,118,912 | | | | | | 11.3% | | | | | | 0 | | | | | | — | | | | | | 2.7% | | |
Japan NuScale Innovation, LLC and Investors(11)
|
| | | | 0 | | | | | | — | | | | | | 19,285,070 | | | | | | 12.3% | | | | | | 8.5% | | |
DS Private Equity Co Ltd.; DS Asset Management; and Dok Soo Jang(12)
|
| | | | 7,699,656 | | | | | | 14.8% | | | | | | 0 | | | | | | — | | | | | | 3.4% | | |
LMR Investment Managers(13)
|
| | | | 2,970,501 | | | | | | 5.4% | | | | | | 0 | | | | | | — | | | | | | 1.3% | | |
Green Energy New Technology Investment Fund(14)
|
| | | | 4,196,162 | | | | | | 8.1% | | | | | | 0 | | | | | | — | | | | | | 1.9% | | |
The Vanguard Group (23-1945930)(15)
|
| | | | 3,427,793 | | | | | | 6.6% | | | | | | 0 | | | | | | — | | | | | | 1.5% | | |
| | |
NuScale LLC
Class B Units Owned Prior to Exchange and this Offering(1) |
| |
NuScale Power Corporation
Securities Beneficially Owned Before Exchange and this Offering |
| |
Shares of Class A
Common Stock Beneficially Owned Following Exchange(2) |
| |
NuScale Power
Corporation Securities Beneficially Owned Following Exchange and this Offering(3) |
| ||||||||||||||||||||||||||||||||||||||||||
Name of Selling Security Holder
|
| |
Shares of
Class A Common Stock |
| |
Shares of
Class B Common Stock(1) |
| |
Private
Placement Warrants |
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| |
Private
Placement Warrants |
| ||||||||||||||||||||||||||||||
Fluor Enterprises, Inc.
|
| | | | 125,936,472 | | | | | | — | | | | | | 125,936,472 | | | | | | — | | | | | | 125,936,472 | | | | | | 56.7% | | | | | | — | | | | | | — | | | | | | — | | |
NuScale Holdings Corp.(4)
|
| | | | 463,747 | | | | | | — | | | | | | 463,747 | | | | | | — | | | | | | 463,747 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Japan NuScale Innovation, LLC
|
| | | | 19,285,070 | | | | | | — | | | | | | 19,285,070 | | | | | | — | | | | | | 19,285,070 | | | | | | 8.7% | | | | | | — | | | | | | — | | | | | | — | | |
Doosan Heavy Industries & Construction Co., Ltd.
|
| | | | 3,902,061 | | | | | | — | | | | | | 3,902,061 | | | | | | — | | | | | | 3,902,061 | | | | | | 1.8% | | | | | | — | | | | | | — | | | | | | — | | |
GS Energy NA Investments, Inc.
|
| | | | 5,157,405 | | | | | | — | | | | | | 5,157,405 | | | | | | — | | | | | | 5,157,405 | | | | | | 2.3% | | | | | | — | | | | | | — | | | | | | — | | |
Next Tech 3 New Technology Investment Fund
|
| | | | 4,512,729 | | | | | | — | | | | | | 4,512,729 | | | | | | — | | | | | | 4,512,729 | | | | | | 2.0% | | | | | | — | | | | | | — | | | | | | — | | |
Next Tech 1 New Technology Investment Fund
|
| | | | 4,241,765 | | | | | | — | | | | | | 4,241,765 | | | | | | — | | | | | | 4,241,765 | | | | | | 1.9% | | | | | | — | | | | | | — | | | | | | — | | |
Sargent & Lundy NuHoldings,
LLC |
| | | | 2,851,696 | | | | | | — | | | | | | 2,851,696 | | | | | | — | | | | | | 2,851,696 | | | | | | 1.3% | | | | | | — | | | | | | — | | | | | | — | | |
Samsung C&T Corporation
|
| | | | 2,578,702 | | | | | | 5,200,002 | | | | | | 2,578,702 | | | | | | — | | | | | | 7,778,704 | | | | | | 3.5% | | | | | | — | | | | | | — | | | | | | — | | |
NuScale Korea Holdings LLC
|
| | | | 2,138,705 | | | | | | — | | | | | | 2,138,705 | | | | | | — | | | | | | 2,138,705 | | | | | | 1.0% | | | | | | — | | | | | | — | | | | | | — | | |
Next Tech 2 New Technology Investment Fund
|
| | | | 372,420 | | | | | | — | | | | | | 372,420 | | | | | | — | | | | | | 372,420 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Spring Valley Acquisition Sponsor Sub, LLC
|
| | | | — | | | | | | 5,394,933 | | | | | | — | | | | | | — | | | | | | 5,394,933 | | | | | | 2.4% | | | | | | — | | | | | | — | | | | | | — | | |
Spring Valley Acquisition Sponsor, LLC
|
| | | | — | | | | | | — | | | | | | — | | | | | | 8,900,000 | | | | | | 8,900,000 | | | | | | 4.0% | | | | | | — | | | | | | — | | | | | | — | | |
Debra Frodl(5)
|
| | | | — | | | | | | 40,000 | | | | | | — | | | | | | — | | | | | | 40,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Richard Thompson(5)
|
| | | | — | | | | | | 40,000 | | | | | | — | | | | | | — | | | | | | 40,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Patrick Wood III(5)
|
| | | | — | | | | | | 40,000 | | | | | | — | | | | | | — | | | | | | 40,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
CPEI LLC
|
| | | | — | | | | | | 2,000,000 | | | | | | — | | | | | | — | | | | | | 2,000,000 | | | | | | 0.9% | | | | | | — | | | | | | — | | | | | | — | | |
DSPE Alpha Private Equity
Fund |
| | | | — | | | | | | 5,210,000 | | | | | | — | | | | | | — | | | | | | 5,210,000 | | | | | | 2.3% | | | | | | — | | | | | | — | | | | | | — | | |
NH Investment & Securities Co., Ltd. (as a trustee for and on behalf of DS Benefit. N Hedge Fund)
|
| | | | — | | | | | | 2,790,000 | | | | | | — | | | | | | — | | | | | | 2,790,000 | | | | | | 1.3% | | | | | | — | | | | | | — | | | | | | — | | |
Green Energy New Technology Investment Fund
|
| | | | — | | | | | | 5,000,000 | | | | | | — | | | | | | — | | | | | | 5,000,000 | | | | | | 2.3% | | | | | | — | | | | | | — | | | | | | — | | |
| | |
NuScale LLC
Class B Units Owned Prior to Exchange and this Offering(1) |
| |
NuScale Power Corporation
Securities Beneficially Owned Before Exchange and this Offering |
| |
Shares of Class A
Common Stock Beneficially Owned Following Exchange(2) |
| |
NuScale Power
Corporation Securities Beneficially Owned Following Exchange and this Offering(3) |
| ||||||||||||||||||||||||||||||||||||||||||
Name of Selling Security Holder
|
| |
Shares of
Class A Common Stock |
| |
Shares of
Class B Common Stock(1) |
| |
Private
Placement Warrants |
| |
Number
|
| |
%
|
| |
Number
|
| |
%
|
| |
Private
Placement Warrants |
| ||||||||||||||||||||||||||||||
Pearl Energy Investments II, L.P.
|
| | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | 500,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Pulsar US Venture Growth LLC
|
| | | | — | | | | | | 100,000 | | | | | | — | | | | | | — | | | | | | 100,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
SailingStone Global Natural Resources Fund
|
| | | | — | | | | | | 59,198 | | | | | | — | | | | | | — | | | | | | 59,198 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Uppsala LP
|
| | | | — | | | | | | 157,687 | | | | | | — | | | | | | — | | | | | | 157,687 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
The Trustees of the University of Pennsylvania
|
| | | | — | | | | | | 144,249 | | | | | | — | | | | | | — | | | | | | 144,249 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
The University of Pennsylvania Master Retirement Trust
|
| | | | — | | | | | | 56,746 | | | | | | — | | | | | | — | | | | | | 56,746 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
The Trustees of the University of
Pennsylvania Retiree Medical and Death Benefits Trust |
| | | | — | | | | | | 18,312 | | | | | | — | | | | | | — | | | | | | 18,312 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
SailingStone Capital Partners LLC, as investment manager on behalf of Victory Global Energy Transition Fund, a series of Victory Portfolio
|
| | | | — | | | | | | 563,808 | | | | | | — | | | | | | — | | | | | | 563,808 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Segra Resource Partners, LP
|
| | | | — | | | | | | 400,000 | | | | | | — | | | | | | — | | | | | | 400,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Nucor Corporation
|
| | | | — | | | | | | 1,500,000 | | | | | | — | | | | | | — | | | | | | 1,500,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Kent Kresa(6)
|
| | | | 19,783 | | | | | | — | | | | | | 19,783 | | | | | | — | | | | | | 19,783 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Dale Atkinson(7)
|
| | | | 59,369 | | | | | | — | | | | | | 59,369 | | | | | | — | | | | | | 59,369 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Christopher Colbert(8)
|
| | | | 75,585 | | | | | | — | | | | | | 75,585 | | | | | | — | | | | | | 75,585 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
José N. Reyes(9)
|
| | | | 151,203 | | | | | | — | | | | | | 151,203 | | | | | | — | | | | | | 151,203 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Julie Adelman(10)
|
| | | | 8,660 | | | | | | — | | | | | | 8,660 | | | | | | — | | | | | | 8,660 | | | | | | * | | | | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Units
|
| |
Aggregate
Purchase Price |
| |
Date of Issuance
|
| ||||||
Fluor Enterprises, Inc
|
| | | | 5,208,333 | | | | | $ | 10,000,000 | | | |
August 5, 2020
|
|
Japan NuScale Innovation, LLC
|
| | | | 20,833,333 | | | | | $ | 40,000,000 | | | |
March 30, 2021
|
|
Name
|
| |
Units
|
| |
Aggregate
Purchase Price |
| |
Date of Issuance
|
| ||||||
Japan NuScale Innovation, LLC
|
| | | | 9,132,420 | | | | | $ | 20,000,000 | | | |
June 1, 2021
|
|
Next Tech 3 New Technology Investment Fund
|
| | | | 15,981,735 | | | | | $ | 35,000,000 | | | |
July 19, 2021
|
|
Doosan Heavy Industries & Construction Co., Ltd
|
| | | | 11,415,525 | | | | | $ | 25,000,000 | | | |
July 19, 2021
|
|
Redemption Date
(period to expiration of Warrants) |
| |
Fair Market Value of Class A Common Stock
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
≤$10.00
|
| |
$11.00
|
| |
$12.00
|
| |
$13.00
|
| |
$14.00
|
| |
$15.00
|
| |
$16.00
|
| |
$17.00
|
| |
≥$18.00
|
| |||||||||||||||||||||||||||||
60 months
|
| | | | 0.261 | | | | | | 0.281 | | | | | | 0.297 | | | | | | 0.311 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
57 months
|
| | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.361 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.361 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.361 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.361 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.361 | | |
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.361 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.361 | | |
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.361 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.361 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.361 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.361 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.361 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.361 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.361 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
6 months
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
3 months
|
| | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months
|
| | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
| | |
Page(s)
|
| |||
Audited Financial Statements of NuScale Power Corporation
|
| | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-7 | | | |
| | | | F-9 | | | |
Audited Financial Statements of Spring Valley Acquisition Corp.
|
| | | | | | |
| | | | F-31 | | | |
| | | | F-32 | | | |
| | | | F-33 | | | |
| | | | F-34 | | | |
| | | | F-35 | | | |
| | | | F-36 | | |
(in thousands, except share and per share amounts)
|
| |
December 31,
2022 |
| |
December 31,
2021 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 217,685 | | | | | $ | 77,094 | | |
Short-term investments
|
| | | | 50,000 | | | | | | — | | |
Prepaid expenses
|
| | | | 5,531 | | | | | | 4,147 | | |
Accounts and other receivables
|
| | | | 11,199 | | | | | | 4,833 | | |
Total current assets
|
| | | | 284,415 | | | | | | 86,074 | | |
Property, plant and equipment, net
|
| | | | 4,770 | | | | | | 4,960 | | |
In-process research and development
|
| | | | 16,900 | | | | | | 16,900 | | |
Intangible assets, net
|
| | | | 1,059 | | | | | | 1,236 | | |
Goodwill
|
| | | | 8,255 | | | | | | 8,255 | | |
Restricted cash
|
| | | | 26,532 | | | | | | — | | |
Other assets
|
| | | | 6,704 | | | | | | 3,772 | | |
Total assets
|
| | | $ | 348,635 | | | | | $ | 121,197 | | |
LIABILITIES AND EQUITY | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | $ | 27,951 | | | | | $ | 22,375 | | |
Accrued compensation
|
| | | | 9,038 | | | | | | 10,552 | | |
Convertible note payable
|
| | | | — | | | | | | 14,041 | | |
Other accrued liabilities
|
| | | | 1,568 | | | | | | 1,440 | | |
Total current liabilities
|
| | | | 38,557 | | | | | | 48,408 | | |
Warrant liabilities
|
| | | | 29,349 | | | | | | — | | |
Noncurrent liabilities
|
| | | | 2,786 | | | | | | 2,976 | | |
Deferred revenue
|
| | | | 856 | | | | | | 1,415 | | |
Total liabilities
|
| | | | 71,548 | | | | | | 52,799 | | |
Mezzanine equity
|
| | | | — | | | | | | 2,140 | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Convertible preferred units
|
| | | | — | | | | | | 819,694 | | |
Common units
|
| | | | — | | | | | | 28,184 | | |
Class A common stock, par value $0.0001 per share, 332,000,000 shares authorized, 69,353,019 shares issued and outstanding as of December 31, 2022
|
| | | | 7 | | | | | | — | | |
Class B common stock, par value $0.0001 per share, 179,000,000 shares authorized, 157,090,820 shares issued and outstanding as of December 31, 2022
|
| | | | 16 | | | | | | — | | |
Additional paid-in capital
|
| | | | 296,748 | | | | | | 0 | | |
Accumulated deficit
|
| | | | (182,092) | | | | | | (781,620) | | |
Total Stockholders’ Equity Excluding Noncontrolling Interests
|
| | | | 114,679 | | | | | | 66,258 | | |
Noncontrolling interests
|
| | | | 162,408 | | | | | | — | | |
Total Stockholders’ Equity
|
| | | $ | 277,087 | | | | | $ | 66,258 | | |
Total Liabilities, Mezzanine Equity and Stockholders’ Equity
|
| | | $ | 348,635 | | | | | $ | 121,197 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands, except share and per share amounts)
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Revenue
|
| | | $ | 11,804 | | | | | $ | 2,862 | | | | | $ | 600 | | |
Cost of sales
|
| | | | (7,317) | | | | | | (1,770) | | | | | | (355) | | |
Gross margin
|
| | | | 4,487 | | | | | | 1,092 | | | | | | 245 | | |
Research and development expenses
|
| | | | 123,416 | | | | | | 93,136 | | | | | | 95,267 | | |
General and administrative expenses
|
| | | | 63,057 | | | | | | 45,226 | | | | | | 37,176 | | |
Other expenses
|
| | | | 48,009 | | | | | | 37,030 | | | | | | 26,645 | | |
Loss from operations
|
| | | | (229,995) | | | | | | (174,300) | | | | | | (158,843) | | |
Department of Energy cost share
|
| | | | 72,336 | | | | | | 73,522 | | | | | | 71,109 | | |
Decrease (increase) in fair value of warrant liabilities
|
| | | | 12,148 | | | | | | — | | | | | | — | | |
Interest income and other cost share (interest expense)
|
| | | | 3,938 | | | | | | (1,715) | | | | | | (653) | | |
Loss before income taxes
|
| | | | (141,573) | | | | | | (102,493) | | | | | | (88,387) | | |
Provision (benefit) for income taxes
|
| | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | (141,573) | | | | | | (102,493) | | | | | | (88,387) | | |
Net loss attributable to legacy NuScale LLC holders prior to Transaction
|
| | | | (31,155) | | | | | | — | | | | | | — | | |
Net loss attributable to noncontrolling interests
|
| | | | (84,504) | | | | | | — | | | | | | — | | |
Net Loss Attributable to Class A Common Stockholders
|
| | | | (25,914) | | | | | | (102,493) | | | | | | (88,387) | | |
Loss Per Share of Class A Common Stock: | | | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | $ | (0.51) | | | | | $ | — | | | | | $ | — | | |
Weighted-Average Shares of Class A Common Stock Outstanding: | | | | | | | | | | | | | | | | | | | |
Basic and Diluted
|
| | | | 50,763,844 | | | | | | — | | | | | | — | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
OPERATING CASH FLOW | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (141,573) | | | | | $ | (102,493) | | | | | $ | (88,387) | | |
Adjustments to reconcile net loss to operating cash flow: | | | | | | | | | | | | | | | | | | | |
Depreciation
|
| | | | 2,521 | | | | | | 2,018 | | | | | | 1,900 | | |
Amortization of intangibles
|
| | | | 177 | | | | | | 177 | | | | | | 178 | | |
Equity-based compensation expense
|
| | | | 9,331 | | | | | | 6,441 | | | | | | 3,718 | | |
Accrued interest on convertible note payable
|
| | | | — | | | | | | 127 | | | | | | 701 | | |
Change in fair value of warrant liabilities
|
| | | | (12,148) | | | | | | — | | | | | | — | | |
Net noncash change in right of use assets and lease liabilities
|
| | | | 2,385 | | | | | | 1,501 | | | | | | 1,486 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | | | | | | | |
Prepaid expenses and other assets
|
| | | | (2,243) | | | | | | (1,540) | | | | | | (462) | | |
Accounts receivable
|
| | | | (6,366) | | | | | | (2,043) | | | | | | 18,042 | | |
Accounts payable and accrued expenses
|
| | | | 2,987 | | | | | | 5,886 | | | | | | 6,493 | | |
Lease liability
|
| | | | (1,504) | | | | | | (1,650) | | | | | | (1,594) | | |
Deferred DOE cost share
|
| | | | (104) | | | | | | (13,254) | | | | | | 13,358 | | |
Deferred revenue
|
| | | | (559) | | | | | | 1,148 | | | | | | 224 | | |
Accrued compensation
|
| | | | (1,513) | | | | | | 4,520 | | | | | | (2,892) | | |
Net cash used in operating activities
|
| | | | (148,609) | | | | | | (99,162) | | | | | | (47,235) | | |
INVESTING CASH FLOW | | | | | | | | | | | | | | | | | | | |
Purchase of short-term investments
|
| | | | (50,000) | | | | | | — | | | | | | — | | |
Purchases of property, plant and equipment
|
| | | | (2,332) | | | | | | (1,952) | | | | | | (3,526) | | |
Net cash used in investing activities
|
| | | | (52,332) | | | | | | (1,952) | | | | | | (3,526) | | |
FINANCING CASH FLOW | | | | | | | | | | | | | | | | | | | |
Proceeds from Transaction, net
|
| | | | 341,462 | | | | | | — | | | | | | — | | |
Payments of Transaction costs
|
| | | | (2,401) | | | | | | — | | | | | | — | | |
Proceeds from debt issuance
|
| | | | — | | | | | | — | | | | | | 23,000 | | |
Repayment of debt
|
| | | | — | | | | | | (20,000) | | | | | | (3,000) | | |
Proceeds from short-term borrowings
|
| | | | — | | | | | | 27,200 | | | | | | — | | |
Repayment of short-term borrowings
|
| | | | — | | | | | | (27,200) | | | | | | — | | |
Proceeds from sale of convertible preferred units
|
| | | | — | | | | | | 192,500 | | | | | | 18,500 | | |
Proceeds from exercise of common unit options
|
| | | | 847 | | | | | | 748 | | | | | | 43 | | |
Repurchase of common units
|
| | | | (566) | | | | | | (17) | | | | | | (49) | | |
Issuance of treasury units
|
| | | | 20 | | | | | | 113 | | | | | | — | | |
Proceeds from exercise of warrants and common share options
|
| | | | 28,702 | | | | | | — | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 368,064 | | | | | | 173,344 | | | | | | 38,494 | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | | 167,123 | | | | | | 72,230 | | | | | | (12,267) | | |
Cash, cash equivalents and restricted cash: | | | | | | | | | | | | | | | | | | | |
Beginning of period
|
| | | | 77,094 | | | | | | 4,864 | | | | | | 17,131 | | |
End of period
|
| | | $ | 244,217 | | | | | $ | 77,094 | | | | | $ | 4,864 | | |
| | |
Year Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
2020
|
| |||||||||
Summary of noncash investing and financing activities: | | | | | | | | | | | | | | | | | | | |
Assumption of Transaction warrant liabilities
|
| | | $ | 47,532 | | | | | $ | — | | | | | $ | — | | |
Debt converted to equity
|
| | | | 14,181 | | | | | | — | | | | | | — | | |
Conversion of equity options to liability award
|
| | | | 50 | | | | | | — | | | | | | — | | |
Conversion of accounts payable to convertible preferred units
|
| | | | — | | | | | | 65 | | | | | | 378 | | |
Warrants converted into equity
|
| | | | 6,268 | | | | | | — | | | | | | — | | |
Equity issuance fees
|
| | | | — | | | | | | 1,960 | | | | | | 1,960 | | |
Capital expenditures in accounts payable
|
| | | | — | | | | | | — | | | | | | 290 | | |
Increase in lease liability
|
| | | | — | | | | | | — | | | | | | 846 | | |
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | | | | | | | |
Cash paid for interest
|
| | | $ | — | | | | | $ | 1,478 | | | | | $ | — | | |
| | | | | | | | | | | | | | |
Members’ Equity
|
| |||||||||||||||||||||||||||||||||
| | |
Mezzanine
Equity |
| |
Convertible
Preferred Units |
| |
Common
Units |
| |
Accumulated
Deficit |
| |
Total
Member’s Equity |
| |||||||||||||||||||||||||||||||||
| | |
Units
|
| |
Amount
|
| |
Units
|
| |
Amount
|
| |
Units
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balances at December 31, 2019
|
| | | | 6,000 | | | | | $ | 2,140 | | | | | | 532,888 | | | | | $ | 610,211 | | | | | | 5,442 | | | | | $ | 17,187 | | | | | $ | (590,740) | | | | | $ | 36,658 | | |
Sale of convertible preferred
units |
| | | | — | | | | | | — | | | | | | 9,635 | | | | | | 18,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,500 | | |
Issuance of convertible
preferred |
| | | | — | | | | | | — | | | | | | 206 | | | | | | 378 | | | | | | — | | | | | | — | | | | | | — | | | | | | 378 | | |
Exercise of common unit
options |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 105 | | | | | | 43 | | | | | | — | | | | | | 43 | | |
Repurchase of common units
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (55) | | | | | | (49) | | | | | | — | | | | | | (49) | | |
Issuance of treasury units
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Equity-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,718 | | | | | | — | | | | | | 3,718 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (88,387) | | | | | | (88,387) | | |
Balances at December 31, 2020
|
| | | | 6,000 | | | | | $ | 2,140 | | | | | | 542,729 | | | | | $ | 629,089 | | | | | | 5,492 | | | | | $ | 20,899 | | | | | $ | (679,127) | | | | | $ | (29,139) | | |
Sale of convertible preferred
units |
| | | | — | | | | | | — | | | | | | 90,500 | | | | | | 190,540 | | | | | | — | | | | | | — | | | | | | — | | | | | | 190,540 | | |
Issuance of convertible preferred units
|
| | | | — | | | | | | — | | | | | | 32 | | | | | | 65 | | | | | | — | | | | | | — | | | | | | — | | | | | | 65 | | |
Exercise of common unit
options |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,483 | | | | | | 748 | | | | | | — | | | | | | 748 | | |
Repurchase of common units
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (15) | | | | | | (17) | | | | | | — | | | | | | (17) | | |
Issuance of treasury units
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 114 | | | | | | 113 | | | | | | — | | | | | | 113 | | |
Equity-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,441 | | | | | | — | | | | | | 6,441 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (102,493) | | | | | | (102,493) | | |
Balances at December 31, 2021
|
| | | | 6,000 | | | | | $ | 2,140 | | | | | | 633,261 | | | | | $ | 819,694 | | | | | | 9,074 | | | | | $ | 28,184 | | | | | $ | (781,620) | | | | | $ | 66,258 | | |
| | | | | | | | | | | |
Common Stock
|
| | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Mezzanine
Equity |
| |
Convertible
Preferred Units |
| |
Common
Units |
| |
Class A
|
| |
Class B
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Noncontrolling
Interests |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
Units
|
| |
Amount
|
| |
Units
|
| |
Amount
|
| |
Units
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at December 31, 2021
|
| | | | 6,000 | | | | | $ | 2,140 | | | | | | 633,261 | | | | | $ | 819,694 | | | | | | 9,074 | | | | | $ | 28,184 | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | (781,620) | | | | | $ | — | | | | | $ | 66,258 | | |
Sale of convertible preferred units
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of convertible preferred units
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise of common unit options
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,764 | | | | | | 847 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 847 | | |
Repurchase of common units
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (358) | | | | | | (566) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (566) | | |
Issuance of treasury units
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12 | | | | | | 20 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20 | | |
Conversion of equity award to liability award
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (50) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (50) | | |
Equity-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,359 | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,972 | | | | | | — | | | | | | — | | | | | | 9,331 | | |
Reverse recapitalization, net
|
| | | | (6,000) | | | | | | (2,140) | | | | | | (633,261) | | | | | | (819,694) | | | | | | (12,492) | | | | | | (29,794) | | | | | | 41,971 | | | | | | 4 | | | | | | 178,397 | | | | | | 18 | | | | | | 220,606 | | | | | | 656,597 | | | | | | 280,113 | | | | | | 307,850 | | |
Exercise of common share options and warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,432 | | | | | | 1 | | | | | | — | | | | | | — | | | | | | 34,969 | | | | | | — | | | | | | — | | | | | | 34,970 | | |
Issuance of earn-out shares upon triggering event
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,644 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Conversion of combined interest into Class A
shares |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,306 | | | | | | 2 | | | | | | (21,306) | | | | | | (2) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Rebalancing of ownership percentage for conversion of combined interest into Class A shares
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 33,201 | | | | | | — | | | | | | (33,201) | | | | | | — | | |
Net loss attributable to legacy NuScale prior to Transaction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (31,155) | | | | | | — | | | | | | (31,155) | | |
Net loss after the Transaction
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,914) | | | | | | (84,504) | | | | | | (110,418) | | |
Balances at December 31, 2022
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | | 69,353 | | | | | $ | 7 | | | | | | 157,091 | | | | | $ | 16 | | | | | $ | 296,748 | | | | | $ | (182,092) | | | | | $ | 162,408 | | | | | $ | 277,087 | | |
|
Cash
|
| | | $ | 341,462 | | |
|
Warrant liabilities
|
| | | | (47,532) | | |
|
Total net assets
|
| | | $ | 293,930 | | |
| | |
Shares
|
| |
%
|
| ||||||
Spring Valley Class A Shareholders
|
| | | | 14,400,369 | | | | | | 6.5% | | |
Spring Valley Founders(A)
|
| | | | 3,871,009 | | | | | | 1.8% | | |
Total Spring Valley
|
| | | | 18,271,378 | | | | | | 8.3% | | |
Legacy NuScale Equityholders
|
| | | | 178,396,711 | | | | | | 81.0% | | |
PIPE Shares
|
| | | | 23,700,002 | | | | | | 10.8% | | |
Total Shares at Closing (excluding shares below)
|
| | | | 220,368,091 | | | | | | 100.0% | | |
Remaining NuScale Consideration Shares – upon Exercise of NuScale Corp
Options |
| | | | 14,742,933 | | | | | | | | |
Other – Earn Out Shares(B)
|
| | | | 1,643,924 | | | | | | | | |
Total Shares
|
| | | | 236,754,948 | | | | | | | | |
| | |
As of and for the period
from May 2, 2022 through December 31, 2022 |
| |||
NuScale Corp Class A common stock | | | | | | | |
Beginning of period
|
| | | | 41,971,380 | | |
Conversion of combined interests into Class A common stock
|
| | | | 21,305,891 | | |
Exercise of options and warrants
|
| | | | 4,431,824 | | |
Vesting of earn out shares
|
| | | | 1,643,924 | | |
End of period
|
| | | | 69,353,019 | | |
NuScale LLC Class B units (NCI) | | | | | | | |
Beginning of period
|
| | | | 178,396,711 | | |
Conversion of combined interests into Class A common stock
|
| | | | (21,305,891) | | |
End of period
|
| | | | 157,090,820 | | |
Total | | | | | | | |
Beginning of period
|
| | | | 220,368,091 | | |
Conversion of combined interests into Class A common stock
|
| | | | — | | |
Exercise of options and warrants
|
| | | | 4,431,824 | | |
Vesting of earn out shares
|
| | | | 1,643,924 | | |
End of period
|
| | | | 226,443,839 | | |
Ownership Percentage | | | | | | | |
NuScale Corp Class A common stock | | | | | | | |
Beginning of period
|
| | | | 19.0% | | |
End of period
|
| | | | 30.6% | | |
NuScale LLC Class B units (NCI) | | | | | | | |
Beginning of period
|
| | | | 81.0% | | |
End of period
|
| | | | 69.4% | | |
| | |
May 2, 2022 Through
December 31, 2022 |
| |||
Net loss attributable to Class A common stockholders
|
| | | | (25,914) | | |
Weighted-average shares for basic and diluted loss per share
|
| | | | 50,763,844 | | |
Basic and Diluted loss per share of Class A common stock
|
| | | $ | (0.51) | | |
Anti-dilutive securities excluded from shares outstanding: | | | | | | | |
Class B common shares
|
| | | | 157,090,820 | | |
Stock options
|
| | | | 12,224,783 | | |
Warrants
|
| | | | 18,458,703 | | |
Time-based RSUs
|
| | | | 2,140,651 | | |
Total
|
| | | | 189,914,957 | | |
(in thousands)
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Warrant Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Warrants
|
| | | $ | 15,198 | | | | | $ | — | | | | | $ | — | | | | | $ | 15,198 | | |
Private Placement Warrants
|
| | | | — | | | | | | 14,151 | | | | | | — | | | | | | 14,151 | | |
Total Warrant Liabilities as of December 31, 2022
|
| | | $ | 15,198 | | | | | $ | 14,151 | | | | | $ | — | | | | | $ | 29,349 | | |
| | |
2022
|
| |
2021
|
| ||||||
Furniture and fixtures
|
| | | $ | 173 | | | | | $ | 173 | | |
Office and computer equipment
|
| | | | 7,393 | | | | | | 5,638 | | |
Software
|
| | | | 13,864 | | | | | | 15,227 | | |
Test equipment
|
| | | | 347 | | | | | | 347 | | |
Leasehold improvements
|
| | | | 2,312 | | | | | | 2,689 | | |
| | | | | 24,089 | | | | | | 24,074 | | |
Less: Accumulated depreciation
|
| | | | (19,431) | | | | | | (20,632) | | |
Add: Assets under development
|
| | | | 112 | | | | | | 1,518 | | |
Net property, plant and equipment
|
| | | $ | 4,770 | | | | | $ | 4,960 | | |
| | |
Balance Sheet
|
| |
As of December 31,
|
| |||||||||
Lease Assets and Liabilities
|
| |
Classification
|
| |
2022
|
| |
2021
|
| ||||||
Right-of-use Assets | | | | | | | | | | | | | | | | |
Operating lease assets
|
| |
Other assets
|
| | | $ | 3,870 | | | | | $ | 1,268 | | |
Total right-of-use assets
|
| | | | | | | 3,870 | | | | | | 1,268 | | |
Lease Liabilities | | | | | | | | | | | | | | | | |
Operating lease liabilities, current
|
| |
Other accrued liabilities
|
| | | | 1,568 | | | | | | 1,190 | | |
Operating lease liabilities, noncurrent
|
| |
Noncurrent liabilities
|
| | | | 2,786 | | | | | | 211 | | |
Total lease liabilities
|
| | | | | | $ | 4,354 | | | | | $ | 1,401 | | |
| | |
As of December 31,
|
| |||
| | |
2022
|
| |
2021
|
|
Right-of-use assets obtained in exchange for new operating leases
|
| |
$—
|
| |
$—
|
|
Weighted-average remaining lease term – operating leases
|
| |
2.74 years
|
| |
1.05 years
|
|
Weighted average discount rate-operating leases
|
| |
4.92%
|
| |
3.35%
|
|
Year ended December 31,
|
| |
Operating
Leases |
| |||
2023
|
| | | $ | 1,741 | | |
2024
|
| | | | 1,555 | | |
2025
|
| | | | 1,341 | | |
2026
|
| | | | 18 | | |
Total lease payments
|
| | | $ | 4,655 | | |
Less: interest
|
| | | | (301) | | |
Present value of lease liabilities
|
| | | $ | 4,354 | | |
Share Options
|
| |
Number of Shares
|
| |
Weighted Average
Exercise Price |
| |
Aggregate
Intrinsic Value |
| |||||||||
Outstanding at December 31, 2021
|
| | | | 15,393,670 | | | | | $ | 3.64 | | | | | $ | 101,906 | | |
Granted
|
| | | | 208,013 | | | | | $ | 9.53 | | | | | $ | — | | |
Exercised
|
| | | | (3,197,310) | | | | | $ | 2.24 | | | | | $ | 25,642 | | |
Forfeited
|
| | | | (63,012) | | | | | $ | 6.70 | | | | | $ | — | | |
Expired
|
| | | | (116,578) | | | | | $ | 2.40 | | | | | $ | — | | |
Outstanding at December 31, 2022
|
| | | | 12,224,783 | | | | | $ | 4.09 | | | | | $ | 75,427 | | |
Exercisable at December 31, 2022
|
| | | | 10,795,243 | | | | | $ | 3.73 | | | | | $ | 70,493 | | |
Vested at December 31, 2022
|
| | | | 12,224,783 | | | | | $ | 4.09 | | | | | $ | 75,427 | | |
| | |
2022
|
| |
2021
|
|
Risk-free interest rate
|
| |
1.44%
|
| |
0.62% – 1.31%
|
|
Expected dividend yield
|
| |
NA
|
| |
NA
|
|
Expected option life
|
| |
6.25 years
|
| |
6.25 years
|
|
Expected price volatility
|
| |
73.98%
|
| |
64.60% – 73.98%
|
|
Time-based RSUs
|
| |
Number of RSUs
|
| |
Weighted Average
Grant-Date Fair Value |
| ||||||
Outstanding at December 31, 2021
|
| | | | — | | | | | $ | — | | |
Granted
|
| | | | 2,184,417 | | | | | | 10.71 | | |
Vested
|
| | | | (28,595) | | | | | | 10.20 | | |
Forfeited/Expired
|
| | | | (15,171) | | | | | | 11.82 | | |
Outstanding at December 31, 2022
|
| | | | 2,140,651 | | | | | $ | 10.71 | | |
| | |
Year Ended
December 31, 2022 |
| |||
Computed tax (21%)
|
| | | $ | (29,730) | | |
Income attributable to legacy NuScale LLC holders
|
| | | $ | 6,543 | | |
Income tax benefit attributable to NCI
|
| | | $ | 17,746 | | |
Change in valuation allowance
|
| | | $ | 9,227 | | |
State income tax benefit, net of effect on federal tax
|
| | | $ | (1,235) | | |
Other, net (none in excess of 5% of computed tax)
|
| | | $ | (2,551) | | |
Income tax expense
|
| | | $ | — | | |
Deferred Taxes
|
| |
Year Ended
December 31, 2022 |
| |||
Deferred Tax Assets: | | | | | | | |
Investment in NuScale Power LLC
|
| | | $ | 122,982 | | |
Net operating loss and credit carryforwards
|
| | | $ | 3,577 | | |
Stock Compensation
|
| | | $ | 95 | | |
Total deferred tax assets
|
| | | $ | 126,654 | | |
Valuation allowance
|
| | | $ | (126,654) | | |
Total
|
| | | $ | — | | |
Deferred Tax Liabilities (none noted) | | | | | | | |
Net deferred tax asset
|
| | | $ | — | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 985,114 | | | | | $ | 1,906,348 | | |
Prepaid expenses
|
| | | | 101,192 | | | | | | 237,088 | | |
Total current assets
|
| | | | 1,086,306 | | | | | | 2,143,436 | | |
Investments held in Trust Account
|
| | | | 232,320,939 | | | | | | 232,301,973 | | |
Total Assets
|
| | | $ | 233,407,245 | | | | | $ | 234,445,409 | | |
Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit:
|
| | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 305,022 | | | | | $ | — | | |
Accrued expenses
|
| | | | 40,000 | | | | | | 49,934 | | |
Total current liabilities
|
| | | | 345,022 | | | | | | 49,934 | | |
Derivative warrant liabilities
|
| | | | 29,149,000 | | | | | | 33,660,000 | | |
Deferred underwriting fee payable
|
| | | | 8,050,000 | | | | | | 8,050,000 | | |
Total liabilities
|
| | | | 37,544,022 | | | | | | 41,759,934 | | |
Commitments and Contingencies (Note 6) | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption, $0.0001 par value; 23,000,000 shares at redemption value of $10.10 per share
|
| | | | 232,300,000 | | | | | | 232,300,000 | | |
Shareholders’ Deficit: | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 300,000,000 shares authorized;
no non-redeemable shares issued or outstanding |
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 30,000,000 shares authorized; 5,750,000 shares issued and outstanding
|
| | | | 575 | | | | | | 575 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | |
Accumulated deficit
|
| | | | (36,437,352) | | | | | | (39,615,100) | | |
Total shareholders’ deficit
|
| | | | (36,436,777) | | | | | | (39,614,525) | | |
Total Liabilities, Class A Ordinary Shares Subject to Possible Redemption and Shareholders’ Deficit
|
| | | $ | 233,407,245 | | | | | $ | 234,445,409 | | |
| | |
For the
Year Ended December 31, 2021 |
| |
For the Period from
August 20, 2020 (Inception) through December 31, 2020 |
| ||||||
General and administrative expenses
|
| | | $ | 1,327,217 | | | | | $ | 114,144 | | |
Loss from operations
|
| | | | (1,327,217) | | | | | | (114,144) | | |
Other income (expenses): | | | | | | | | | | | | | |
Change in fair value of derivative warrant liabilities
|
| | | | 4,511,000 | | | | | | (12,110,000) | | |
Offering costs allocated to derivative warrant liabilities
|
| | | | — | | | | | | (749,253) | | |
Income from investments held in Trust Account
|
| | | | 18,965 | | | | | | 1,973 | | |
Net income (loss)
|
| | | $ | 3,202,748 | | | | | $ | (12,971,424) | | |
Basic and diluted weighted average shares outstanding of Class A ordinary shares
|
| | | | 23,000,000 | | | | | | 6,052,632 | | |
Basic and diluted net income (loss) per share, Class A ordinary shares
|
| | | $ | 0.11 | | | | | $ | (1.15) | | |
Basic and diluted weighted average shares outstanding of Class B ordinary shares
|
| | | | 5,750,000 | | | | | | 5,197,368 | | |
Basic and diluted net income (loss) per share, Class B ordinary shares
|
| | | $ | 0.11 | | | | | $ | (1.15) | | |
| | |
Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | | | |||||||||||||||||||||||||||
Balance – January 1, 2021
|
| | | | — | | | | | $ | — | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | — | | | | | $ | (39,615,100) | | | | | $ | (39,614,525) | | |
Accretion of Class A ordinary shares to redemption amount
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,000) | | | | | | (25,000) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,202,748 | | | | | | 3,202,748 | | |
Balance – December 31, 2021
|
| | | | — | | | | | $ | — | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | — | | | | | $ | (36,437,352) | | | | | $ | (36,436,777) | | |
| | |
Ordinary Shares
|
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| ||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| | | | |||||||||||||||||||||||||||
Balance – August 20, 2020
(inception) |
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor
|
| | | | — | | | | | | — | | | | | | 5,750,000 | | | | | | 575 | | | | | | 24,425 | | | | | | | | | | | | 25,000 | | |
Accretion of Class A ordinary shares to redemption amount
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | (24,425) | | | | | | (26,643,676) | | | | | | (26,668,101) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12,971,424) | | | | | | (12,971,424) | | |
Balance – December 31, 2020
|
| | | | — | | | | | $ | — | | | | | | 5,750,000 | | | | | $ | 575 | | | | | $ | — | | | | | $ | (39,615,100) | | | | | $ | (39,614,525) | | |
| | |
For the Year
Ended December 31, 2021 |
| |
For the Period from
August 20, 2020 (Inception) through December 31, 2020 |
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 3,202,748 | | | | | $ | (12,971,424) | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
| | | | | | | | | | | | |
Change in fair value of derivative warrant liabilities
|
| | | | (4,511,000) | | | | | | 12,110,000 | | |
Offering costs allocated to derivative warrant liabilities
|
| | | | — | | | | | | 749,253 | | |
Payment of formation costs through issuance of Class B ordinary shares
|
| | | | — | | | | | | 5,000 | | |
Income from investments held in Trust Account
|
| | | | (18,965) | | | | | | (1,973) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 135,895 | | | | | | (237,088) | | |
Accounts payable
|
| | | | 305,022 | | | | | | — | | |
Accrued expenses
|
| | | | (9,934) | | | | | | — | | |
Net cash used in operating activities
|
| | | | (896,234) | | | | | | (346,232) | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Cash deposited in Trust Account
|
| | | | — | | | | | | (232,300,000) | | |
Net cash used in investing activities
|
| | | | — | | | | | | (232,300,000) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from sale of Units, net of underwriting discounts paid and reimbursements
|
| | | | — | | | | | | 226,150,000 | | |
Proceeds from sale of Private Placement Warrants
|
| | | | — | | | | | | 8,900,000 | | |
Repayment of promissory note-related party
|
| | | | — | | | | | | (124,826) | | |
Payment of offering costs
|
| | | | (25,000) | | | | | | (372,594) | | |
Net cash provided by (used in) financing activities
|
| | | | (25,000) | | | | | | 234,552,580 | | |
Net change in cash
|
| | | | (921,234) | | | | | | 1,906,348 | | |
Cash – beginning of the period
|
| | |
|
1,906,348
|
| | | |
|
—
|
| |
Cash – ending of the period
|
| | | $ | 985,114 | | | | | $ | 1,906,348 | | |
Supplemental disclosure of noncash financing activities: | | | | | | | | | | | | | |
Warrant liabilities in connection with initial public offering
|
| | | $ | — | | | | | $ | 22,529,000 | | |
Deferred underwriting fee payable
|
| | | $ | — | | | | | $ | 8,050,000 | | |
Accrued offering costs
|
| | | $ | — | | | | | $ | 49,934 | | |
Offering costs paid by Sponsor in exchange for Founder Shares
|
| | | $ | — | | | | | $ | 20,000 | | |
Offering costs paid directly through note payable
|
| | | $ | — | | | | | $ | 124,826 | | |
| | |
Year Ended December 30,
2021 |
| |
Period From August 20, 2020
(Inception) through December 31, 2020 |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net loss per ordinary share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income (loss)
|
| | | $ | 2,562,198 | | | | | $ | 640,550 | | | | | $ | (6,978,778) | | | | | $ | (5,992,646) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average ordinary shares outstanding
|
| | | | 23,000,000 | | | | | | 5,750,000 | | | | | | 6,052,632 | | | | | | 5,197,368 | | |
Basic and diluted net income (loss) per ordinary share
|
| | | $ | 0.11 | | | | | $ | 0.11 | | | | | $ | (1.15) | | | | | $ | (1.15) | | |
|
Gross proceeds from Initial Public Offering
|
| | | $ | 230,000,000 | | |
| Less: | | | | | | | |
|
Fair value of Public Warrants at issuance
|
| | | | (12,650,000) | | |
|
Offering costs allocated to Class A ordinary shares subject to possible redemption
|
| | | | (11,743,101) | | |
| Plus: | | | | | | | |
|
Accretion on Class A ordinary shares subject to possible redemption amount
|
| | | | 26,693,101 | | |
|
Class A ordinary shares subject to possible redemption
|
| | | $ | 232,300,000 | | |
December 31, 2021
|
| | | | |||||||||||||||
Description
|
| |
Quoted Prices
in Active Markets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Other Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account – Mutual funds
|
| | | $ | 232,320,939 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – Public Warrants
|
| | | $ | 14,375,000 | | | | | $ | — | | | | | $ | — | | |
Derivative warrant liabilities – Private Warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 14,774,000 | | |
December 31, 2020
|
| | | | |||||||||||||||
Description
|
| |
Quoted Prices
in Active Markets (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Other Unobservable Inputs (Level 3) |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Investments held in Trust Account – Mutual funds
|
| | | $ | 232,301,973 | | | | | $ | — | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Derivative warrant liabilities – Public Warrants
|
| | | $ | 18,975,000 | | | | | $ | — | | | | | $ | — | | |
Derivative warrant liabilities – Private Warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 14,685,000 | | |
For the year ended December 31, 2021
|
| | | | | | |
Derivative warrant liabilities at January 1, 2021
|
| | | $ | 14,685,000 | | |
Change in fair value of derivative warrant liabilities
|
| | | | 89,000 | | |
Derivative warrant liabilities at December 31, 2021
|
| | | $ | 14,774,000 | | |
For the period from August 20, 2020 (inception) through December 31, 2020
|
| | | | | | |
Derivative warrant liabilities at August 20, 2020 (inception)
|
| | | $ | — | | |
Issuance of Public and Private Warrants
|
| | | | 22,529,000 | | |
Transfer of Public Warrants to Level 1
|
| | | | (12,650,000) | | |
Change in fair value of derivative warrant liabilities
|
| | | | 4,806,000 | | |
Derivative warrant liabilities at December 31, 2020
|
| | | $ | 14,685,000 | | |
| | |
As of December 31,
2021 |
| |
As of December 31,
2020 |
| ||||||
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
IPO price
|
| | | $ | 10.00 | | | | | $ | 10.00 | | |
Implied share price range (or underlying asset price)
|
| | | $ | 10.03 | | | | | $ | 10.12 | | |
Volatility
|
| | | | 26.60% | | | | | | 21.0% | | |
Term (years)
|
| | | | 5.50 | | | | | | 5.70 | | |
Risk-free rate
|
| | | | 1.30% | | | | | | 0.46% | | |
Dividend yield
|
| | | | 0.0% | | | | | | 0.0% | | |
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