General Fusion has become a publicly traded company after completing a business combination with special purpose acquisition company Spring Valley Acquisition Corp. III, in a transaction that assigned the combined company a pro forma equity value of approximately US$1 billion.
The combined entity, General Fusion Group Ltd., began trading on the Nasdaq Stock Market on July 13 under the ticker symbols GFUZ for its common shares and GFUZW for its warrants. The transaction also included a private investment in public equity (PIPE) financing of approximately US$107.7 million.
Appleby served as Cayman Islands legal counsel to Spring Valley Acquisition Corp. III, advising on the Cayman Islands aspects of the cross-border transaction. The firm’s mergers and acquisitions team was led by partner Alexandra Low, with paralegal Sophia Cunningham and articled clerk Nazia Jacques, alongside other members of the corporate team.
General Fusion develops fusion energy technology, and the company said the transaction makes it the first publicly traded company focused exclusively on fusion energy.
