Spring Valley shareholders approve General Fusion merger ahead of expected July 10 close

Spring Valley Acquisition Corp. III shareholders approved the previously announced business combination with General Fusion Inc., with the companies expecting the transaction to close shortly after the July 6, 2026 vote, subject to customary closing conditions. After closing, Spring Valley is set to be renamed General Fusion Group Ltd., and the combined company’s shares and warrants are expected to trade on Nasdaq under GFUZ and GFUZW, respectively, pending listing approval. General Fusion has said the listing would make it the first publicly traded pure-play fusion company. A new disclosure from Pender Growth Fund Inc., a long-time General Fusion holder, adds that successful completion of the transaction could increase Pender’s net asset value by approximately CAD$15.89 million, or about CAD$2.31 per PTF share. Pender said it sees fusion energy as aligned with the energy transition and with rising power demand tied to artificial intelligence and digital infrastructure, arguing that the digital economy’s growing electricity needs could become a meaningful commercial driver for fusion deployment. General Fusion is developing Magnetized Target Fusion, or MTF, a fusion approach designed to avoid superconducting magnets and high-powered lasers while using existing materials in what it says is a more practical path toward cost-competitive, zero-carbon baseload power. In early 2025, it said it designed, built and began operating its Lawson Machine 26 demonstration system in under two years. LM26 mechanically compresses plasma with a lithium liner at 50% commercial-scale diameter and is intended to hit milestones including plasma heating to 1 keV, then 10 keV, and ultimately the Lawson criterion. The companies and investors continue to frame the deal as a commercialization milestone, while cautioning that completion, listing approval and longer-term execution remain subject to risk.