Spring Valley Acquisition Corp. III is a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company has no ongoing operations and exists solely to complete an initial business combination. Its sponsor is Spring Valley Acquisition III Sponsor LLC which provided seed capital and holds founder shares. The company intends to use the proceeds from its…
Spring Valley Acquisition Corp. III is a blank check company formed to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The company has no ongoing operations and exists solely to complete an initial business combination. Its sponsor is Spring Valley Acquisition III Sponsor LLC which provided seed capital and holds founder shares. The company intends to use the proceeds from its initial public offering and the sale of private placement warrants to fund a transaction. It focuses its search on businesses in the natural resources and decarbonization sectors leveraging the expertise of its management team. The securities issued include units each consisting of one Class A ordinary share and one third of a redeemable warrant.
The company does not derive operating revenue from the sale of goods or services. Its primary source of income is interest earned on the proceeds held in the trust account. After the IPO $230,000,000 from the unit sales and a portion of the private placement warrant proceeds were deposited into the trust account. The trust funds are invested exclusively in U. S. government treasury bills with maturities of 185 days or less or in money market funds that invest solely in U. S. Treasuries. Interest accrues on these investments and is credited to the trust account until the funds are used for a business combination or returned to shareholders. Additionally the company received gross proceeds of $6,341,500 from the sale of 7,046,111 private placement warrants at $0.90 per warrant which also contribute to the trust balance.
Spring Valley Acquisition Corp. III competes in a crowded market of blank check companies seeking to acquire private businesses. Its competitive advantage stems from the deep industry experience of its management team which has a history of building renewable energy solar and nuclear technology companies. The team’s cumulative expertise includes roles at Renewable Energy Group Power One ABB SunEdison Stem and General Electric’s Ecomagination division. This background provides a strong network of relationships with executives investors and service providers in the natural resources and decarbonization fields. Competing SPACs often lack such sector specific deal making experience limiting their ability to identify and structure complex transactions. Moreover the sponsor’s prior success with Spring Valley I Spring Valley II and Spring Valley IV demonstrates a repeatable model for completing business combinations and creating shareholder value.
The company’s prospective customers are private enterprises in the natural resources and decarbonization sectors that seek to access public markets through a business combination with a SPAC. Specific purchasers of the private placement warrants include Spring Valley Acquisition III Sponsor LLC Cohen and Company Capital Markets and Clear Street LLC. Additionally the investors who bought units in the initial public offering constitute a broad shareholder base that expects a successful business combination to create value. No other specific customer names are disclosed in the filing.