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Terra Innovatum, a micro-modular nuclear reactor developer, and GSR III Acquisition Corp. (GSRT) have filed a Form S-4 registration statement with the SEC, marking a significant step toward their planned business combination and public listing. The merger aims to accelerate the commercialization of Terra's SOLO™ technology, the first micro-modular reactor designed to operate on Low-Enriched Uranium (LEU).
The transaction values Terra Innovatum at $475 million pre-money equity value and is expected to generate up to $230 million in gross proceeds before redemptions. Post-merger, the company will trade on Nasdaq as "NKLR". The deal is anticipated to close in H2 2025, with Terra's current management team leading the combined entity. The company targets commercial deployment of its technology by 2028.
Terra Innovatum and GSR III Acquisition Corp (NASDAQ:GSRT) have announced a definitive Business Combination Agreement to take Terra Innovatum public on Nasdaq under ticker 'NKLR'. The deal values Terra Innovatum at $475M pre-money with up to $230M in gross proceeds.
The company's flagship product, SOLO™, is a 1 MWe micro-modular nuclear reactor designed for off-grid, zero-carbon power generation. Key features include:
- Factory assembly using standard components and LEU fuel
- Anticipated $0.07/kWh levelized cost of electricity
- 15-45 year refueling intervals
- Target commercial deployment in 2028
Terra Innovatum submitted its regulatory engagement plan to the NRC in January 2025. The transaction is expected to close in H2 2025, with current management continuing to lead the company and existing shareholders rolling 100% of their equity into the new entity.
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