General Fusion Group Ltd. (GFUZ) reported that its Lawson Machine 26 (LM26) demonstration exceeded the 1 keV electron-temperature milestone using Magnetized Target Fusion. Thomson scattering, measured with the UK Atomic Energy Authority (UKAEA), recorded approximately 1.1 keV (12.6 million degrees Celsius) just before peak compression; the company’s AXUV diagnostic recorded approximately 1.2 keV (13.7 million degrees Celsius) during peak compression, where Thomson scattering measurement was unavailable. Ion heating was approximately 0.46 keV, up to a twofold increase above starting ion temperature.
The company describes this as the first of three LM26 technical milestones and says upgrades are underway for the next targeted milestone, compressional heating to 10 keV. It says the Thomson-scattering and AXUV results are detailed in separate technical papers submitted for peer review, with the Thomson-scattering paper co-authored with UKAEA. The program is designed to support the company’s goal of beginning operation of a first-of-a-kind plant around 2035.
General Fusion Group Ltd. (GFUZ) reports an auditor transition following its recent business combination with Spring Valley Acquisition Corp. III, now operating under its new name. The audit committee appointed PricewaterhouseCoopers LLP as independent registered public accounting firm for the year ending December 31, 2026, starting with the quarter ended September 30, 2026. On the same date, WithumSmith+Brown, PC resigned as auditor; its prior report on the 2025 financial statements included an explanatory paragraph expressing substantial doubt about the company’s ability to continue as a going concern. The company reiterates that Spring Valley’s March 31, 2026 financials were restated after a subscription agreement liability was overstated by approximately $411.3 million, leading to an equivalent overstatement of net loss and a material weakness in internal control over financial reporting related to valuation of complex financial instruments and ineffective disclosure controls as of March 31, 2026.
General Fusion Group Ltd. (GFUZ) director Christopher Dixon Sorrells reported equity-based compensation on September 2, 2026. He received 6,818 restricted stock units, each representing one common share, and options for 11,065 common shares at an exercise price of $11.00 per share. Both the RSUs and options vest in three equal annual installments beginning July 13, 2027, and the options expire on September 2, 2036. No Rule 10b5-1 trading plan is reported.
General Fusion Group Ltd. (formerly Spring Valley Acquisition Corp. III) amended its quarterly report for the three months ended March 31, 2026 to restate the valuation of a subscription agreement liability tied to PIPE financing commitments. The liability as of March 31, 2026 was reduced to $13.9 million, lowering reported net loss for the quarter to $12.0 million from a previously reported loss higher by $411.3 million. Total assets were $235.6 million, including $234.7 million held in the SPAC trust and $665 thousand of cash outside the trust, while Class A shares subject to redemption totaled $234.6 million. Management and the board determined the original error was material and concluded prior March 31, 2026 interim financial statements should no longer be relied upon, leading to this restatement.
Management also identified a material weakness in internal control over financial reporting related to review controls for valuing complex financial instruments, and disclosure controls were deemed ineffective as of March 31, 2026. The company completed its business combination with General Fusion on July 10, 2026, following shareholder approval and significant redemptions of Class A shares, and settled the PIPE Subscription Agreements at that time.
General Fusion Group Ltd. (GFUZ) reports that its predecessor, Spring Valley Acquisition Corp. III, completed a previously announced business combination with General Fusion Inc. and a subsidiary, after which Spring Valley was renamed General Fusion Group Ltd. and Old General Fusion’s common shares were exchanged for subordinate voting shares of the new entity, now listed on Nasdaq. In connection with the transaction, investors provided $107.7 million of PIPE Financing through the purchase of 10,556,367 units at $10.20 per unit, each unit including one convertible preferred share and a warrant exercisable at $12.00 per share.
Management has determined, after discussion with auditor WithumSmith+Brown, PC, that the estimated fair value of a non-cash subscription liability in Spring Valley’s condensed consolidated financial statements as of and for the quarter ended March 31, 2026 was overstated. The liability did not affect cash and was extinguished at the July 10, 2026 closing of the business combination and related PIPE Financing, so it will not appear in General Fusion Group’s financial statements. However, the Board, on the Audit Committee’s recommendation, concluded that Spring Valley’s March 31, 2026 interim financial statements included in its Form 10-Q and Form F-4 should no longer be relied upon and will be restated in an amended Form 10-Q to be filed as soon as practicable.
Merus Global Investments, LLC filed an amended Schedule 13G indicating it no longer holds a reportable position in General Fusion Group Ltd. Class A ordinary shares. The firm reports beneficial ownership of 0 shares, representing 0.0% of the class, with no sole or shared voting or dispositive power.
PenderFund Capital Management Ltd., an institutional manager formed under the laws of British Columbia, Canada, reported beneficial ownership of common stock of General Fusion Group Ltd.
PenderFund reported holding 6,363,048 shares of common stock, representing 9.97% of the outstanding class. It has sole voting power and sole dispositive power over all 6,363,048 shares, with no shared voting or dispositive power.
General Fusion Group Ltd. received an amended Schedule 13G filing indicating that Meteora Capital, LLC and its managing member, Vik Mittal, now report beneficial ownership of 0 shares of the company’s Class A common stock, representing 0% of the class.
The reporting persons state they have no sole or shared power to vote or dispose of any shares and confirm that they own 5 percent or less of this class of securities.
BDC Capital Inc., a subsidiary of the Business Development Bank of Canada, reports beneficial ownership of 3,287,483 common shares of General Fusion Group Ltd. This represents 6.2% of the outstanding common shares, based on 52,988,419 issued and outstanding shares referenced from a Form 20-F.
BDC Capital has sole voting and dispositive power over all 3,287,483 shares, with no shared voting or dispositive power. The filing notes that it was made late because BDC Capital lacked EDGAR credentials and submitted the report promptly after renewing access.
Harrison Norman, a director of General Fusion Group Ltd., filed an initial statement of beneficial ownership showing multiple stock option and earnout option holdings. Positions include options on 55,804 common shares at $0.5300 and 29,074 shares at $8.9500, plus earnout options on 21,243 earnout shares at $0.0100. Earnout Shares convert into common shares only if the volume weighted average price reaches $15.00, $20.00 and $25.00, respectively, on or before July 10, 2031.