NuScale (SMR) Form 4: 110,936,472 Class A shares acquired

NuScale Power Corp (SMR) filed a Form 4 reporting a code “C” conversion on 11/07/2025, resulting in the acquisition of 110,936,472 shares of Class A common stock.

Accepted by SEC EDGAR 11/07/2025 - 01:59 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

NuScale Power Corp (SMR) filed a Form 4 reporting a code “C” conversion on 11/07/2025, resulting in the acquisition of 110,936,472 shares of Class A common stock. The shares are reported as indirectly owned.

Per the footnotes, 110,936,472 Class A shares are owned of record by Fluor Enterprises, Inc., a wholly owned subsidiary of Fluor Corporation. In addition, 463,747 Class B Units and 463,747 shares of Class B common stock are owned of record by NuScale Holdings Corp., which is majority owned by Fluor Enterprises, Inc. Each Class B unit together with one share of Class B common stock is exchangeable into one share of Class A common stock with no expiration date.

Insider Trade Summary

110,936,472 shares exercised/converted

Exercise 2 txns

Insider FLUOR CORP

Role Director, 10% Owner

Type	Security	Shares	Price	Value
Conversion	Class B Units and Class B Common Stock	110,936,472	$0.00	$0.00
Conversion	Class A Common Stock	110,936,472	$0.00	$0.00

Holdings After Transaction: Class B Units and Class B Common Stock — 463,747 contracts (Indirect, See footnote); Class A Common Stock — 110,936,472 shares (Indirect, See footnote)

Holdings Before and After: Class B Units and Class B Common Stock, 111,400,219 to 463,747 contracts (Indirect, See footnote); Class A Common Stock, 0 to 110,936,472 shares (Indirect, See footnote)

Footnotes (2)

1. F1. Each Class B unit of NuScale Power, LLC, an Oregon limited liability company and a wholly owned subsidiary of the Issuer ("Class B Units"), together with one share of Class B common stock, par value $0.0001 per share, of the Issuer ("Class B Common Stock"), is exchangeable into one share of Class A common stock, par value $0.0001 per share, of the Issuer ("Class A Common Stock") with no expiration date.
2. F2. 110,936,472 shares of Class A Common Stock are owned of record by Fluor Enterprises, Inc., which is a wholly owned subsidiary of Fluor Corporation, whose principal business address is 6700 Las Colinas Boulevard, Irving, Texas 75039. 463,747 Class B Units and 463,747 shares of Class B Common Stock are owned of record by NuScale Holdings Corp., which is majority owned by Fluor Enterprises, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did NuScale Power (SMR) report in this Form 4?

A code “C” conversion on 11/07/2025 resulting in 110,936,472 Class A shares acquired and indirectly held.

How many NuScale Class A shares were acquired in the reported transaction?

The filing reports 110,936,472 shares of Class A common stock acquired via conversion.

Who is listed as the record owner of the acquired Class A shares?

Fluor Enterprises, Inc. is listed as record owner of 110,936,472 Class A shares.

What does transaction code “C” indicate here?

Code “C” indicates a conversion of derivative or related equity into Class A common stock.

What derivative securities remain beneficially owned after the transaction?

The filing lists 463,747 Class B Units and 463,747 shares of Class B common stock owned of record by NuScale Holdings Corp.

What is the exchange feature of the Class B structure?

Each Class B Unit together with one share of Class B common is exchangeable into one share of Class A common with no expiration date.

What is the reporting person’s relationship to NuScale?

The reporting person is marked as a Director and 10% Owner.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FLUOR CORP

(Last) (First) (Middle)

6700 LAS COLINAS BLVD.

(Street)

IRVING TX 75039

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NUSCALE POWER Corp [ SMR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	11/07/2025		C		110,936,472	A	(1)	110,936,472	I	See footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Units and Class B Common Stock	(1)	11/07/2025		C			110,936,472	(1)	(1)	Class A Common Stock	110,936,472	(1)	463,747	I	See footnote(2)

Explanation of Responses:

1. Each Class B unit of NuScale Power, LLC, an Oregon limited liability company and a wholly owned subsidiary of the Issuer ("Class B Units"), together with one share of Class B common stock, par value $0.0001 per share, of the Issuer ("Class B Common Stock"), is exchangeable into one share of Class A common stock, par value $0.0001 per share, of the Issuer ("Class A Common Stock") with no expiration date.

2. 110,936,472 shares of Class A Common Stock are owned of record by Fluor Enterprises, Inc., which is a wholly owned subsidiary of Fluor Corporation, whose principal business address is 6700 Las Colinas Boulevard, Irving, Texas 75039. 463,747 Class B Units and 463,747 shares of Class B Common Stock are owned of record by NuScale Holdings Corp., which is majority owned by Fluor Enterprises, Inc.

Remarks:

	/s/ Kevin B. Hammonds, Executive Vice President, Chief Legal Officer and Corporate Secretary	11/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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