Filed by Spring Valley Acquisition Corp. III
pursuant to Rule 425 under the Securities
Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: Spring Valley Acquisition Corp.
III
Commission File No. 001-42822
Subject Company: General Fusion Inc.
Date: June 3, 2026
This filing relates to the proposed transactions pursuant to
the terms of that certain Business Combination Agreement, dated January 21, 2026 (the “Business Combination Agreement”),
among Spring Valley Acquisition Corp. III, an exempted company limited by shares incorporated under the Laws of the Cayman Islands (“SVAC”);
General Fusion Inc., a British Columbia limited company (“General Fusion” or the “Company”), and 1573562 B.C.
Ltd., a British Columbia limited company (“NewCo”), pursuant to which, among other things, (i) SVAC will continue from
the Cayman Islands to British Columbia, (ii) NewCo will amalgamate with and into General Fusion (the “Amalgamation”),
with NewCo surviving the Amalgamation as a wholly-owned subsidiary of SVAC, pursuant to an arrangement under the applicable provisions
of the Business Corporations Act (British Columbia) and the plan of arrangement attached as an exhibit to the Business
Combination Agreement, and (iii) SVAC will change its name to “General Fusion Group Ltd.”
On June 3, 2026, the following article was published online
by PR Newswire (www.prnewswire.com):
The $1 Billion Bet to Take Fusion Public
Issued on behalf of General Fusion Inc.
VANCOUVER, BC, June 3, 2026 /PRNewswire/ -- Equity-Insider.com News
Commentary — Fusion has been "thirty years away" for half a century — but the calculus is changing fast.
The International Energy Agency projects global electricity demand will grow roughly 40% to 50% by 2035, driven in part by artificial-intelligence
data centers, electrification, and industrial growth[1]. That surge has pulled next-generation energy toward the public markets
and opened the door to pre-revenue developers; General Fusion's own move is a roughly US$1 billion transaction that is expected to make
it, by the company's account, the first publicly traded pure-play fusion company[2]. That collision of demand and capital is
pulling General Fusion Inc., NuScale Power Corporation (NYSE: SMR), Oklo Inc. (NYSE: OKLO), Centrus
Energy Corp. (NYSE: LEU), and NANO Nuclear Energy Inc. (NASDAQ: NNE) into the spotlight.
The transaction terms are concrete. The business combination implies
a pro-forma equity value of approximately US$1 billion, inclusive of a committed and oversubscribed private placement (PIPE) of about
US$107.7 million from institutional investors and roughly US$230 million of Spring Valley's trust capital, assuming no redemptions[2].
General Fusion has raised more than US$400 million to date from institutional investors, strategics, venture-capital firms, industry partners,
and government grants, and intends to use the proceeds to advance its Lawson Machine 26 (LM26) demonstration program and steps toward
a first commercial plant[2].
General Fusion announced on June 1, 2026 that its
leadership team will participate in a series of major investor and industry conferences throughout June —
a coming-out tour in advance of its anticipated listing on the Nasdaq. The Vancouver-based company, led by CEO Greg Twinney, is preparing
to go public through a business combination with Spring Valley Acquisition Corp. III (NASDAQ: SVAC), a transaction
targeted to close in mid-2026, after which the combined company is expected to trade under the ticker "GFUZ."
Founded in 2002, General Fusion is one of the oldest
privately funded fusion ventures in the world, backed by a global syndicate of energy venture-capital firms, industry leaders, and technology
pioneers. Its approach, called Magnetized Target Fusion ("MTF"), mechanically compresses a magnetized plasma using a liquid-lithium
liner — deliberately avoiding the enormous superconducting magnets of tokamaks and the high-powered lasers of inertial-confinement
designs. The pitch is practicality: machines built from existing materials that could produce cost-effective energy, rather than experiments
that never leave the national lab.
The June schedule is dense. General Fusion plans
to participate in Stifel's Ninth Annual Boston Cross Sector 1x1 Conference on June 2–3 in Boston; to attend the 16th Annual
ROTH London Conference in London from June 16–18; and — the marquee appearance — to put Chief Strategy Officer
Megan Wilson on stage at FusionX:Americas in Boston, June 9–11. Wilson is slated for a fireside chat with George Gianarikas,
Managing Director at Canaccord Genuity, on June 9 at 5:00 p.m. ET, in a discussion centered on the evolving role of public markets
in advancing fusion energy.
"Fundamentally, our plan has been underpinned by our focus on
practical commercial fusion power, and our philosophy that we need to methodically buy down risk by demonstrating real results. That has
not changed," Chief Strategy Officer Megan Wilson said, adding "What this transaction gives us now is that we are in growth
mode." [5] The substance behind that push is General Fusion's Lawson Machine 26 (LM26), which the company announced in
early 2025 as the world's first MTF demonstration machine built at a commercially relevant scale — compressing plasma with a lithium
liner at 50% of commercial-scale diameter, built in under two years. LM26's milestones read like a roadmap: heat plasma to 1 keV (10 million
degrees Celsius), then to 10 keV (100 million degrees Celsius), and ultimately to reach the Lawson criterion, the threshold conditions
for net fusion energy in the plasma.
Crucially, General Fusion's path to market runs through
a SPAC sponsor with a specific track record in this lane. Spring Valley has raised roughly $920 million across four IPOs,
and its earlier vehicles took NuScale Power Corporation and Eagle Nuclear Energy Corp. public
— the same sponsor network now backing a fusion debut and the team that brought Renewable Energy Group public at $10 and sold to
Chevron for $61.50 in a ~$3 billion sale. The company has not built a commercial reactor that produces net energy, and it has publicly
targeted a first-of-a-kind plant for the mid-2030s; the conference circuit marks its transition from a private research company to a public
one.
CONTINUED… Read this and more on General Fusion at: GeneralFusion.com
Other industry developments and happenings in the market include:
NuScale Power Corporation (NYSE: SMR) reported
first-quarter 2026 results highlighted by $1.0 billion in liquidity and continued momentum on the largest nuclear deployment
program in U.S. history — up to 6 gigawatts of NuScale small modular reactor capacity being planned by its strategic partner ENTRA1
Energy with the Tennessee Valley Authority. Shareholders of Romania's Nuclearelectrica also approved advancing the next phase of the RoPower
project, a six-module plant at a former coal site in Doiceşti.
"We ended the first quarter with $1 billion in liquidity, expanded
our supply chain partnership with Framatome and saw continued progress on the TVA program," said John Hopkins, President and CEO
of NuScale Power. "We are building the infrastructure that this pivotal moment requires." As the only small modular
reactor developer with a U.S. Nuclear Regulatory Commission-approved design, NuScale carries a first-mover regulatory advantage —
and, like General Fusion, has partnered with Spring Valley to reach the public markets.
Oklo Inc. (NYSE: OKLO), the fast-fission developer
co-founded and led by Jacob DeWitte, continued de-risking its Aurora powerhouse after the NRC approved the project's
Principal Design Criteria, with commercial deployment at Idaho National Laboratory targeted for late 2027. The company was also among
five selected by the U.S. for advanced talks on using surplus government plutonium as reactor fuel.
DeWitte described that material as a potential "bridge fuel"
that could help "bring more reactors online sooner." With CEO Jacob DeWitte appointed to the President's Council of Advisors
on Science and Technology, Oklo has become a bellwether for how much investors will pay for a compelling pre-commercial
energy story — the high-momentum end of the advanced-nuclear trade that General Fusion is now planning to enter.
Centrus Energy Corp. (NYSE: LEU) reported
first-quarter 2026 net income of $10.0 million and raised its full-year revenue guidance, underpinned by a commercial low-enriched-uranium
backlog it has pegged at roughly $2.3 billion, a federally backed $900 million high-assay low-enriched uranium (HALEU) enrichment award,
and a multi-billion-dollar enrichment-plant expansion in Piketon, Ohio.
"The first quarter was marked by numerous wins and great operational
progress as we accelerated our drive to restore America's ability to enrich uranium at scale," said Amir Vexler, President and CEO
of Centrus. Unlike the pre-revenue developers, Centrus already generates real cash flow — a reminder that parts of the
nuclear-renaissance trade are further along the commercialization curve than others.
NANO Nuclear Energy Inc. (NASDAQ: NNE) reported
second-quarter fiscal 2026 results alongside the formal submission of a Construction Permit Application to the U.S. NRC for its
first full-scale KRONOS MMR microreactor prototype at the University of Illinois, supported by a working-capital position of roughly $566
million.
"The formal submission of the Construction Permit Application
to the U.S. NRC for our first full-scale KRONOS MMR system prototype… marked a major milestone as the program advances from engineering
into construction readiness," said James Walker, CEO of NANO Nuclear. Like General Fusion, NANO is a pre-commercial
company whose value rests on technology that has yet to reach the market — the closest peer in risk profile, if not in physics.
FURTHER READING: General Fusion — Investor Center
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developing stories like this one, MIQ offers Eagle Eye, a free investor-signal tool that scans market-forum discussion for
emerging trends. It is available to everyone at eagleye.usanewsgroup.com as a research aid — not investment advice
— to help investors make more informed decisions.
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DISCLAIMER:
This article is a paid digital media distribution and is for informational
purposes only. It is not financial, investment, or trading advice, and is neither an offer nor a recommendation to buy or sell any security.
Readers should conduct their own due diligence and consult a licensed financial advisor before making investment decisions.
This article is distributed by Equity Insider on behalf of Market IQ
Media Group, Inc. ("MIQ"). MIQ has been paid a fee for General Fusion Inc. ("General Fusion") advertising and
digital media distribution by Creative Direct Marketing Group ("CDMG"). MIQ does not own shares of General Fusion Inc. or Spring
Valley Acquisition Corp. III ("SVAC") but reserves the right to buy and sell shares of the company at any time. Eagle Eye is
a free investor-signal research tool owned and operated by MIQ; references to it in this article are promotion of an MIQ product, not
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Certain statements in this article constitute "forward-looking
information," including statements regarding the proposed business combination with Spring Valley Acquisition Corp. III and its timing,
approvals, and financing; the future Nasdaq listing of the combined company; the General Fusion MTF technology and the LM26 program and
its milestones; commercialization timelines; the conferences described; and the markets for fusion and advanced-nuclear energy. Such statements
are subject to risks and uncertainties — including the risk the business combination may not close on the expected timeline or at
all, failure to satisfy closing conditions or obtain approvals, financing and dilution risk, the early-stage and unproven nature of the
technology, the risk that net fusion energy is not achieved, regulatory risk, competition, and other factors — that could cause
actual results to differ materially. Readers are advised not to place undue reliance on forward-looking information. Comparable companies
referenced herein are independent, publicly traded third parties included for industry context; certain of them were identified as peers
in General Fusion's own public deal materials. Their inclusion is not a recommendation, and MIQ has no business relationship with them.
Cautionary Note Regarding Forward-Looking Statements
Certain statements included in this document are not historical facts
but are forward-looking statements. All statements other than statements of historical facts contained in this document are forward-looking
statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including
any underlying assumptions, are also forward-looking statements. In some cases, you can identify forward-looking statements by words such
as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate,"
"believe," "seek," "strategy," "future," "opportunity," "may," "target,"
"should," "will," "would," "will be," "will continue," "will likely result,"
"preliminary," or similar expressions that predict or indicate future events or trends or that are not statements of historical
matters, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements include, without
limitation, SVAC's, General Fusion's, or their respective management teams' expectations concerning General Fusion's plan to go public
through a business combination with SVAC (the transactions contemplated by the business combination, collectively, the "Proposed
Business Combination") and expected benefits or timing thereof; the outlook for General Fusion's business, including its ability
to commercialize MTF or any other fusion technology on its expected timeline or at all; statements regarding the current and expected
results of General Fusion's LM26 program; the ability to execute General Fusion's strategies, including on any expected timeline or anticipated
cost basis; projected and estimated financial performance; anticipated industry trends; future capital expenditures; government regulation
of fusion energy; and environmental risks; as well as any information concerning possible or assumed future results of operations of General
Fusion. The forward-looking statements are based on the current expectations of the respective management teams of SVAC and General Fusion,
as applicable, and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance
that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties
or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include, but are not limited to, (i) the risk that the Proposed Business
Combination may not be completed in a timely manner or at all, which may adversely affect the price of SVAC's securities; (ii) the
failure to satisfy the conditions to the consummation of the Proposed Business Combination, including the adoption of the business combination
agreement, dated January 21, 2026, among General Fusion, SVAC, and the other party thereto (the "Business Combination Agreement")
by the shareholders of SVAC and the receipt of regulatory approvals; (iii) market risks; (iv) the occurrence of any event, change
or other circumstance that could give rise to the termination of the Business Combination Agreement; (v) the effect of the announcement
or pendency of the Proposed Business Combination on General Fusion's business relationships, performance, and business generally; (vi) risks
that the Proposed Business Combination disrupts current plans of General Fusion and potential difficulties in its employee retention as
a result of the Proposed Business Combination; (vii) the outcome of any legal proceedings that may be instituted against General
Fusion or SVAC related to the Business Combination Agreement or the Proposed Business Combination; (viii) failure to realize the
anticipated benefits of the Proposed Business Combination; (ix) the inability to maintain the listing of SVAC's securities or to
meet listing requirements and maintain the listing of the combined company's securities on Nasdaq; (x) the risk that the Proposed
Business Combination may not be completed by SVAC's business combination deadline and the potential failure to obtain an extension of
the business combination deadline if sought by SVAC; (xi) the risk that the price of the combined company's securities may be volatile
due to a variety of factors, including changes in laws, regulations, technologies, natural disasters, national security tensions, and
macro-economic and social environments affecting its business; (xii) laws and regulations governing General Fusion's research and
development activities, and changes in such laws and regulations; (xiii) any failure to commercialize MTF on the expected timeline
or at all, including any failure to achieve the objectives of the LM26 program; (xiv) environmental regulations and legislation;
(xv) the effects of climate change, extreme weather events, water scarcity, and seismic events, and the effectiveness of strategies
to deal with these issues; (xvi) fluctuations in currency markets; (xvii) General Fusion's ability to complete and successfully
integrate any future acquisitions; (xviii) increased competition in the fusion industry; (xix) limited supply of materials and
supply chain disruptions; and (xx) the risk that the proposed private placement of convertible preferred shares and warrants by General
Fusion (the "PIPE Financing") may not be completed, or that other capital needed by the combined company may not be raised on
favorable terms, or at all, including as a result of the restrictions agreed to in connection with the PIPE Financing. The foregoing list
is not exhaustive, and there may be additional risks that neither SVAC nor General Fusion presently know or that SVAC and General Fusion
currently believe are immaterial. You should carefully consider the foregoing factors, any other factors discussed in this document and
the other risks and uncertainties described in the "Risk Factors" section of SVAC's final prospectus for its initial public
offering, which was filed with the SEC on September 4, 2025 (the "Final Prospectus"); the risks described in the joint
registration statement on Form F-4 filed by General Fusion and SVAC, as amended (the "Registration Statement"), which includes
a preliminary proxy statement/prospectus, or to be described in any amendment or supplement thereto; and those discussed and identified
in filings made with the SEC by SVAC from time to time. General Fusion and SVAC caution you against placing undue reliance on forward-looking
statements, which reflect current beliefs and are based on information currently available as of the date a forward-looking statement
is made. Forward-looking statements set forth in this document speak only as of the date of this document. Neither General Fusion nor
SVAC undertakes any obligation to revise forward-looking statements to reflect future events, changes in circumstances, or changes in
beliefs. In the event that any forward-looking statement is updated, no inference should be made that General Fusion or SVAC will make
additional updates with respect to that statement, related matters, or any other forward-looking statements. Any corrections or revisions
and other important assumptions and factors that could cause actual results to differ materially from forward-looking statements, including
discussions of significant risk factors, may appear, up to the consummation of the Proposed Business Combination, in SVAC's public filings
with the SEC, which are or will be (as applicable) accessible at www.sec.gov, and which you are advised to review carefully.
Important Information for Investors and Shareholders
In connection with the Proposed Business Combination, General Fusion
and SVAC filed with the SEC the Registration Statement, which includes a preliminary prospectus with respect to SVAC's securities to be
issued in connection with the Proposed Business Combination and a preliminary proxy statement in connection with SVAC's solicitation of
proxies for the vote by SVAC's shareholders with respect to the Proposed Business Combination and other matters described in the Registration
Statement (the "Proxy Statement"). After the SEC declares the Registration Statement effective, SVAC plans to file the definitive
Proxy Statement with the SEC and to mail copies to SVAC's shareholders as of a record date to be established for voting on the Proposed
Business Combination. This document does not contain all the information that should be considered concerning the Proposed Business Combination
and is not a substitute for the Registration Statement, Proxy Statement or for any other document that SVAC has filed or may file with
the SEC. Before making any investment or voting decision, investors and security holders of SVAC and General Fusion are urged to read
the Registration Statement and the Proxy Statement, and any amendments or supplements thereto, as well as all other relevant materials
filed or that will be filed with the SEC in connection with the Proposed Business Combination as they become available because they will
contain important information about General Fusion, SVAC and the Proposed Business Combination. Investors and security holders are able
to obtain free copies of the Registration Statement, the Proxy Statement and all other relevant documents filed or that will be filed
with the SEC by SVAC through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by SVAC may
be obtained free of charge from SVAC's website at https://sv-ac.com or by directing a request to Spring Valley Acquisition
Corp. III, Attn: Corporate Secretary, 2100 McKinney Avenue, Suite 1675, Dallas, Texas 75201. The information contained on, or that
may be accessed through, the websites referenced in this document is not incorporated by reference into, and is not a part of, this document.
Participants in the Solicitation
General Fusion, SVAC and their respective directors, executive officers
and other members of management and employees may, under the rules of the SEC, be deemed to be participants in the solicitations
of proxies from SVAC's shareholders in connection with the Proposed Business Combination. For more information about the names, affiliations
and interests of SVAC's directors and executive officers, please refer to the Final Prospectus and the Registration Statement, Proxy Statement
and other relevant materials filed or to be filed with the SEC in connection with the Proposed Business Combination when they become available.
Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests,
which may, in some cases, be different than those of SVAC's shareholders generally, will be included in the Registration Statement and
the Proxy Statement, when they become available. Shareholders, potential investors and other interested persons should read the Registration
Statement and the Proxy Statement carefully, when they become available, before making any voting or investment decisions. You may obtain
free copies of these documents from the sources indicated above.
No Offer or Solicitation
This document shall not constitute a "solicitation" as defined
in Section 14 of the Securities Exchange Act of 1934, as amended. This document shall not constitute an offer to sell or exchange,
the solicitation of an offer to buy or a recommendation to purchase, any securities, or a solicitation of any vote, consent or approval,
nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale may be unlawful
under the laws of such jurisdiction. No offering of securities in the Proposed Business Combination shall be made except by means of a
prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.
SOURCES:
https://www.iea.org/reports/world-energy-outlook-2025
https://generalfusion.com/post/general-fusion-business-combination-announcement/
https://generalfusion.com/post/general-fusion-to-participate-in-june-investor-and-industry-conferences/
https://www.sec.gov/Archives/edgar/data/2074850/000110465926024738/tm268233d1_425.htm
Logo - https://mma.prnewswire.com/media/2840019/6001947/Equity_Insider_Logo.jpg
***
On June 3, 2026, General Fusion posted
the following communication on its LinkedIn and X accounts:
General Fusion is helping define how breakthrough energy technologies
reach scale.
In a recent discussion with @ The
SPAC Podcast, General Fusion CEO Greg Twinney outlined how access to the public markets can support the transition from demonstration to
commercialization
Listen to the full episode here: Taking Fusion Energy Public:
General Fusion's SPAC Deal — Greg T…
***
Additional Information and Where to Find It
In connection with the transactions contemplated
by the Business Combination Agreement (the “Proposed Business Combination”), the Company and SVAC filed their joint registration
statement on Form F-4 (as amended, the “Registration Statement”) with the U.S. Securities and Exchange Commission (the
“SEC”), which includes a preliminary prospectus with respect to SVAC’s securities to be issued in connection with the
Proposed Business Combination and a preliminary proxy statement in connection with SVAC’s solicitation of proxies for the vote by
SVAC’s shareholders with respect to the Proposed Business Combination and other matters to be described in the Registration Statement
(the “Proxy Statement”). After the SEC declares the Registration Statement effective, SVAC plans to file the definitive Proxy
Statement with the SEC and to mail copies to SVAC’s shareholders as of a record date to be established for voting on the Proposed
Business Combination. This document does not contain all the information that should be considered concerning the Proposed Business Combination
and is not a substitute for the Registration Statement, Proxy Statement or for any other document that SVAC has filed or may file with
the SEC. Before making any investment or voting decision, investors and security holders of SVAC and General Fusion are urged to read
the Registration Statement and the Proxy Statement, and any amendments or supplements thereto, as well as all other relevant materials
filed or that will be filed with the SEC in connection with the Proposed Business Combination as they become available because they will
contain important information about General Fusion, SVAC and the Proposed Business Combination. Investors and security holders are able
to obtain free copies of the Registration Statement, the Proxy Statement and all other relevant documents filed or that will be filed
with the SEC by SVAC through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by SVAC may be obtained
free of charge from SVAC’s website at https://sv-ac.com or by directing a request to Spring Valley Acquisition Corp. III, Attn:
Corporate Secretary, 2100 McKinney Avenue, Suite 1675, Dallas, Texas 75201. The information contained on, or that may be accessed
through, the websites referenced in this document is not incorporated by reference into, and is not a part of, this document.
Participants in the Solicitation
General Fusion, SVAC and their respective directors,
executive officers and other members of management and employees may, under the rules of the SEC, be deemed to be participants in
the solicitations of proxies from SVAC’s shareholders in connection with the Proposed Business Combination. For more information
about the names, affiliations and interests of SVAC’s directors and executive officers, please refer to the final prospectus from
SVAC’s initial public offering, which was dated September 3, 2025 and filed with the SEC on September 4, 2025 (the “Final
Prospectus”) and the Registration Statement, Proxy Statement and other relevant materials filed or to be filed with the SEC
in connection with the Proposed Business Combination when they become available. Additional information regarding the participants in
the proxy solicitation and a description of their direct and indirect interests, which may, in some cases, be different than those of
SVAC’s shareholders generally, will be included in the Registration Statement and the Proxy Statement, when they become available.
Shareholders, potential investors and other interested persons should read the Registration Statement and the Proxy Statement carefully,
when they become available, before making any voting or investment decisions. You may obtain free copies of these documents from the sources
indicated above.
No Offer or Solicitation
This document shall not constitute a “solicitation”
as defined in Section 14 of the Securities Exchange Act of 1934, as amended. This document shall not constitute an offer to sell
or exchange, the solicitation of an offer to buy or a recommendation to purchase, any securities, or a solicitation of any vote, consent
or approval, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or
sale may be unlawful under the laws of such jurisdiction. No offering of securities in the Proposed Business Combination shall be made
except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.
Cautionary Note Regarding Forward-Looking Statements
Certain statements included in this document are
not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this document are forward-looking
statements. Any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including
any underlying assumptions, are also forward-looking statements. In some cases, you can identify forward-looking statements by words such
as “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,”
“anticipate,” “believe,” “seek,” “strategy,” “future,” “opportunity,”
“may,” “target,” “should,” “will,” “would,” “will be,” “will
continue,” “will likely result,” “preliminary,” or similar expressions that predict or indicate future events
or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements include, without limitation, SVAC’s, General Fusion’s, or their respective management teams’
expectations concerning the Proposed Business Combination and expected benefits or timing thereof; the outlook for General Fusion’s
business, including its ability to commercialize magnetized target fusion (“MTF”) or any other fusion technology on its expected
timeline or at all; statements regarding the current and expected results of General Fusion’s Lawson Machine (“LM26”)
program; the ability to execute General Fusion’s strategies, including on any expected timeline or anticipated cost basis; projected
and estimated financial performance; anticipated industry trends; future capital expenditures; government regulation of fusion energy;
and environmental risks; as well as any information concerning possible or assumed future results of operations of General Fusion. The
forward-looking statements are based on the current expectations of the respective management teams of SVAC and General Fusion, as applicable,
and are inherently subject to uncertainties and changes in circumstance and their potential effects. There can be no assurance that future
developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other
assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not limited to, (i) the risk that the Proposed Business Combination may
not be completed in a timely manner or at all, which may adversely affect the price of SVAC’s securities; (ii) the failure
to satisfy the conditions to the consummation of the Proposed Business Combination, including the adoption of the Business Combination
Agreement by the shareholders of SVAC and the receipt of regulatory approvals; (iii) market risks; (iv) the occurrence of any
event, change or other circumstance that could give rise to the termination of the Business Combination Agreement; (v) the effect
of the announcement or pendency of the Proposed Business Combination on General Fusion’s business relationships, performance, and
business generally; (vi) risks that the Proposed Business Combination disrupts current plans of General Fusion and potential difficulties
in its employee retention as a result of the Proposed Business Combination; (vii) the outcome of any legal proceedings that may be
instituted against General Fusion or SVAC related to the Business Combination Agreement or the Proposed Business Combination; (viii) failure
to realize the anticipated benefits of the Proposed Business Combination; (ix) the inability to maintain the listing of SVAC’s
securities or to meet listing requirements and maintain the listing of the combined company’s securities on Nasdaq; (x) the
risk that the Proposed Business Combination may not be completed by SVAC’s business combination deadline and the potential failure
to obtain an extension of the business combination deadline if sought by SVAC; (xi) the risk that the price of the combined company’s
securities may be volatile due to a variety of factors, including changes in laws, regulations, technologies, natural disasters, national
security tensions, and macro-economic and social environments affecting its business; (xii) laws and regulations governing General
Fusion’s research and development activities, and changes in such laws and regulations; (xiii) any failure to commercialize
MTF on the expected timeline or at all, including any failure to achieve the objectives of the LM26 program; (xiv) environmental
regulations and legislation; (xv) the effects of climate change, extreme weather events, water scarcity, and seismic events, and
the effectiveness of strategies to deal with these issues; (xvi) fluctuations in currency markets; (xvii) General Fusion’s
ability to complete and successfully integrate any future acquisitions; (xviii) increased competition in the fusion industry; (xix) limited
supply of materials and supply chain disruptions; and (xx) the risk that the proposed private placement of convertible preferred
shares and warrants by General Fusion (the “PIPE Financing”) may not be completed, or that other capital needed by the combined
company may not be raised on favorable terms, or at all, including as a result of the restrictions agreed to in connection with the PIPE
Financing. The foregoing list is not exhaustive, and there may be additional risks that neither SVAC nor General Fusion presently know
or that SVAC and General Fusion currently believe are immaterial. You should carefully consider the foregoing factors, any other factors
discussed in this document and the other risks and uncertainties described in the “Risk Factors” section of the Final Prospectus
and the risks described in the Registration Statement, which includes a preliminary proxy statement/prospectus, or to be described in
any amendment or supplement thereto; and those discussed and identified in filings made with the SEC by SVAC from time to time. General
Fusion and SVAC caution you against placing undue reliance on forward-looking statements, which reflect current beliefs and are based
on information currently available as of the date a forward-looking statement is made. Forward-looking statements set forth in this document
speak only as of the date of this document. Neither General Fusion nor SVAC undertakes any obligation to revise forward-looking statements
to reflect future events, changes in circumstances, or changes in beliefs. In the event that any forward-looking statement is updated,
no inference should be made that General Fusion or SVAC will make additional updates with respect to that statement, related matters,
or any other forward-looking statements. Any corrections or revisions and other important assumptions and factors that could cause actual
results to differ materially from forward-looking statements, including discussions of significant risk factors, may appear, up to the
consummation of the Proposed Business Combination, in SVAC’s public filings with the SEC, which are or will be (as applicable) accessible
at www.sec.gov, and which you are advised to review carefully.
