Spring Valley (SVII) proposes deadline extension amid pending merger with Eagle entities
Spring Valley Acquisition Corp. II (SVII) is asking shareholders to approve an amendment to its Articles to extend the deadline to complete an initial business combination from October 17, 2025 (36 months after its IPO) to 45 months after the IPO (July 17, 2026) or an earlier board-determined date. The board states the extension is to allow more time to complete a proposed Transaction governed by an Amended and Restated Agreement and Plan of Merger with Eagle Energy/Eagle Nuclear Energy announced July 30, 2025 and amended September 29, 2025.
Public Shareholders would be allowed to elect to redeem Public Shares for a pro rata amount of the Trust Account if the Amendment is implemented; the Trust Account held approximately $26,275,881 as of September 30, 2025, implying an estimated redemption price of about $11.87 per Public Share versus a Nasdaq closing price of $12.69 on September 29, 2025. The filing discloses Nasdaq delisting risk because Nasdaq requires completion of a business combination within 36 months and details liquidation and redemption procedures if the Amendment is not approved.
Positive
- None.
Negative
- None.
Insights
TL;DR: Extension provides time to close a negotiated merger but increases dilution and execution risk given potential redemptions and Nasdaq delisting risk.
The board has entered a Merger Agreement and seeks a 9-month extension to pursue the Transaction. The proxy discloses a Trust Account balance of approximately $26.3 million and an estimated per-share redemption price of $11.87. Significant redemptions following the Extension could materially reduce available cash, possibly requiring new financing. The proxy also explicitly warns that Nasdaq may initiate suspension and delisting procedures because the 36-month deadline will be missed, which could materially affect liquidity and the attractiveness of any proposed combination.
TL;DR: The board recommends the amendment and insiders intend to vote their Founder Shares in favor, creating a high likelihood of approval.
The filing states the Sponsor and certain insiders hold Founder Shares that they intend to vote in favor of the Proposals. Approval requires a two-thirds vote of Ordinary Shares present and voting. The proxy details redemption mechanics, quorum and voting procedures, and that the Sponsor owns 7,546,667 Founder Shares and related parties collectively intend to support the Proposals—an important governance disclosure that may influence outcome and minority shareholder choice.
SECURITIES AND EXCHANGE COMMISSION
SECTION 14(a) OF
THE SECURITIES ACT OF 1934
SPRING VALLEY ACQUISITION CORP. II
2100 McKinney Ave., Suite 1675
Dallas, Texas 75201
Chief Executive Officer and Chairman
(Principal Executive Officer)
2100 McKinney Ave., Suite 1675
Dallas, Texas 75201
NOTICE OF AN EXTRAORDINARY GENERAL MEETING
OF SPRING VALLEY ACQUISITION CORP. II
TO BE HELD ON OCTOBER 15, 2025
| |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
|
| | | | 1 | | |
| |
QUESTIONS AND ANSWERS ABOUT THE EXTRAORDINARY GENERAL MEETING
|
| | | | 2 | | |
| |
RISK FACTORS
|
| | | | 12 | | |
| |
BACKGROUND
|
| | | | 15 | | |
| |
PROPOSAL NO. 1 — THE EXTENSION AMENDMENT PROPOSAL
|
| | | | 16 | | |
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PROPOSAL NO. 2 — THE ADJOURNMENT PROPOSAL
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| | | | 21 | | |
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UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS FOR SHAREHOLDERS EXERCISING REDEMPTION RIGHTS
|
| | | | 22 | | |
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THE EXTRAORDINARY GENERAL MEETING
|
| | | | 28 | | |
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BENEFICIAL OWNERSHIP OF SECURITIES
|
| | | | 30 | | |
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HOUSEHOLDING INFORMATION
|
| | | | 32 | | |
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FUTURE SHAREHOLDER PROPOSALS
|
| | | | 33 | | |
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WHERE YOU CAN FIND MORE INFORMATION
|
| | | | 33 | | |
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ANNEX A
|
| | | | A-1 | | |
333 Ludlow Street
5th Floor, South Tower
Samford, CT 06902
Individuals call toll-free (800) 662-5200
Banks and brokers call (203) 658-9400
Email: SVII.info@investor.sodali.com
1 State Street 30th Floor
New York, New York 10004
Attention: SPAC Redemption Team
E-mail: spacredemptions@continentalstock.com
333 Ludlow Street
5th Floor, South Tower
Samford, CT 06902
Individuals call toll-free (800) 662-5200
Banks and brokers call (203) 658-9400
Email: SVII.info@investor.sodali.com
|
Name and Address of Beneficial Owner(1)
|
| |
Number of
Shares Beneficially Owned |
| |
Approximate
Percentage of Issued and Outstanding Ordinary Shares |
| ||||||
|
Spring Valley Acquisition Sponsor II, LLC (our Sponsor)(2)
|
| | | | 7,546,667 | | | | | | 76.4% | | |
|
Millennium Management L.L.C.(3)
|
| | | | 1,042,000 | | | | | | 10.5% | | |
|
The Goldman Sachs Group, Inc.(4)
|
| | | | 722,419 | | | | | | 7.3% | | |
|
Christopher Sorrells
|
| | | | — | | | | | | — | | |
|
Robert Kaplan
|
| | | | — | | | | | | — | | |
|
David Buzby
|
| | | | 40,000 | | | | | | * | | |
|
Richard Thompson
|
| | | | 40,000 | | | | | | * | | |
|
Sharon Youngblood
|
| | | | 40,000 | | | | | | * | | |
|
David Levinson
|
| | | | — | | | | | | — | | |
|
Kevin Pohler
|
| | | | — | | | | | | — | | |
|
All officers and directors as a group (seven individuals)
|
| | | | 120,000 | | | | | | 1.2% | | |
333 Ludlow Street
5th Floor, South Tower
Samford, CT 06902
Individuals call toll-free (800) 662-5200
Banks and brokers call (203) 658-9400
TO THE
AMENDED AND RESTATED MEMORANDUM
AND ARTICLES OF ASSOCIATION
OF
SPRING VALLEY ACQUISITION CORP. II