General Fusion set to go public on Nasdaq after shareholder approval
The Richmond-based fusion energy company will trade under ticker GFUZ following its reverse merger with Spring Valley Acquisition Corp.
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General Fusion, a Richmond-based fusion energy company, has received shareholder approval to go public on the Nasdaq under the symbol GFUZ following a reverse merger with Spring Valley Acquisition Corp. III.
Shareholders of both Spring Valley (Nasdaq: SVAC) and General Fusion voted in favour of the transaction on July 6. The reverse-takeover merger is expected to close on or about July 10, with General Fusion's shares trading on the Nasdaq shortly thereafter. Warrants will trade under ticker GFUZW.
The deal gives General Fusion access to up to US$338 million in capital. Approximately US$230 million comes from Spring Valley's balance sheet, while US$108 million arrives through pipe capital—commitments from institutional investors to purchase restricted shares before the merger closes.
General Fusion, headquartered at Sea Island in Richmond, employs approximately 120 people and is advancing fusion technology toward commercialization. CEO Greg Twinney called the move "a major step in the General Fusion journey, building on more than 20 years of technology development" and said it marks the company's path to becoming "the first publicly traded pure-play fusion company."
