NUSCALE POWER Corp 8-K, filed Aug 31, 2021
NUSCALE POWER Corp (SMR)
About this 8-K
NUSCALE POWER Corp filed this 8-K on August 31, 2021, reporting on events of August 30, 2021.
Items reported
- Item 5.07: Shareholder vote results
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 5.07 Submission of Matters to a Vote of Security Holders.
On August 30, 2021, Spring Valley Acquisition Corp. (the “Company”) held its extraordinary general meeting of shareholders (the “Meeting”) as both a physical and virtual meeting, conducted via live webcast, in connection with the proposed business combination by and among the Company, Spring Valley Merger Sub, Inc., a Delaware corporation and a wholly-owned direct subsidiary of Spring Valley (“Spring Valley Merger Sub”), and Dream Holdings, Inc., a Delaware public benefit corporation (“AeroFarms”), as described in the Company’s definitive proxy statement/prospectus filed with the U.S. Securities and Exchange Commission and mailed to shareholders on or about July 28, 2021 (the “Proxy Statement”). Each proposal (individually a “proposal”) voted upon at the Meeting and the final voting results are indicated below. Each Proposal voted on at the Meeting is described in detail in the Proxy Statement.
As of the close of business on July 19, 2021, the record date for the Meeting, there were approximately 23,000,000 Class A ordinary shares, par value $0.0001 per share (the “Class A ordinary shares”), and 5,750,000 Class B ordinary shares, par value $0.0001 per share (the “Class B ordinary shares” and, together with the Class A ordinary shares, the “Spring Valley Shares”), outstanding. A total of 19,190,691 Spring Valley Shares, representing approximately 66.96% of the outstanding Spring Valley Shares entitled to vote, were present in person or by proxy, constituting a quorum.
1. The Business Combination Proposal – To consider and vote upon a proposal to approve by ordinary resolution and adopt the agreement and plan of merger, dated as of March 25, 2021, by and among Merger Agreement, dated as of March 25, 2021 (as may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among Spring Valley, Spring Valley Merger Sub and Dream Holdings, including the Merger (as defined in the Proxy Statement), and the transactions contemplated thereby:
| Proposal No. | Ordinary Shares Votes For | Ordinary Shares Votes Against | Ordinary Shares Abstentions | |||||||||
| 1. | 17,214,252 | 2,042,909 | 33,530 | |||||||||
The Business Combination Proposal was approved, having received “for” votes from at least a majority of the votes cast by the holders of the Spring Valley Shares represented in person or by proxy and entitled to vote at the Meeting.
2. The Redomicile Proposal – To consider and vote upon a To consider and vote upon a proposal to approve by special resolution the (i) a change of Spring Valley’s jurisdiction of incorporation by deregistering as a Cayman Islands exempted company and continuing and domesticating as a corporation incorporated under the laws of the State of Delaware and (ii) the Interim Delaware Governing Documents (as defined in the Proxy Statement), which will amend and restate in their entirety the Existing Governing Documents (as defined in the Proxy Statement):
| Proposal No. | Ordinary Shares Votes For | Ordinary Shares Votes Against | Ordinary Shares Abstentions | |||||||||
| 2. | 17,202,144 | 2,050,920 | 37,627 | |||||||||
The Redomicile Proposal was approved, having received “for” votes from a majority of at least two-thirds of votes cast by the holders of the Spring Valley Shares represented in person or by proxy and entitled to vote at the Meeting.
3. Governing Documents Proposal A – To consider and vote upon a proposal to approve, as an ordinary resolution, the change in the authorized share capital of Spring Valley from (i) $33,100 divided into 300,000,000 Class A ordinary shares, par value $0.0001 per share, 30,000,000 Class B ordinary shares, par value $0.0001 per share, and 1,000,000 preference shares, par value $0.0001 per share, to (ii) $44,500 divided into 435,000,000 shares of New AeroFarms Common Stock (as defined in the Proxy Statement) and 10,000,000 shares of New AeroFarms Preferred Stock (as defined in the Proxy Statement):
| Proposal No. | Ordinary Shares Votes For | Ordinary Shares Votes Against | Ordinary Shares Abstentions | |||||||||
| 3. | 17,219,151 | 2,042,452 | 29,088 | |||||||||
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Governing Documents Proposal A was approved, having received “for” votes from at least a majority of the votes cast by the holders of the Spring Valley Shares represented in person or by proxy and entitled to vote at the Meeting.
4. Governing Documents Proposal B – To consider and vote upon a proposal to approve, as an ordinary resolution, the New AeroFarms Board to issue any or all shares of New AeroFarms Preferred Stock in one or more classes or series, with such terms and conditions as may be expressly determined by the New AeroFarms Board and as may be permitted by the DGCL (as defined in the Proxy Statement):
| Proposal No. | Ordinary Shares Votes For | Ordinary Shares Votes Against | Ordinary Shares Abstentions | |||||||||
| 4. | 17,218,847 | 2,042,748 | 29,096 | |||||||||
Governing Documents Proposal B was approved, having received “for” votes from at least a majority of the votes cast by the holders of the Spring Valley Shares represented in person or by proxy and entitled to vote at the Meeting.
5. Governing Documents Proposal C – To consider and vote upon a proposal to approve, as an ordinary resolution, the removal of the ability of New AeroFarms stockholders to take action by written consent in lieu of a meeting (as defined in the Proxy Statement):
| Proposal No. | Ordinary Shares Votes For | Ordinary Shares Votes Against | Ordinary Shares Abstentions | |||||||||
| 5. | 17,214,410 | 2,046,843 | 29,438 | |||||||||
Governing Documents Proposal C was approved, having received “for” votes from at least a majority of the votes cast by the holders of the Spring Valley Shares represented in person or by proxy and entitled to vote at the Meeting.
6. Governing Documents Proposal D – To consider and vote upon a proposal to approve, as an ordinary resolution, the conversion of Spring Valley to a public benefit corporation effective upon the Merger:
| Proposal No. | Ordinary Shares Votes For | Ordinary Shares Votes Against | Ordinary Shares Abstentions | |||||||||
| 6. | 17,218,591 | 2,043,012 | 29,088 | |||||||||
Governing Documents Proposal D was approved, having received “for” votes from at least a majority of the votes cast by the holders of the Spring Valley Shares represented in person or by proxy and entitled to vote at the Meeting.
7. Governing Documents Proposal E – To consider and vote upon a proposal to approve and adopt, as an ordinary resolution, Delaware as the exclusive forum for certain stockholder litigation and the federal district courts of the United States as the exclusive forum for litigation arising out of the Securities Act (as defined in the Proxy Statement):
| Proposal No. | Ordinary Shares Votes For | Ordinary Shares Votes Against | Ordinary Shares Abstentions | |||||||||
| 7. | 17,216,760 | 2,043,643 | 30,288 | |||||||||
Governing Documents Proposal E was approved, having received “for” votes from at least a majority of the votes cast by the holders of the Spring Valley Shares represented in person or by proxy and entitled to vote at the Meeting.
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8. Governing Documents Proposal F – To consider and vote upon a proposal to approve, as an ordinary resolution, to amend and restate the Interim Delaware Governing Documents and to authorize certain other immaterial changes in connection with the replacement of the Interim Delaware Certificate of Incorporation and the Interim Delaware Bylaws with the Proposed Certificate of Incorporation and Proposed Bylaws (as defined in the Proxy Statement), respectively, as part of the Merger, including changing the corporate name of Spring Valley from “Spring Valley Acquisition Corp.” to “AeroFarms, Inc.”:
| Proposal No. | Ordinary Shares Votes For | Ordinary Shares Votes Against | Ordinary Shares Abstentions | |||||||||
| 8. | 17,217,509 | 2,042,544 | 30,638 | |||||||||
Governing Documents Proposal F was approved, having received “for” votes from at least a majority of the votes cast by the holders of the Spring Valley Shares represented in person or by proxy and entitled to vote at the Meeting.
9. The Nasdaq Proposal – To consider and vote upon a proposal to approve, as an ordinary resolution, for the purposes of complying with the applicable provisions of the Nasdaq Stock Exchange Listing Rules (each, a “Nasdaq Listing Rule”) 5635(a), (b) and (d), the issuance of shares of New AeroFarms Common Stock in connection with the Business Combination and the PIPE Financing (as defined in the Proxy Statement), to the extent such issuance would require a shareholder vote under Nasdaq Listing Rule 5635(a), (b) or (d):
| Proposal No. | Ordinary Shares Votes For | Ordinary Shares Votes Against | Ordinary Shares Abstentions | |||||||||
| 9. | 17,222,174 | 2,042,320 | 26,197 | |||||||||
The Nasdaq Proposal was approved, having received “for” votes from at least a majority of the votes cast by the holders of the Spring Valley Shares represented in person or by proxy and entitled to vote at the Meeting.
10. The 2021 Equity Incentive Plan Proposal – To consider and vote upon a proposal to approve and adopt, as an ordinary resolution, the AeroFarms, Inc. 2021 Equity Incentive Plan and the material terms thereunder:
| Proposal No. | Ordinary Shares Votes For | Ordinary Shares Votes Against | Ordinary Shares Abstentions | |||||||||
| 10. | 17,052,154 | 2,195,950 | 42,587 | |||||||||
The 2021 Equity Incentive Plan Proposal was approved, having received “for” votes from at least a majority of the votes cast by the holders of the Spring Valley Shares represented in person or by proxy and entitled to vote at the Meeting.
Item 8.01 Other Events.
On August 30, 2021, Spring Valley issued a press release announcing the results of the Meeting. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
| Description | |
| 99.1 | Press Release dated August 30, 2021 | |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
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SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Spring Valley Acquisition Corp. | ||
| August 30, 2021 | ||
| By: | /s/ Christopher Sorrells | |
| Name: | Christopher Sorrells | |
| Title: | Chief Executive Officer | |
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Exhibit 99.1
 |
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Spring Valley Announces Shareholder Approval of Business Combination with AeroFarms
Dallas, TX and Newark, NJ – August 30, 2021 – Spring Valley Acquisition Corp. (“Spring Valley”) (Nasdaq: SV, SVSVW, SVSVU) today announced the results for the ten proposals considered and voted upon by its shareholders at its extraordinary general meeting of shareholders held on August 30, 2021 (the “Extraordinary General Meeting”). Spring Valley reported that all of the proposals related to the previously announced business combination agreement between Spring Valley and Dream Holdings, Inc. (“AeroFarms”) were approved by the Spring Valley shareholders at the Extraordinary General Meeting. A Form 8-K disclosing the full voting results has been filed with the Securities and Exchange Commission.
As a result of redemptions by holders of Spring Valley’s Class A ordinary shares, the minimum cash requirement in Spring Valley and AeroFarms’ Agreement and Plan of Merger has not been satisfied. Spring Valley and AeroFarms are pursuing additional capital sources, which must be agreeable to both Spring Valley and AeroFarms. It is expected that existing AeroFarms insiders would represent a significant portion of the additional capital and that the investment into the combined company would be on the same terms as provided to existing PIPE investors. If the parties agree to close, the closing of the business combination is anticipated to take place on or before September 24, 2021. Following closing of the business combination, the combined company’s stock and warrants are expected to trade under the ticker symbols “ARFM” and “ARFMW”, respectively. There can be no assurance that additional capital will be raised or that the business combination will be consummated.
About Spring Valley Acquisition Corp.
Spring Valley Acquisition Corp. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. While Spring Valley may pursue an initial business combination target in any business or industry, it is targeting companies focusing on sustainability, including clean energy and storage, smart grid/efficiency, environmental services and recycling, mobility, water and wastewater management, advanced materials and technology enabled services. Spring Valley’s sponsor is supported by Pearl Energy Investment Management, LLC, a Dallas, Texas based investment firm that focuses on partnering with best-in-class management teams to invest in the North American energy industry.
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About AeroFarms
Since 2004, AeroFarms has been leading the way for indoor vertical farming and championing transformational innovation for agriculture. On a mission to grow the best plants possible for the betterment of humanity, AeroFarms is a Certified B Corporation with global headquarters in Newark, New Jersey. Named one of the World’s Most Innovative Companies by Fast Company two years in a row and one of TIME’s Best Inventions in Food, AeroFarms patented, award-winning indoor vertical farming technology provides the perfect conditions for healthy plants to thrive, taking agriculture to a new level of precision, food safety, and productivity while using up to 95% less water and no pesticides ever versus traditional field farming. AeroFarms enables local production to safely grow all year round, using vertical farming for elevated flavor. In addition, through its proprietary growing technology platform, AeroFarms has grown over 550 varieties and has developed multi-year strategic partnerships ranging from government to major Fortune 500 companies to help uniquely solve agriculture supply chain needs. For additional information, visit: https://aerofarms.com/.
On March 26, 2021, AeroFarms announced a definitive business combination agreement with Spring Valley Acquisition Corp. (Nasdaq: SV). Upon the closing of the business combination, AeroFarms will become publicly traded on Nasdaq under the new ticker symbol "ARFM". Additional information about the transaction can be viewed here: https://aerofarms.com/investors/
Forward Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “might,” “will,” “estimate,” “continue,” “contemplate,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “predict,” “project,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. All statements, other than statements of present or historical fact included in this press release, including those regarding Spring Valley’s proposed acquisition of AeroFarms and pursuit of additional capital are forward-looking statements. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the respective management of AeroFarms and Spring Valley and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of AeroFarms and Spring Valley. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the proposed transaction, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed transaction or that the approval of the stockholders of Spring Valley or AeroFarms is not obtained; failure to realize the anticipated benefits of the proposed transaction; risks related to the expansion of AeroFarms’ business and the timing of expected business milestones; the effects of competition on AeroFarms’ business; the ability of Spring Valley or AeroFarms to issue equity or equity-linked securities or obtain debt financing in connection with the proposed transaction or in the future, and those factors discussed in Spring Valley’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, final prospectus dated November 25, 2020 and definitive proxy statement/prospectus dated July 26, 2021 under the heading “Risk Factors,” and other documents Spring Valley has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Spring Valley nor AeroFarms presently know, or that Spring Valley nor AeroFarms currently believe are immaterial, that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Spring Valley’s and AeroFarms’ expectations, plans, or forecasts of future events and views as of the date of this press release. Spring Valley and AeroFarms anticipate that subsequent events and developments will cause Spring Valley’s and AeroFarms’ assessments to change. However, while Spring Valley and AeroFarms may elect to update these forward-looking statements at some point in the future, Spring Valley and AeroFarms specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing Spring Valley’s and AeroFarms’ assessments of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
AeroFarms Contacts
Investor Relations:
Jeff Sonnek
ICR
Jeff.Sonnek@icrinc.com
1-646-277-1263
Media Relations:
Marc Oshima
AeroFarms
MarcOshima@AeroFarms.com
1-917-673-4602
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