The ONE Nuclear SPAC deal closed with $1 billion of stock consideration, taking the development-stage energy company public after shareholders redeemed $146.5 million from the acquisition vehicle.
ONE Nuclear Energy (NASDAQ: ONEN) began trading on September 24 after combining with Hennessy Capital Investment Corp. VII. The company plans energy projects using natural gas initially and small modular nuclear reactors over the longer term.
ONE Nuclear SPAC Deal Issues 94.3 Million Shares
Former ONE Nuclear owners received 94,253,842 shares at closing, calculated from the $1 billion agreed value and a redemption price of approximately $10.61 per SPAC share, according to the company’s official closing filing.
Those owners held approximately 87% of the 108.3 million shares outstanding immediately after the combination. They may receive another 13 million shares if the stock meets thresholds of $12.50, $15 and $17.50 during the specified earnout period.
Public investors redeemed 13.8 million shares for $146.5 million. After redemptions and payments connected with a forward-purchase agreement, only about $1.7 million remained in the trust account to help fund the transaction.
Development Plans Still Require Substantial Capital
The listing supplies a public equity currency but does not itself fund construction of an energy park. A forward-purchase investor acquired nearly five million shares that had previously been submitted for redemption, allowing those requests to be reversed.
ONE Nuclear had $2,588 of cash and a $2.74 million working-capital deficit at June 30, according to financial statements included with the filing. Management said the company will need additional capital to execute its development strategy.
The business plans behind-the-meter power projects for data centers and industrial users, combining faster-to-deploy gas generation with possible future nuclear capacity. Those facilities remain development objectives rather than operating assets described in the closing filing.
The company must file a resale registration statement within 30 days of closing under its registration-rights agreement. Future financing disclosures and specific project commitments will provide the next evidence of whether the public company can convert its proposed energy model into funded construction.
