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NEW YORK, NY AND AUSTIN, TX - Terra Innovatum Srl, a developer of micro-modular nuclear reactors, has announced a definitive Business Combination Agreement with GSR III Acquisition Corp. (NASDAQ:GSRT), a special purpose acquisition company. GSRT currently trades at $10.04, near its 52-week high of $10.08, and according to InvestingPro analysis, appears to be trading above its Fair Value. The merger is expected to position Terra Innovatum to become a publicly listed company on the Nasdaq under the ticker symbol "NKLR," with an anticipated closing in the second half of 2025.
The SOLO™ micro-modular reactor by Terra Innovatum is engineered for scalable, off-grid deployment, addressing the growing global demand for low-carbon, cost-efficient, and reliable electricity and heat generation. The company aims to commercialize its SOLO™ reactor, designed for safety and scalability, with commercial deployment targeted for 2028.
Terra Innovatum has engaged the U.S. Nuclear Regulatory Commission (NRC) since January 2025 and has completed its reactor design in October 2024. SOLO™ reactors will be assembled using standard Low-Enriched Uranium (LEU) fuel and off-the-shelf components, which is expected to minimize supply chain risks and facilitate rapid deployment.
The leadership team at Terra Innovatum, with over 180 years of combined nuclear industry experience, is poised to guide the company through the commercialization process. The transaction values Terra Innovatum at a pre-money equity valuation of $475 million and is anticipated to generate up to approximately $230 million in gross proceeds before accounting for redemptions and any committed financing. GSRT brings strong financial health to the deal, with InvestingPro data showing a remarkable current ratio of 39.09 and profitable operations over the last twelve months.
The proposed business combination has been unanimously approved by the Boards of Directors of both GSRT and Terra Innovatum and is subject to customary closing conditions. Details of the transaction will be disclosed in a Form 8-K report to be filed by GSRT with the U.S. Securities and Exchange Commission (SEC).
This announcement is based on a press release statement and does not constitute an offer to sell or the solicitation of an offer to buy any securities. The information provided is subject to change and investors are urged to read the proxy statement/prospectus and other documents filed with the SEC carefully and in their entirety when they become available, as they will contain important information about the business combination. For deeper insights into SPAC investments and exclusive financial metrics, consider subscribing to InvestingPro, which offers comprehensive SPAC analysis tools and over 20 additional key financial indicators for GSRT.
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