General Fusion began trading on the Nasdaq today under the ticker GFUZ, becoming the first publicly listed fusion power company, beating competitor and Trump-backed TAE Technologies by several months.
And investors seemed to want in. The stock rallied as trading began Monday and is now up 40% from $12.85 as of 12:50 pm ET.
General Fusion announced in January that it would merge with Spring Valley Acquisition Corp. III, and the transaction was completed last week.
Without redemptions, the fusion power company could have added as much as $230 million to its balance sheet. But most de-SPAC deals see a wave of redemptions before the merger completes. This one is no exception, and while the company hasn’t disclosed the exact amount yet, a report in the Globe and Mail estimates that General Fusion might receive less than $30 million after redemptions and fees.
Alongside the de-SPAC, General Fusion also raised $108 million from private investors. Altogether, the company says it holds about $150 million in cash.
