General Fusion's SPAC Promised $230 Million, Delivered Less Than $30 Million

General Fusion's reverse merger with Spring Valley Acquisition Corp. III, completed July 10, 2026, collapsed from a theoretical $230 million trust contribution to under $30 million after shareholder redemptions and fees. The company raised an additional $108 million from private investors to reach approximately $150 million cash on hand. The gap illustrates how sharply SPAC economics have deteriorated since 2021, when redemption rates were substantially lower.