General Fusion's SPAC Merger Fell Short by $200 Million

General Fusion's reverse merger with Spring Valley Acquisition Corp. III closed July 10, 2026, with less than $30 million in public funding—sharply below the promised $230 million after investor redemptions and fees eroded the trust contribution. Additional private funding brought total cash to roughly $150 million. The shortfall underscores how SPAC economics have soured since 2021, when redemption rates were far lower.