Spring Valley Acquisition Corp. II
Spring Valley Acquisition Corp. II is a Cayman Islands-incorporated special purpose acquisition company formed to complete a merger, stock exchange, asset acquisition, or similar business combination with one or more operating businesses. It is listed in the United States and holds cash in trust while it searches for a target company to combine with.
Fiscal year 2024 · change from previous year
Development 2022–2024
Business
Share of revenueCapital raised through an IPO and held in trust while the company searches for a target.
Merger or acquisition transaction used to bring an operating business public.
Units, Class A shares, rights, and warrants issued to public investors.
Sponsor capital and governance support tied to the acquisition process.
Customers
The company does not sell products or services to end customers; its investors are the public shareholders, warrant holders, and sponsor participants that fund the SPAC structure. Its practical counterparties are the target company and transaction advisors involved in negotiating and closing a business combination. Value is created by providing a public-market listing path and acquisition capital to a private operating business.
Buy SPAC units, shares, rights, and warrants for exposure to a future deal.
Provides sponsor capital and supports the search for a business combination.
Enter into a merger or similar transaction to become publicly listed.
Provide legal, financial, and structuring services around the combination.
Strategy
The company’s strategy is to identify and complete an initial business combination with a suitable operating business before its liquidation deadline. It also manages the transaction structure, including rights, warrants, and merger documentation, to support a successful closing. Until a deal closes, its focus remains on preserving trust assets and advancing the acquisition process.
The SPAC exists to merge with an operating business and create a public company.
Deal terms, financing, and approvals determine whether the combination succeeds.
The company must keep enough flexibility to complete or restructure a deal.
Geography
Spring Valley Acquisition Corp. II is incorporated in the Cayman Islands, but its securities are traded in the United States on Nasdaq. Its business activity is transaction-driven rather than operating-asset driven, so geography mainly reflects where the listing, sponsor, and eventual target company are located.
Risks
The core risk is that the company may fail to complete a business combination before its mandatory liquidation date, which would limit value creation for shareholders. It also faces transaction, valuation, and financing risk because the eventual merger depends on negotiations, approvals, and market conditions. As a SPAC, it is exposed to accounting and fair-value volatility from warrants, rights, and other equity-linked instruments.
The company exists to close one acquisition; without it, the SPAC may liquidate.
Exposure: Shareholder value and continuation of the entity
A SPAC has a finite life and limited operating cash outside the trust account.
Exposure: Liquidity and continuation assumptions
Merger completion depends on capital, approvals, and definitive agreements.
Exposure: Deal timing and completion probability
Equity-linked instruments can be remeasured and affect reported earnings.
Exposure: Reported net income and balance sheet classification
Accounting
Judgemental itemsRedemption features require classification outside permanent equity and periodic remeasurement.
Impact: Affects equity balances and reported redemption value
Equity-linked instruments must be assessed under derivative and equity classification rules.
Impact: Can create fair-value gains or losses in earnings
Certain advisory fees are payable only if a business combination closes.
Impact: Affects transaction costs and future expense recognition
Interest income from trust investments is a non-operating source of results.
Impact: Drives reported income before any operating business exists
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Last updated: 24/09/2026