NuScale Power Corporation Announces New \$100 Million At-the-Market Equity Offering Program

NuScale Power Corporation (NYSE: SMR) has announced the launch of a significant at-the-market (ATM) equity offering program on February 26, 2026. This move, formalized through a newly executed Sales Agreement, allows the company to offer and sell up to \$100 million in Class A common stock at its discretion, providing enhanced flexibility to bolster its balance sheet and fund ongoing operations and growth initiatives.

Key Details of the Sales Agreement

• Aggregate Offering Amount: The program enables NuScale Power to sell shares of its Class A common stock, par value \$0.0001 per share, for up to \$100 million.
• Sales Agents: The ATM offering will be conducted through UBS Securities LLC, B. Riley Securities, Inc., Canaccord Genuity LLC, and Tuohy Brothers Investment Research, Inc.. These agents may act as the company’s sales agents or principals in the sale process.
• Flexibility in Issuance: Shares may be issued and sold from time to time, at NuScale’s sole discretion, using the agents and market conditions most advantageous at the time of sale.
• Commission Structure: The sales agents will receive compensation of up to 2.0% of the gross proceeds from the sale of Placement Shares.
• Legal Opinion: O’Melveny & Myers LLP issued a legal opinion validating the shares to be issued, filed as Exhibit 5.1 to the Current Report.
• Registration Statement: Shares will be issued under the company’s effective shelf registration statement (Form S-3ASR, File No. 333-289467), and a dedicated prospectus supplement was filed with the SEC on February 26, 2026.

Termination of Previous Sales Agreement

In conjunction with this new program, NuScale Power also terminated its prior ATM sales agreement, which had been in effect since November 7, 2025. The termination of the older agreement ensures that all future at-the-market sales will occur under the terms and structure of the new \$100 million program.

Potential Impact for Investors and Shareholders

• Dilution Risk: The issuance of up to \$100 million in new shares could result in dilution for current shareholders, depending on the company’s share price at the time of issuance and the number of shares eventually sold.
• Increased Liquidity: The ATM program is expected to enhance NuScale’s financial flexibility and liquidity, supporting ongoing operations, business development, and potential expansion initiatives.
• Market Sensitivity: Large-scale equity offerings can be price sensitive and may potentially impact the share price, especially if the market perceives the raise as necessary to fund upcoming cash needs or if there are concerns about the company’s capital requirements.
• NYSE Listing: All Placement Shares offered under the program have been approved for listing on the NYSE, ensuring continued trading liquidity.
• No Outstanding Legal or Regulatory Hurdles: The company asserts it has all required approvals, is compliant with NYSE and SEC regulations, and there are no outstanding legal actions or material disputes that would impede the offering.

What Should Shareholders Watch?

• Share Dilution and Price Movements: Investors should monitor the pace and pricing of equity sales under the program, as significant issuance could pressure the share price in the short term.
• Use of Proceeds: The company has not specified exact uses for the new capital, so shareholders should look for future disclosures on whether funds will be used for R&D, growth projects, working capital, or other strategic initiatives.
• Ongoing Compliance: The company affirms compliance with all financial reporting and disclosure rules, and any subsequent material changes will be communicated via required SEC filings.

Conclusion

NuScale Power’s new \$100 million ATM equity program significantly enhances its financial flexibility and positions the company for future growth. While the program offers capital-raising advantages, shareholders should carefully consider the potential for dilution and monitor management’s use of proceeds for value creation, as these factors may materially influence the company’s market valuation in the near to medium term.

Disclaimer: This article is for informational purposes only. It is not investment advice. Investors should consult with their financial advisor and review the official SEC filings and company disclosures before making any investment decisions. The author and publisher accept no liability for any direct or consequential loss arising from any use of this information.

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