Company: HVIIR
Filing Date: 2025-12-23
Form Type: S-4
Source: 0001493152-25-029121
Chunk: 187

Company: Hennessy Capital Investment Corp. VII
Filing Date: 2025-12-23
Form: S-4
Chunk 187
---
.                                           |

| 121 |

| ● | Attractive                                                                                      
 Market Valuation Compared to Publicly-Traded Industry Peers. The HVII Board, in consultation    
 with its financial advisor, considered the favorable valuation of ONE Nuclear implied by        
 the Business Combination compared to other pre-commercial industry peers with public (or        
 publicly announced) market valuations. In particular, the HVII Board considered that Fermi      
 Inc. (NASDAQ: FRMI), a peer developer of baseload, multi-fuel energy generation also seeking    
 funding to develop its initial site, had a market valuation of $12.9 billion as of October      
 21, 2025, compared to a pre-money equity value implied by the Business Combination of $1        
 billion for ONE Nuclear. Similarly, the HVII Board compared the implied valuation of ONE        
 Nuclear to the public market valuations for other pre-commercial publicly-traded companies      
 focused on SMR technology, which consisted of Oklo Inc. (NYSE: OKLO) ($20.4 billion), Nuscale   
 Power Corp. (NYSE: SMR) ($10.9 billion), Nano Nuclear Energy Inc. (NASDAQ: NNE) ($1.8 billion), 
 Terra Innovatum Global N.V. (NASDAQ: NKLR) ($0.7 billion) and Terrestrial Energy Inc. (NASDAQ:  
 IMSR) ($0.9 billion), in each case as of October 21, 2025, and in the case of Terrestrial       
 Energy, based on the implied valuation from its publicly announced De-SPAC business             
 combination (which was pending as of such date, but subsequently completed on October 28,       
 2025).                                                                                          |

| ● | Pro                                                                                               
 Forma Ownership. The HVII Board took note of the fact that, following completion of the           
 Business Combination and assuming (for illustrative purposes) no redemptions of HVII Class        
 A Ordinary Shares and a PIPE Investment of $15 million, with the outstanding HVII Class A         
 Ordinary Shares and PIPE Investment collectively amounting to 21 million shares of New ONE        
 Nuclear Common Stock, based on an assumed redemption price of $10.27 (the approximate redemption  
 price as of September 30, 2025), immediately following the Closing, existing ONE Nuclear          
 equityholders would own approximately 77% of the outstanding shares of New ONE Nuclear Common     
 Stock and are receiving no cash consideration in the Business Combination, the Sponsor would      
 own approximately 6% of the