Company: NKLR
Filing Date: 2025-09-16
Form Type: 424B3
Source: 0001213900-25-087981
Chunk: 696

Company: Terra Innovatum Global N.V.
Filing Date: 2025-09-16
Form: 424B3
Chunk 696
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, creditworthiness or fair value of the Company or any other participant in the Transaction under any applicable laws relating to bankruptcy, insolvency or similar matters. In the course of our analyses for rendering this Opinion, we have made such reviews, analyses, and inquiries as we have deemed necessary and appropriate under the circumstances, including, without limitation: 1)We have reviewed the following documents and sources of information in items (a) through (j): a. Executed Non-Binding Letter of Intent dated December 24, 2024; b. Draft of the Business Combination Agreement, by and among GSRT and Terra Innovatum (the “Business Combination Agreement”);

Annex E-1 c. Terra Innovatum s.r.l. financial statement for the years ended December 31, 2023 and 2022; d. Reactor Unit Economics (Feb 2025) for which we have no reason to dispute the underlying assumptions; e. Terra Innovatum’s Investor Presentations; f. Terra Innovatum’s Global Total Accessible Market Study for which we have no reason to dispute the underlying assumptions; g. Terra Innovatum’s SOLO Regulatory Engagement Plan for which we have no reason to dispute the underlying assumptions; h. Terra Innovatum’s publicly traded comparable companies outlined in the management presentation; i. Various Terra Innovatum organizational and administrative documents we deemed necessary and appropriate to our analysis; and j. Publicly available financial information of GSRT, including GSRT’s filings with the U.S. Securities and Exchange Commission (the “SEC”). 2)We met or otherwise communicated electronically with certain members of GSRT’s and Terra Innovatum’s senior and operating management to discuss Terra Innovatum’s operations, historical financial results related to their entities, future prospects, and projected operations and performance; 3)We considered publicly available data and stock market performance data of public companies we deem comparable to Terra Innovatum and reviewed the industry and geography in which Terra Innovatum operates; 4)We considered, to the extent publicly available, the financial terms of certain other transactions which we considered relevant in evaluating the Transaction; and 5)We conducted such other studies, analyses, inquiries, and investigations as we deemed appropriate, including economic, industry, geographical and Company- specific information. The primary method used was a Market Method – Guideline Public Traded Companies as the basis for the fairness opinion assessment. These public comps were independently obtained by us. The Guideline Publicly Traded Companies method involves selecting a subset of companies within the same