Company: NKLR
Filing Date: 2025-09-11
Form Type: S-4/A
Source: 0001213900-25-086741
Chunk: 193

Company: Terra Innovatum Global N.V.
Filing Date: 2025-09-11
Form: S-4/A
Chunk 193
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 two detailed calls on the competitive landscape of SMR companies and how Terra Innovatum compared to various SMR companies, including reactor sizes, reactor power outputs, types of coolant used, type of fuel used, expected commercialization date, funding raised to date, number of employees, disclosed safety and safeguard measures, management experience, method of assembly and numerous other factors. On December 12, 2024, GSR III and PAC held a call to preview GSR III’s thoughts on Terra Innovatum’s valuation. GSR III proposed a valuation comprised of 45million shares to Terra Innovatum at closing and an additional 75million shares that would be issued at various stock prices and/or milestones, which balanced several advantages that Terra Innovatum had relative to the existing public SMR companies that would support a premium valuation for Terra Innovatum, including but not limited to Terra Innovatum’s expected commercialization date and ability to utilize LEU fuel, while also recognizing the latest and average trading values as of that time of the three public SMR companies. GSR III arrived at Terra Innovatum’s upfront valuation of $450million (or 45million shares) and an additional 75million shares by having the upfront consideration be proximate to where Nano Nuclear Energy Inc.’s median, historical market cap was at the time, while at the same time recognizing, through the use of the additional shares, the significant upside potential for the company relative to where Nuscale Power Corporation and Oklo Inc’s median, historical market caps were at the time.

| SMR Companies             |     | Ticker |     | Initial      
 Trading Date |     | End Date   |     | Median     
 Market Cap 
 ($M)       |       |
|:--------------------------|:----|:-------|:----|:-------------|:----|:-----------|:----|:-----------|------:|
| Nuscale Power Corporation |     | SMR    |     | 5/2/2022     |     | 12/10/2024 |     | $          | 2,103 |
| Oklo Inc                  |     | OKLO   |     | 5/10/2024    |     | 12/10/2024 |     | $          | 1,101 |
| Nano Nuclear Energy Inc.  |     | NNE    |     | 5/7/2024     |     | 12/10/2024 |     | $          |   442 |

On