NuScale Power Comments on Short-Seller Report
July 29 2024 - 8:15PM
Business Wire
NuScale Power Corporation (NuScale or the Company) (NYSE: SMR)
today issued the following statement in response to a report on
July 29, 2024:
Hunterbrook is a known short-seller that has a vested interest
in sensationalizing information to manipulate the stock market. The
Securities and Exchange Commission has not communicated to NuScale
that it is the target of a current or prospective investigation,
and the Company is unaware of any reason for such an
investigation.
About NuScale Power
Founded in 2007, NuScale Power Corporation (NYSE: SMR) is the
industry-leading provider of proprietary and innovative advanced
small modular reactor (SMR) nuclear technology, with a mission to
help power the global energy transition by delivering safe,
scalable, and reliable carbon-free energy. The company’s
groundbreaking SMR technology is powered by the NuScale Power
Module™, a small, safe, pressurized water reactor that can each
generate 77 megawatts of electricity (MWe) or 250 megawatts thermal
(gross), and can be scaled to meet customer needs through an array
of flexible configurations up to 924 MWe (12 modules) of
output.
As the first and only SMR to have its design certified by the
U.S. Nuclear Regulatory Commission, NuScale is well-positioned to
serve diverse customers across the world by supplying nuclear
energy for electrical generation, data centers, district heating,
desalination, commercial-scale hydrogen production, and other
process heat applications.
To learn more, visit NuScale Power’s website or follow us
on LinkedIn, Facebook, Instagram, X and
YouTube.
Forward Looking Statements
This release may contain forward-looking statements (including
without limitation statements to the effect that the Company or its
management "will," "believes," "expects," “anticipates,” "plans" or
other similar expressions). These forward-looking statements
include statements relating to strategic and operational plans,
capital deployment, future growth, new awards, backlog, earnings
and the outlook for the company’s business.
Actual results may differ materially as a result of a number of
factors, including, among other things, the Company’s liquidity and
ability to raise capital, the severity and duration of the COVID-19
pandemic and actions by governments, businesses and individuals in
response to the pandemic, including the duration and severity of
economic disruptions; the Company's failure to receive new contract
awards; cost overruns, project delays or other problems arising
from project execution activities, including the failure to meet
cost and schedule estimates; intense competition in the industries
in which we operate; failure of our partners to perform their
obligations; cyber-security breaches; foreign economic and
political uncertainties; client cancellations of, or scope
adjustments to, existing contracts; failure to maintain safe
worksites and international security risks; risks or uncertainties
associated with events outside of our control, including weather
conditions, pandemics, public health crises, political crises or
other catastrophic events; the use of estimates and assumptions in
preparing our financial statements; client delays or defaults in
making payments; the failure of our suppliers, subcontractors and
other third parties to adequately perform services under our
contracts; uncertainties, restrictions and regulations impacting
our government contracts; the inability to hire and retain
qualified personnel; the potential impact of certain tax matters;
possible information technology interruptions; the Company's
ability to secure appropriate insurance; liabilities associated
with the performance of nuclear services; foreign currency risks;
the loss of one or a few clients that account for a significant
portion of the Company's revenues; damage to our reputation;
failure to adequately protect intellectual property rights; asset
impairments; climate change and related environmental issues;
increasing scrutiny with respect to sustainability practices; the
availability of credit and restrictions imposed by credit
facilities for our clients, suppliers, subcontractors or other
partners; failure to obtain favorable results in existing or future
litigation and regulatory proceedings, dispute resolution
proceedings or claims, including claims for additional costs;
failure by us or our employees, agents or partners to comply with
laws; new or changing legal requirements, including those relating
to environmental, health and safety matters; failure to
successfully implement our strategic and operational initiatives;
risks related to provisions of our convertible preferred stock; and
restrictions on possible transactions imposed by our charter
documents and Delaware law. Caution must be exercised in relying on
these and other forward-looking statements. Due to known and
unknown risks, the Company’s results may differ materially from its
expectations and projections.
Additional information concerning these and other factors can be
found in the Company's public periodic filings with the Securities
and Exchange Commission, including the general economic conditions
and other risks, uncertainties and factors set forth in the section
entitled “Cautionary Note Regarding Forward-Looking Statements and
Summary of Risk Factors” in the Company’s annual report on Form
10-K for the period ended December 31, 2023, the Form S-1 filed on
March 20, 2023, and declared effective on March 23, 2023, the
Registration Statement on Form S-3 filed on June 1, 2023 and
declared effective on June 5, 2023, and under similar headings in
subsequent filings with the U.S. Securities and Exchange
Commission. The referenced SEC filings are available either
publicly or upon request from NuScale's Investor Relations
Department at ir@nuscalepower.com. The Company disclaims any intent
or obligation other than as required by law to update its
forward-looking statements in light of new information or future
events.
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version on businesswire.com: https://www.businesswire.com/news/home/20240729638412/en/
Investor Contact Scott Kozak, Director, Investor
Relations, NuScale Power skozak@nuscalepower.com Media
Contact Chuck Goodnight, Vice President, Business Development
media@nuscalepower.com
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