ONE Nuclear Energy (ONEN) Registration filing summary

Company overview and business model

• Newly formed blank check company incorporated in the Cayman Islands to pursue a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses, focusing on industrial technology and energy transition sectors.

• Management team has a strong SPAC track record, having completed or advised on 13 business combinations since 2014, targeting companies with $500 million+ enterprise value.

• No specific business combination target has been selected or substantive discussions initiated as of the filing date.

Financial performance and metrics

• As of October 11, 2024, the company had $25,000 in cash, $61,560 in deferred offering costs, and a working capital deficiency of $51,861.

• No operating revenues to date; all activity relates to formation and preparation for the IPO.

Use of proceeds and capital allocation

• $175,000,000 from the IPO and $6,750,000 from private placement units will be placed in a U.S.-based trust account, with funds to be used for a business combination or returned to shareholders if no deal is completed within 24 months.

• Up to $2.5 million in working capital loans may be convertible into private placement units at $10.00 per unit.

• $2,400,000 of net proceeds not held in trust will be used for working capital, legal, accounting, due diligence, and administrative expenses.