BUZZ-NuScale Power dips on planned $200 mln share sale

Reuters11-11

BUZZ-<a href="https://laohu8.com/S/SMR">NuScale Power</a> dips on planned $200 mln share sale

** NuScale Power's SMR.N shares down 1.6% premarket to $24.05 as co looks to raise equity

** Utility firm late Fri filed up to $200 mln equity sales program to be handled by TD Cowen, UBS, B. Riley and Canaccord Genuity

** Co plans to use net offering proceeds for general purposes, including R&D, working capital, opex and capex, and for potential acquisitions

** SMR has 255.36 mln shares outstanding as of Nov 4 for ~$6.3 bln market cap

** Shares on Fri rose ~13% to record high close of $24.49 after co late Thurs reported Q3 results

** TD Cowen research analysts said in note early Fri co's report revealed the first deposit ($20 mln) related to its small modular nuclear reactor $(SMR.AU)$ project in Romania, and the analysts added they expect additional payments as Phase 2 FEED progresses over the next 12 months

** Cannacord early Mon hiked its PT to $26 from $9.50

** Through Fri, stock has more than doubled QTD. It ended 2023 at $3.29

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper.tr.com@reuters.net lance.tupper@tr.com))

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