Holtec Nuclear Corp to Offer Class A Stock in Nuclear Spin
The company plans to use proceeds to buy Class A interests and fund licensing, manufacturing and clean-energy work.
Holtec Nuclear Corp, a U.S.-headquartered nuclear technology company, is proposing an offering of Class A common stock and intends to apply to list the shares on Nasdaq and Nasdaq Texas under the symbol HNUC. The company said it specializes in nuclear power generation and is expanding into adjacent clean-energy generation and long-duration storage, with founder Dr. Krishna P. Singh having led it since inception.
Holtec said it is a vertically integrated, turnkey nuclear technology company that supplies safety-related components and specialty services across design, licensing, manufacturing, construction, commissioning, operations and decommissioning. It said it operates on five continents and serves a client base that includes commercial nuclear reactors, many of them Fortune 500 companies. The company said it is a leader in four activities: spent-fuel management, storage and transportation; restart of decommissioned plants and decommissioning services; development and turnkey supply of small modular reactors; and solar and energy-storage technologies it said will complement its nuclear solution.
It said its main business lines to date include long-duration, contracted cash flows with highly rated counterparties, and that it has been conservatively managed with limited indebtedness. The company said it believes it is the only firm in North America that provides a broad range of safety-related components and specialty services to the nuclear industry, is licensed to operate a nuclear reactor, and has pioneered the restart of a shuttered plant.
The prospectus said new public stockholders will receive a pro rata portion of the economics of Holtec International through Class A common stock, while Holtec Holdings will continue to hold a majority economic interest as a non-controlling holder of Class B interests. The company said it intends to use net proceeds to purchase Class A interests from Holtec International at a per-interest price equal to the underwriters’ per-share price, and to cause Holtec International to distribute cash to Holtec Holdings and Holtec International Holdco and to use remaining proceeds for general corporate purposes, including accelerating licensing, deployment and manufacturing capacity, commercializing its Holtec Green Boiler and HI-THERM HCSP innovations, and expanding offerings in cybersecurity and national-defense programs.