SCHEDULE: Eagle Nuclear Energy Corp. Ownership Update

Eagle Nuclear Energy Corp. reports a shift in beneficial ownership, with Supercycle Holdings LLC and Christopher Sorrells now holding 9.8% of common stock, primarily through warrants.

Summary

• This filing is an amendment to Schedule 13G, reporting changes in beneficial ownership of Eagle Nuclear Energy Corp. common stock.
• Spring Valley Acquisition Sponsor II, LLC (Sponsor) no longer beneficially owns any shares as of the filing date.
• As of April 24, 2026, Supercycle Holdings LLC and Christopher Sorrells are deemed beneficial owners of 3,027,655 shares of common stock.
• This ownership comprises 1,712,525 shares held directly by Supercycle and 1,315,130 shares issuable upon exercise of warrants.
• The reported ownership represents approximately 9.8% of the outstanding common stock, based on 29,579,313 shares outstanding as of April 22, 2026.
• A '9.8% Blocker' provision limits the exercise of warrants to prevent beneficial ownership exceeding 9.8%.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, primarily an administrative update on ownership structure and warrant limitations, without immediate positive or negative financial news.

Positives

• Supercycle Holdings LLC and Christopher Sorrells have a significant stake (9.8%) in Eagle Nuclear Energy Corp., indicating confidence or strategic interest.
• The '9.8% Blocker' provision allows for flexibility in warrant exercise while adhering to ownership limits, potentially preventing dilution concerns for other shareholders.

Negatives

• The filing indicates a substantial reduction in beneficial ownership by Spring Valley Acquisition Sponsor II, LLC, which previously held a much larger stake (30.3% as of February 24, 2026).
• The exercise of warrants is subject to a '9.8% Blocker', limiting the immediate conversion of all potential shares and thus capping immediate voting or control power.

Risks

• The '9.8% Blocker' could limit the ability of Supercycle Holdings LLC and Christopher Sorrells to increase their stake or exercise full control if the company's outstanding shares increase.
• Changes in beneficial ownership, especially a significant reduction by a prior major holder, could signal a shift in strategic direction or investor sentiment.

Future Outlook

The filing does not contain specific forward-looking statements or guidance. However, the '9.8% Blocker' provision on warrants suggests a controlled approach to future share acquisition.

Management Comments

• Each Reporting Person disclaims beneficial ownership of the securities, except to the extent of its or his pecuniary interest in such securities, if any.
• The Beneficial Ownership Limitation (9.8%) may be changed at a holder's election upon 61 days' notice to the Issuer.

Industry Context

StockSavvy.ai notes that shifts in beneficial ownership, particularly involving significant stakes and warrant positions, are common in companies undergoing development or restructuring. The 'blocker' provision is a standard mechanism to manage ownership percentages in such scenarios.

Stakeholder Impact

• Shareholders: The reduction in ownership by Spring Valley Acquisition Sponsor II, LLC and the controlled stake by Supercycle Holdings LLC may influence market perception and future strategic decisions.
• Creditors: No direct impact mentioned, but changes in major stakeholders could indirectly affect confidence in the company's stability.

Next Steps

• Supercycle Holdings LLC or Christopher Sorrells may elect to change the Beneficial Ownership Limitation (9.8%) with 61 days' notice to the Issuer.

Key Dates

Keywords

Schedule 13G, Eagle Nuclear Energy Corp., Beneficial Ownership, Supercycle Holdings LLC, Christopher Sorrells, Spring Valley Acquisition Sponsor II, LLC, Warrants, Common Stock, SEC Filing, Ownership Limit