Form 4: Fluor Converts NuScale Class B Units to Class A Stock

Fluor Corporation, a 10% owner and director of NuScale Power Corp., converted 463,747 Class B units and Class B common stock into an equal number of Class A common shares.

Summary

• Fluor Corporation, a significant stakeholder in NuScale Power Corp., converted 463,747 Class B units and Class B common stock into Class A common stock.
• This transaction occurred on November 21, 2025.
• Following the conversion, Fluor Corporation indirectly beneficially owns 111,400,219 shares of NuScale Power Class A Common Stock.
• The conversion was a 1:1 exchange of Class B units/stock for Class A common stock, with no expiration date for the exchange privilege.
• The beneficial ownership is held indirectly through Fluor Enterprises, Inc. (110,936,472 shares) and NuScale Holdings Corp. (463,747 shares), both related to Fluor Corporation.

Sentiment

Score: 6

Explanation: The conversion of Class B units to Class A common stock by a significant insider is a routine transaction that enhances liquidity for the holder without indicating a change in overall investment thesis. It's a neutral to slightly positive signal as it doesn't involve a sale.

Positives

• The conversion of Class B units to Class A common stock enhances liquidity for Fluor's holdings in NuScale.
• The transaction maintains Fluor's significant ownership stake in NuScale Power, demonstrating continued commitment as a director and 10% owner.

Future Outlook

NA

Industry Context

This transaction reflects an internal restructuring of ownership by a major investor in NuScale Power, a company at the forefront of developing small modular reactor (SMR) technology. The SMR industry is a growing segment within the broader energy sector, aiming to provide scalable and flexible nuclear power solutions.

Related Party Transactions

• The transaction involves Fluor Corporation, a 10% owner and director of NuScale Power Corp., converting its Class B holdings into Class A common stock.
• Indirect beneficial ownership is held through Fluor Enterprises, Inc. and NuScale Holdings Corp., both related to Fluor Corporation.

Stakeholder Impact

• Shareholders: The conversion increases the number of Class A common shares beneficially owned by Fluor, potentially increasing the liquidity of Fluor's stake in the future. It does not immediately dilute other shareholders or change the overall economic interest held by Fluor.

Key Dates

Keywords

NuScale Power, SMR, Fluor, Class A Common Stock, Class B Units, Conversion, Beneficial Ownership, Insider Transaction