Form 4: Fluor Corp Plans Major NuScale Power Stake Conversion

Fluor Corporation, a significant shareholder in NuScale Power Corp., has filed a Form 4 indicating a planned future conversion of a substantial portion of its Class B securities into Class A common stock.

Summary

• Fluor Corporation, identified as a Director and 10% Owner of NuScale Power Corp. (SMR), reported a planned conversion of securities.
• The earliest transaction date is listed as November 7, 2025.
• Fluor plans to convert 110,936,472 Class B Units and an equal number of Class B Common Stock shares into 110,936,472 shares of Class A Common Stock.
• Each Class B unit, along with one share of Class B common stock, is exchangeable into one share of Class A common stock with no expiration date.
• Following this planned transaction, Fluor Corporation will indirectly beneficially own 110,936,472 shares of Class A Common Stock through its wholly-owned subsidiary, Fluor Enterprises, Inc.
• Fluor Corporation will also indirectly beneficially own 463,747 Class B Units and 463,747 shares of Class B Common Stock through NuScale Holdings Corp., which is majority-owned by Fluor Enterprises, Inc.

Sentiment

Score: 6

Explanation: The filing reports a planned, structural change in beneficial ownership by a significant shareholder. While not directly impacting operational performance, it represents a simplification of the capital structure and is a pre-announced event.

Positives

• The planned conversion of Class B units and Class B common stock into Class A common stock by a major shareholder (Fluor Corporation) could simplify NuScale Power's capital structure.
• The increase in Class A common stock holdings by Fluor Corporation's subsidiary, Fluor Enterprises, Inc., may enhance the liquidity of Class A shares in the future.

Future Outlook

The filing does not contain forward-looking statements or guidance beyond the planned transaction itself.

Industry Context

This Form 4 filing details a planned insider transaction related to beneficial ownership, which is specific to the reporting person and issuer. It does not provide broader industry trends or competitive analysis.

Related Party Transactions

• The reported transaction is a planned conversion of securities by Fluor Corporation, which is a director and 10% owner of NuScale Power Corp., constituting a transaction involving a related party.

Stakeholder Impact

• Shareholders of NuScale Power Corp. may observe a future simplification of the capital structure as Class B securities are converted to Class A.
• Fluor Corporation's indirect ownership of Class A common stock is planned to increase, potentially affecting its future strategic options regarding its stake in NuScale.

Key Dates

Keywords

NuScale Power, SMR, Fluor Corporation, Class A Common Stock, Class B Units, Class B Common Stock, beneficial ownership, insider transaction, Form 4, conversion, nuclear power, small modular reactors