Form 4: Fluor Converts 15M NuScale Class B Shares to Class A

Fluor Corporation, a 10% owner and director of NuScale Power, converted 15 million Class B units and Class B common stock into Class A common stock.

Summary

• Fluor Corporation, a significant shareholder and director of NuScale Power Corp (SMR), converted 15,000,000 Class B Units and an equal number of Class B Common Stock into 15,000,000 shares of Class A Common Stock.
• The transaction occurred on August 12, 2025.
• 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 transaction, Fluor's indirect beneficial ownership includes 15,000,000 shares of Class A Common Stock and 111,400,219 Class B Units and Class B Common Stock.
• These holdings are primarily through Fluor Enterprises, Inc., a wholly-owned subsidiary of Fluor Corporation, and NuScale Holdings Corp., which is majority-owned by Fluor Enterprises, Inc.

Sentiment

Score: 6

Explanation: The conversion of Class B to Class A shares by a major shareholder is a routine corporate action that simplifies the capital structure for the holder and can slightly improve liquidity for Class A shares, indicating a neutral to slightly positive sentiment without implying new investment or divestment.

Positives

• Conversion of Class B to Class A common stock by a major shareholder (Fluor Corp) can simplify the capital structure for that holder and potentially increase the float of Class A shares, which is generally positive for liquidity.

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 shares, which constitutes a related party transaction.

Stakeholder Impact

• Shareholders: Increased float of Class A shares could slightly improve liquidity. No direct impact on overall ownership percentage for Fluor, just a change in class.

Key Dates

Recommendation

This Form 4 filing reports a routine conversion of Class B shares to Class A shares by a significant insider (Fluor Corp). It does not indicate new investment, divestment, or changes in the company's fundamental performance or outlook. Therefore, it provides no new information to warrant a change in investment recommendation; a 'hold' stance is appropriate unless other fundamental factors change.

Keywords

NuScale Power, SMR, Fluor Corporation, SEC Form 4, Stock Conversion, Class A Common Stock, Class B Units, Beneficial Ownership, Insider Transaction, Nuclear Energy, Small Modular Reactors