SCHEDULE: Picton Mahoney Discloses 5.35% Stake in Spring Valley III

Picton Mahoney Asset Management has reported a 5.35% beneficial ownership stake in Spring Valley Acquisition Corp. III, totaling 1,069,680 units.

Summary

• Picton Mahoney Asset Management reported beneficial ownership of 1,069,680 units of Spring Valley Acquisition Corp. III.
• This ownership represents 5.35% of the Class A ordinary shares of the issuer.
• The event requiring this Schedule 13G filing occurred on September 30, 2025.
• The units held consist of one Class A ordinary share and one-third of one redeemable warrant.
• Spring Valley Acquisition Corp. III completed its initial public offering (IPO) of 23,000,000 units, which included 3,000,000 units issued from the underwriters' full exercise of their over-allotment option, as previously disclosed in an 8K filing on September 11, 2025.

Sentiment

Score: 6

Explanation: The filing indicates a significant institutional investment, which is generally a positive signal of confidence. However, it's a routine disclosure for a SPAC and doesn't provide operational or financial performance details.

Positives

• An institutional investor, Picton Mahoney Asset Management, holds a significant 5.35% stake, indicating potential confidence in the issuer.
• The acquisition of securities was in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Risks

• This Schedule 13G filing does not detail specific operational or financial risks of Spring Valley Acquisition Corp. III. As a Special Purpose Acquisition Company (SPAC), inherent risks include the ability to identify and successfully complete a business combination within the required timeframe, and the performance of the acquired entity post-merger.

Future Outlook

This Schedule 13G filing does not provide forward-looking statements regarding Spring Valley Acquisition Corp. III's operational or strategic plans. As a Special Purpose Acquisition Company (SPAC), its future outlook is inherently tied to its ability to identify and complete a business combination.

Management Comments

• The securities referred to above were acquired and are in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
• The foreign regulatory scheme applicable to [Investment Fund Manager] is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s).

Industry Context

The filing highlights continued institutional interest in Special Purpose Acquisition Companies (SPACs) like Spring Valley Acquisition Corp. III. SPACs raise capital through an IPO to acquire an existing private company, offering a faster route to public markets. Institutional ownership, such as that by Picton Mahoney Asset Management, is common in SPACs, providing initial capital and signaling market confidence, though the ultimate success depends on the quality of the eventual business combination.

Stakeholder Impact

• Shareholders: Picton Mahoney Asset Management becomes a significant shareholder, potentially influencing future voting matters.
• Potential target companies: The capital raised by Spring Valley Acquisition Corp. III, supported by institutional investors, is available for a future business combination.

Next Steps

• The filing itself does not detail future actions for the issuer. As a SPAC, Spring Valley Acquisition Corp. III's primary next step would be to identify and complete a de-SPAC transaction or business combination.

Key Dates

Keywords

Spring Valley Acquisition Corp. III, Picton Mahoney Asset Management, Schedule 13G, Beneficial Ownership, SPAC, Class A ordinary shares, Warrants, Institutional Investor