ONE Nuclear and Hennessy Capital VII Complete $1.1B SPAC Merger

ONE Nuclear Energy LLC and Hennessy Capital Investment Corp. VII completed a business combination process, resulting in a new publicly listed entity. The transaction marks a key step for ONE Nuclear as it prepares to enter public markets.

The two companies entered into a definitive merger agreement on October 23, 2025. The deal set a pre-money equity value for ONE Nuclear at $1 billion and an implied pro-forma enterprise value of approximately $1.1 billion.

Following the merger, the combined company is expected to trade on Nasdaq using the ticker symbol "ONEN". ONE Nuclear’s existing management team is set to continue leading the business after the transaction closes.

According to the parties, the transaction is expected to generate up to $210 million in gross proceeds, which includes anticipated PIPE financing and up to $195 million in cash from Hennessy VII’s trust account, before accounting for redemptions and expenses.

What the numbers show

• ONE Nuclear’s pre-money equity value was set at $1 billion.
• The implied pro-forma enterprise value is approximately $1.1 billion.
• The transaction could provide up to $210 million in gross proceeds.

On March 31, 2026, the parties amended their agreement to extend the deadline for completing the merger to September 30, 2026. The amendment also increased the maximum principal of a promissory note from $316,975 to $620,000.

The U.S. Securities and Exchange Commission declared the registration statement on Form S-4 effective on August 5, 2026. The record date for the shareholder vote was set for July 31, 2026, and the extraordinary general meeting took place on August 24, 2026.

At the August 24, 2026 meeting, Hennessy VII shareholders approved the business combination. This approval allowed the transaction to move toward finalization and public listing.

ONE Nuclear has identified development sites in Oklahoma and East Texas, with plans to establish up to 2 GW of gas generation capacity by 2028 and 3 GW of advanced nuclear small modular reactor capacity by 2034.

* This article is based on publicly available information at the time of writing.