Spring Valley Acquisition IV (SVAC) said late Wednesday it closed its initial public offering of 23 million units priced at $10 each, including 3 million units sold through the underwriters' full exercise of their over-allotment option.

The company said the offering generated total gross proceeds of $230 million.

The units, consisting of one Class A ordinary share and one-fourth of a redeemable warrant, began trading on the Nasdaq earlier this week under the ticker 'SVIVU', the company said.

Each whole warrant allows the holder to buy one class A share at $11.50 per share, the company said, adding that once the units begin trading separately, the shares and warrants are expected to trade under the symbols 'SVIV' and 'SVIVW', respectively.