Nuclea Energy Inc.
NCLA · New York Stock Exchange · Industrials
- Expected pricing
- Jul 1, 2026
- Price range
- $8.00
- Shares offered
- 5.6M
- Filing
- F-1/A · Jul 1, 2026
Founders & leadership
Background and track record, from the Management section.
- Sagar SangheraCo-Founder, Chairman of the Board of Directors and President
Co-founder of the company; served as CEO from inception until December 19, 2025; currently Chairman and President. Has over a decade of experience in banking and financial sector with leadership and business development roles.
Source
“Mr. Sanghera is our Co-founder, Chairman of the Board of Directors, and President. He served as our Chief Executive Officer from the inception of the Company until December 19, 2025.”
High confidenceView in filing → - Josef FreundorferChief Executive Officer
CEO of the company; founded Nuclear Potential Canada (NPC) in 2021, a consulting firm advancing Canada's nuclear sector, where he serves as President. Has leadership experience in operations, engineering, and project management.
Source
“Mr. Freundorfer is our Chief Executive Officer. He currently is the President of Nuclear Potential Canada (NPC), a consulting firm advancing Canada's nuclear sector. Since founding NPC in 2021, Josef has combined technical expertise with strong advocacy.”
High confidenceView in filing → - Anna SkowronChief Financial Officer
Financial executive with over 14 years of accounting experience; principal of Skowron Accounting Professional Corporation since 2015; has served as CFO for multiple companies including Titan Environmental Solutions, XRP Healthcare, and Powell Max Limited.
Source
“Anna Skowron is a highly experienced financial executive with over 14 years of accounting-related experience and a specialized focus on financial reporting, compliance, corporate governance, and business strategy.”
High confidenceView in filing → - Subhash PaluruIndependent Director Nominee
CEO of Freedom Motors, Inc. since July 2019; over two decades of experience in electric power and utility industry; previously served in U.S. federal government including Senior Executive Service at U.S. Department of Energy. Holds a Ph.D. in Physics from Osmania University.
Source
“Dr. Subhash Paluru has served as Chief Executive Officer of Freedom Motors, Inc. since July 2019.”
High confidenceView in filing → - John McVeyIndependent Director Nominee
Seasoned leader with over 35 years of experience in mining and energy sectors; previously on advisory board of Ultra Safe Nuclear; held senior roles including Director of Operations at SNC-Lavalin and Senior Process Engineer at Texaco.
Source
“Mr. McVey is a seasoned leader with over 35 years of experience in the mining and energy sectors.”
High confidenceView in filing → - Magaly BianchiniIndependent Director Nominee
Experienced public company director with career in real estate development, construction, and renewable energy; joined The Leader Group in 1980; served as President of Leader Capital Corp., a publicly traded developer.
Source
“Mr. Bianchini is an experienced public company director with a long career in real estate development, construction, and renewable energy. Since joining her family's firm, The Leader Group, in 1980, she has overseen major commercial and residential projects across Canada.”
High confidenceView in filing → - George KovalyovIndependent Director Nominee
Chartered Professional Accountant with experience in public markets, corporate finance, and governance; has served as CFO of multiple companies including Finx Group Inc., Marizyme Inc., and Health Logic Interactive Inc.
Source
“George Kovalyov is a Chartered Professional Accountant (CPA, CA) with extensive experience across public markets, corporate finance, and governance.”
High confidenceView in filing →
What the company does
The problem it solves and how it differentiates.
Source
“As we are still at the development stage and we have not produced any products yet, we have determined that our current insurance coverage is sufficient for our business operations at this time.”
Market & competition
The market it plays in and who it competes with.
Nuclea Energy targets the micro modular reactor (MMR) market, focusing on off-grid and energy-intensive applications including remote Arctic communities, mining operations, data centers, and defense installations. Industry analysts project the microreactor market to exceed $20 billion by 2035. The company estimates a Total Addressable Market exceeding USD $200 billion by 2040, with a Serviceable Addressable Market for early deployable sites in North America estimated at $45 billion.
Source
“Collectively, these markets represent a Total Addressable Market exceeding USD $200 billion by 2040, with a Serviceable Addressable Market for early deployable sites in North America estimated at $45 billion, and an initial Serviceable Obtainable Market for Nuclea of roughly $2.5 – 3 billion within its first decade of operations”
Financials
Revenue, profitability, and cash, from the financial statements.
- Net income
- $251K net loss (For the year ended June 30, 2025)
- Burn rate
- $47K annual operating cash burn (For the year ended June 30, 2025)
Source
“Net loss $ (251,189 )”
Source
“Net cash used in operating activities (46,949 )”
Statement-derived (For the year ended June 30, 2025; figures in ones).
The offering
Use of proceeds, pricing, and dilution to new investors.
- Support the expansion of our core technology's functionality and value, including targeted product development, filing provisional utility patents from the initial tranches, and the establishment of an in-house research and development facility equipped for materials testing, design, and prototyping (25%)
- Strategic development and scaling of our business and operational footprint, including R&D collaborations with external industry partners on engineering initiatives and regulatory engagement as well as a third party validation process (35%)
- Exploration of potential mergers and acquisitions, including, if consummated, the Moltex Asset Acquisition (20%)
- General administration and working capital (20%)
- Offering price / share
- $9.00
- Net proceeds
- $45,500,000
- Dilution / share
- $7.74
- NTBV / share (adj.)
- $1.26
- Shares out (after)
- 39,308,175
Source
“These estimates are based upon an assumed initial Offering Price of $9.00 per Common Share, the midpoint of the estimated range of the initial public Offering Price shown on the front cover of this prospectus.”
Source
“We estimate that we will receive net proceeds from this Offering of approximately $45,500,000, after deducting underwriting discounts, non-accountable expense allowance and other estimated offering expenses payable by us.”
Source
“an immediate dilution in net tangible book value of US$7.74 per Common Share to investors purchasing Common Shares in this Offering”
Source
“our pro forma as adjusted net tangible book value as of December 31, 2025 would have been US$1.26 per outstanding Common Share”
Source
“Total 39,308,175 100 % 60,763,130 100 % 1.55”
Source
“We estimate that we will receive net proceeds from this Offering of approximately $45,500,000, after deducting underwriting discounts, non-accountable expense allowance and other estimated offering expenses payable by us.”
Control & governance
Share classes, founder voting control, board, and insider conflicts — the founder-control signals.
One vote per share across all classes — no super-voting.
Offering is all primary (company-raising) — no insider selling disclosed.
5 directors · Chair is separate from the CEO
Concentrated dependence on a single leader, flagged in the filing.
Source
“Our success depends on retaining a small, highly specialized management team, and the loss of key individuals could significantly impair our ability to execute our business plan.”
- Share repurchase from former directors — 20,000,000 Common Shares
On March 11, 2025, the Company repurchased 20,000,000 Common Shares from former directors at the original issuance price for nominal consideration, and the shares were retired and cancelled.
Source
“On March 11, 2025, the Company repurchased 20,000,000 Common Shares from former directors at the original issuance price for nominal consideration. The repurchased shares were retired and cancelled.”
High confidenceView in filing → - Management and consulting fees — directors, officers, and founders
As of June 30, 2025, $180,694 was owing to related parties (directors, executive officers, and founders) for management fees, consulting, and professional services, which were non-interest bearing, unsecured, and due on demand.
Source
“As of June 30, 2025, amounts owing to related parties totaled $180,694 and were included in accounts payable and accrued liabilities. These balances were non-interest bearing, unsecured, and due on demand.”
High confidenceView in filing → - Consulting agreement — Irydyum Scientific Inc. / Dr. Eleodor Nichita
On February 25, 2026, the Company and Irydyum Scientific Inc. entered into a consulting agreement for services provided by Dr. Eleodor Nichita (Head of Reactor Design) at a monthly fee of CAD$7,500.
Source
“On February 25, 2026, the Company and Irydyum Scientific Inc. entered into a consulting agreement with respect to the services provided by Dr. Eleodor Nichita. This agreement provides for the payment of a monthly consulting fee in the amount of CAD$7,500.”
High confidenceView in filing → - Related-party management and professional fees — six months ended December 31, 2025
During the six months ended December 31, 2025, the Company incurred total related-party transactions of $107,448, comprising management fees of $63,787 and professional fees of $43,661.
Source
“Management fees $ 63,787 $ 45,631 Professional fees 43,661 38,026 Total related party transactions $ 107,448 $ 83,657”
High confidenceView in filing → - Share issuances to related-party consultants as non-cash compensation
During the year ended June 30, 2025, the Company issued common shares to certain consultants, including related parties, as non-cash consideration for consulting and advisory services, with fair value recognized as stock-based compensation.
Source
“during the year ended June 30, 2025, the Company issued common shares to certain consultants, including related parties, as non-cash consideration for consulting and advisory services. The fair value of such shares was recognized as stock-based compensation in accordance with U.S. GAAP”
Medium confidenceView in filing →
Lock-up schedule & insider ownership
When insider shares unlock, and who holds them — the part most tools skip.
Lock-up schedule
When insider shares unlock signals when selling pressure may arrive. Conditional unlocks have no fixed date and are shown as such — they are not collapsed to a single guessed date.
- The Company (issuer)Share count not disclosedNo fixed dateFixed date
180 days after the closing of this offering
Source
“We will agree, for a period of 180 days after the closing of this offering (the "Lock-Up Period"), not to (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any Common Shares”
High confidenceView in filing → - Directors, executive officers and 10%+ shareholders22.2M sharesNo fixed dateFixed date
lock-up agreement for a duration of 180 days, no leak-out provisions
Source
“Each of our directors, executive officers and 10%+ shareholders, who hold an aggregate of 22,222,220 Common Shares, is expected, prior to the closing of this Offering, to sign a lock-up agreement for a duration of 180 days. These lock-up agreements will have no leak-out provisions.”
High confidenceView in filing → - Holders of between 3% and 10% of Common Shares6.1M sharesNo fixed dateFixed date
lock up agreements, also for a duration of 180 days, with leak-out provisions
Source
“Holders of between 3% and 10% of our Common Shares, who hold an aggregate of 6,074,459 Common Shares, are expected, prior to the closing of this Offering, to sign lock up agreements, also for a duration of 180 days. The lock-up agreements which are to be signed by these shareholders contain leak-out provisions which are described in the section "Underwriting — Lock Up Agreements".”
Medium confidenceView in filing → - Selling Shareholders2.8M sharesNo fixed dateFixed date
lock-up their shares for a period of 180 days, with leak-out provisions
Source
“Lastly, our Selling Shareholders, who hold an aggregate of 2,817,294 Common Shares, have already signed lock-up agreements as part of their initial subscription. These agreements lock-up their shares for a period of 180 days, with leak-out provisions, as described in the section "Underwriting — Lock Up Agreements".”
Medium confidenceView in filing →
Insider ownership
Beneficial ownership as reported in the S-1 (includes shares deemed beneficially owned via options and affiliated entities). Percentages are beneficial, not record, ownership.
| Holder | Shares | % pre-IPO | % post-IPO | Source |
|---|---|---|---|---|
AAT SERVICES LTD. | 10.7K | — | 0% | Source“AAT SERVICES LTD. | 10,714 | 10,714 | 0 | 0 | %” High confidenceView in filing → |
ANDROS CAPITAL CORP. | 35.7K | — | 0% | Source“ANDROS CAPITAL CORP. | 35,721 | 35,721 | 0 | 0 | %” High confidenceView in filing → |
ARSTREND OU | 35.7K | — | 0% | Source“ARSTREND OU | 35,714 | 35,714 | 0 | 0 | %” High confidenceView in filing → |
AZINCOURT ENERGY CORP | 35.7K | — | 0% | Source“AZINCOURT ENERGY CORP | 35,714 | 35,714 | 0 | 0 | %” High confidenceView in filing → |
DARRYL CARDEY | 35.7K | — | 0% | Source“DARRYL CARDEY | 35,714 | 35,714 | 0 | 0 | %” High confidenceView in filing → |
FUNICULAR FUNDS, LP | 214.3K | — | 0% | Source“FUNICULAR FUNDS, LP | 214,286 | 214,286 | 0 | 0 | %” High confidenceView in filing → |
GB CAPITAL LTD. | 17.9K | — | 0% | Source“GB CAPITAL LTD. | 17,857 | 17,857 | 0 | 0 | %” High confidenceView in filing → |
MATTHEW HAMILTON | 42.9K | — | 0% | Source“MATTHEW HAMILTON | 42,857 | 42,857 | 0 | 0 | %” High confidenceView in filing → |
OLEKSANDR HAVRYLOV | 25K | — | 0% | Source“OLEKSANDR HAVRYLOV | 25,000 | 25,000 | 0 | 0 | %” High confidenceView in filing → |
HAYWOOD SECURITIES INC. | 299.3K | — | 0% | Source“HAYWOOD SECURITIES INC. | 299,285 | 299,285 | 0 | 0 | %” High confidenceView in filing → |
LAURENS HOUTMAN | 71.4K | — | 0% | Source“LAURENS HOUTMAN | 71,429 | 71,429 | 0 | 0 | %” High confidenceView in filing → |
JUNEAU EXPLORATION COMPANY | 357.1K | — | 0% | Source“JUNEAU EXPLORATION COMPANY | 357,143 | 357,143 | 0 | 0 | %” High confidenceView in filing → |
NISHAL KUMAR | 21.4K | — | 0% | Source“NISHAL KUMAR | 21,429 | 21,429 | 0 | 0 | %” High confidenceView in filing → |
DAVID LAZAR | 71.4K | — | 0% | Source“DAVID LAZAR | 71,429 | 71,429 | 0 | 0 | %” High confidenceView in filing → |
ROMAN LUBAVIN | 71.4K | — | 0% | Source“ROMAN LUBAVIN | 71,429 | 71,429 | 0 | 0 | %” High confidenceView in filing → |
MGK CONSULTING INC. | 7.1K | — | 0% | Source“MGK CONSULTING INC. | 7,143 | 7,143 | 0 | 0 | %” High confidenceView in filing → |
TAYLOR MOFFATT | 71.4K | — | 0% | Source“TAYLOR MOFFATT | 71,429 | 71,429 | 0 | 0 | %” High confidenceView in filing → |
MIKHAIL MUYINGO | 35.7K | — | 0% | Source“MIKHAIL MUYINGO | 35,714 | 35,714 | 0 | 0 | %” High confidenceView in filing → |
JOHN NASH | 714.3K | — | 0% | Source“JOHN NASH | 714,286 | 714,286 | 0 | 0 | %” High confidenceView in filing → |
NORTHSTRIVE COMPANIES INC. | 35.7K | — | 0% | Source“NORTHSTRIVE COMPANIES INC. | 35,714 | 35,714 | 0 | 0 | %” High confidenceView in filing → |
OPTIMA HOLDINGS CORP. | 18K | — | 0% | Source“OPTIMA HOLDINGS CORP. | 18,000 | 18,000 | 0 | 0 | %” High confidenceView in filing → |
KYLE PERMUT | 71.4K | — | 0% | Source“KYLE PERMUT | 71,429 | 71,429 | 0 | 0 | %” High confidenceView in filing → |
PMGC CAPITAL LLC | 89.3K | — | 0% | Source“PMGC CAPITAL LLC | 89,286 | 89,286 | 0 | 0 | %” High confidenceView in filing → |
JULIAS QUASHIE | 25K | — | 0% | Source“JULIAS QUASHIE | 25,000 | 25,000 | 0 | 0 | %” High confidenceView in filing → |
ALAN REYF | 71.4K | — | 0% | Source“ALAN REYF | 71,429 | 71,429 | 0 | 0 | %” High confidenceView in filing → |
RTHT LLC | 35.7K | — | 0% | Source“RTHT LLC | 35,714 | 35,714 | 0 | 0 | %” High confidenceView in filing → |
RUTH CONSULTING UG | 7.1K | — | 0% | Source“RUTH CONSULTING UG | 7,143 | 7,143 | 0 | 0 | %” High confidenceView in filing → |
S2S TRADING LLC | 71.4K | — | 0% | Source“S2S TRADING LLC | 71,429 | 71,429 | 0 | 0 | %” High confidenceView in filing → |
VENTUM FINANCIAL CORP. | 217.9K | — | 0% | Source“VENTUM FINANCIAL CORP. | 217,857 | 217,857 | 0 | 0 | %” High confidenceView in filing → |
Risk flags
Key items from the Risk Factors section.
- No Revenue / Ongoing Losses
The company has generated no revenue since inception and reported a net loss of $1,945,868 for the six months ended December 31, 2025, with losses expected to continue and grow as it develops its reactors.
Source
“We have incurred operating losses since our inception; for the fiscal year ended June 30, 2025, we reported a net loss of $251,189... For the six months ended December 31, 2025, we reported a net loss of $1,945,868”
High confidenceView in filing → - Need for Substantial Additional Capital / Dilution Risk
The company will need hundreds of millions of dollars beyond this offering's proceeds to develop and commercialize its reactors, and future equity or debt issuances could dilute shareholders or impose unfavorable terms.
Source
“To develop and implement our business as currently planned and described in this prospectus, we will need to raise substantial amounts of additional capital, potentially hundreds of millions of dollars.”
High confidenceView in filing → - Morpheus Reactor Technical Feasibility Unvalidated
The Morpheus Microreactor's novel systems have not been validated in an integrated configuration, and failure to do so could prevent regulatory approval and commercialization.
Source
“The technical feasibility of these systems has not yet been fully validated in an integrated configuration. In particular, we must demonstrate the long-term performance of structural and fuel materials in a high-temperature lead-coolant environment”
High confidenceView in filing → - Nuclear Regulatory Approval Risk
The entire business model depends on obtaining CNSC and NRC approvals; regulators could find fundamental barriers to licensing requiring costly redesign, and any delay or denial would indefinitely postpone commercialization.
Source
“Our entire business model is predicated on obtaining regulatory approvals for the Morpheus Microreactor from both Canadian and U.S. nuclear regulators... There is no guarantee that we will successfully complete either the VDR or the SDA.”
High confidenceView in filing → - HALEU Fuel Supply Chain Risk
The Morpheus Reactor requires HALEU fuel for which no robust commercial supply chain exists; failure to secure a reliable, affordable supply would make the company's business model non-viable.
Source
“At present, there is no robust commercial supply chain for HALEU, and production is limited to a small number of government-authorized entities... Without assured access to HALEU, our business model would be non-viable”
High confidenceView in filing → - Moltex Asset Acquisition Risk
The proposed acquisition of Moltex Energy's distressed assets may not close, and non-refundable fees and transaction costs could be lost; even if completed, the assets may carry undisclosed liabilities.
Source
“There can be no assurance that we will successfully complete the Moltex Asset Acquisition on the terms currently contemplated, or at all. If we are unable to reach agreement on a definitive sale and purchase agreement before the current expiration of the exclusivity period on June 8, 2026... we will have paid the non-refundable exclusivity fee”
High confidenceView in filing → - Third-Party Supplier Dependence / Stirling Engine Risk
The company relies on sole-source suppliers such as Qnergy for critical Stirling engines but has no contractual agreement with Qnergy, and loss of or inability to secure such suppliers could delay or prevent commercialization.
Source
“We have identified and confirmed the availability of the Qnergy Stirling engines, but other than the signing of a non-disclosure agreement, we have not yet entered into any contractual agreements with Qnergy to secure the supply of the engines.”
High confidenceView in filing → - Key Personnel / Part-Time Management Risk
Several executive officers serve only as part-time independent contractors; loss of the CEO, CFO, Head of Reactor Design, or Head of Licensing would be a material adverse event given their unique knowledge and relationships.
Source
“the loss of Mr. Josef Freundorfer, our Chief Executive Officer, Ms. Anna Skowron, our Chief Financial Officer, Dr. Eleodor Nichita, our Head of Reactor Design, or Amin Patel, our Head of Licensing, would be a material adverse event for the Company”
High confidenceView in filing → - Concentrated Shareholder Control Risk
Two shareholders each own approximately 25.4% of shares post-offering and together can control most matters requiring shareholder approval, potentially acting contrary to the interests of other shareholders.
Source
“As of the date of this prospectus, each of Mr. Sagar Sanghera, our President and Chairman of the Board, and Mr. Vinayak Ashok Gunda, beneficially owns an aggregate of approximately 29.6% of our Common Shares and each is expected to own approximately 25.4% our Common Shares upon the completion of this offering...Mr. Sanghera and/or Mr. Gunda could have significant influence in determining the outcome of any corporate transaction or other matter submitted to the shareholders for approval.”
High confidenceView in filing → - Intellectual Property Protection Risk
Core IP consists largely of a provisional patent application and trade secrets; patents may not be granted or may be challenged, and trade secret misappropriation could erode competitive advantage.
Source
“There is no guarantee that our current provisional patent application will be granted, that we will be able to secure meaningful patent protection for our future technologies in which we choose to seek patent protection or that such patents, if granted, will provide sufficient commercial protection. For example, we must convert our current provisional application number 63/845,685 into a non-provisional application or a PCT application within one year of its filing date (July 17, 2025).”
High confidenceView in filing → - Adverse Public Perception of Nuclear Energy
Negative public sentiment driven by historical accidents, activist opposition, or future nuclear incidents could delay commercialization, increase regulatory costs, and reduce demand for the company's reactors.
Source
“If accidents similar to the Fukushima disaster or other events, such as terrorist attacks involving nuclear facilities, occur, public opposition to nuclear power may increase, regulatory requirements and costs could become more onerous, which could materially and adversely affect our business and operations.”
High confidenceView in filing →
Underwriters
The banks running the offering, from the filing. Informational only — not a recommendation or where to buy.
Underwriters allocate IPO shares primarily to their institutional and wealth-management clients; a directed share program (when present) reserves shares for company insiders/affiliates, not the general public. Not investment advice.
Source
“Joseph Gunnar & Co., LLC, is the sole book-runner of this offering and is serving as representative of the Underwriters. We have entered into the Underwriting Agreement dated [*], 2026, with the Underwriters named below. Subject to the terms and conditions of the Underwriting Agreement, we have agreed to sell to the Underwriters, and each Underwriter has agreed, severally and not jointly, to purchase the number of Common Shares at the initial public offering price, less the underwriting discounts and commissions, as set forth on the cover page of this prospectus and listed next to its name in the following table: Underwriter Number of Shares Joseph Gunnar & Co., LLC Yorkville Securities, LLC Total 5,555,556”