Terra Innovatum Drops KPMG, Rehires the Auditor It Replaced Nine Months Ago

Terra Innovatum Global N.V. (Nasdaq: NKLR), incorporated in the Netherlands, is a pre-revenue developer of micro-modular nuclear reactors. Its sole product is the SOLO, a 1 MWe helium-cooled reactor designed to run autonomously for 15 years. The company has no commercial revenue and is pursuing a U.S. Nuclear Regulatory Commission licensing process that management targets for a first-of-a-kind deployment in 2027.

The company went public on October 9, 2025, when it completed a business combination with SPAC GSR III Acquisition Corp., generating $131 million in gross proceeds, or approximately $109 million net of expenses. Management estimated the FOAK licensing and construction program at roughly $70 million, leaving the company debt-free and claiming sufficient capital to fund operations through 2027. Non-binding memoranda of understanding for up to 100 SOLO units, representing a stated $1.9 billion in potential revenue, were in place as of the Q3 2025 earnings call.

The months following the Nasdaq listing were marked by governance disruption. CFO Guillaume Moyen resigned on March 28, 2026, and board chairperson Katherine Williams stepped down from that role and from the audit committee to become CFO. Nasdaq issued a deficiency notice on April 16, 2026 for failure to file the 2025 annual report on Form 10-K, and a second notice on May 19, 2026 for also failing to file the Q1 2026 Form 10-Q. The 2025 10-K was ultimately filed on June 16, 2026, and the Q2 2026 10-Q on August 14, 2026.