{"url_path":"/sec/svac/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-07-16","source_url":"https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-084015-index.html","accession_number":"0001104659-26-084015","cik":"0002074850","ticker":"SVAC","issuer_name":"General Fusion Group Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2074850/0001104659-26-084015-index.html","primary_entity_key":"0002074850","primary_entity_name":"General Fusion Group Ltd."},"word_count":3550,"has_tables":true,"body_markdown":"false\n--12-31\n2026\nFY\n0002074850\nA1\n\n0002074850\n\n2026-07-10\n2027-07-09\n\n0002074850\n\ndei:BusinessContactMember\n\n2026-07-10\n2027-07-09\n\n0002074850\n\nus-gaap:CommonStockMember\n\n2026-07-10\n2027-07-09\n\n0002074850\n\nsvacu:WarrantsMember\n\n2026-07-10\n2027-07-09\n\n0002074850\n\n2026-07-13\n\n0002074850\n\nsvacu:WithumSmithBrownPCMember\n\n2026-07-10\n2027-07-09\n\niso4217:USD\n\nxbrli:shares\n\niso4217:USD\n\nxbrli:shares\n\n \n\n \n\n \n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE\nCOMMISSION**\n\n**WASHINGTON, D.C. 20549**\n\n \n\n**FORM 20-F**\n\n \n\n(Mark One)\n\n \n\n¨\nREGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE\nSECURITIES EXCHANGE ACT OF 1934\n\n \n\n**OR**\n\n \n\n¨\nANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE\nACT OF 1934\n\n \n\n**For the fiscal year ended**\n\n \n\n**OR**\n\n \n\n¨\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES\nEXCHANGE ACT OF 1934\n\n \n\n**OR**\n\n \n\nx SHELL COMPANY REPORT PURSUANT TO SECTION 13\nOR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\n**Date of event requiring this shell company report:\nJuly 10, 2026**\n\n \n\n**Commission File Number: 001-42822**\n\n \n\n**General Fusion\nGroup Ltd.**\n\n**(Exact name of Registrant\nas specified in its charter)**\n\n \n\n**Not applicable**\n \n**British Columbia**\n\n**(Translation of Registrant’s\nname into English)**\n \n**(Jurisdiction of incorporation\nor organization)**\n\n \n\n**6020 Russ Baker Way**\n\n**Richmond, BC V7B 1B4**\n\n**Canada**\n\n(Address of principal\nexecutive offices)\n\n \n\n**Greg Twinney**\n\n**6020 Russ Baker Way**\n\n**Richmond, BC V7B 1B4**\n\n**Canada**\n\n**Tel: (604) 439-3003**\n\n(Name, Telephone, Email\nand/or Facsimile number and Address of Company Contact Person)\n\n \n\nSecurities registered or to be registered pursuant\nto Section 12(b) of the Act:\n\n \n\n**Title of each class**\n \n**Trading Symbol(s)**\n \n**Name of each exchange on which registered**\n\n**Common Shares, no par value**\n \n**GFUZ**\n \n**The Nasdaq Stock Market LLC**\n\n**Warrants**\n \n**GFUZW**\n \n**The Nasdaq Stock Market LLC**\n\n \n\n**Securities registered\nor to be registered pursuant to Section 12(g) of the Act: None**\n\n \n\n**Securities for which\nthere is a reporting obligation pursuant to Section 15(d) of the Act: None**\n\n \n\nIndicate the number of\noutstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the shell\ncompany report:\n\n \n\nOn July 13, 2026,\nthe issuer had 52,988,419 Common Shares, without par value, outstanding.\n\n \n\nIndicate by check\nmark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ¨\nNo x\n\n \n\nIf\nthis report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13\nor 15(d) of the Securities Exchange Act of 1934. Yes ¨ No ¨\n\n \n\nIndicate by check mark\nwhether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange\nAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has\nbeen subject to such filing requirements for the past 90 days. Yes ¨ No x\n\n \n\nIndicate\nby check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405\nof Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required\nto submit such files). Yes x No\n¨\n\n \n\nIndicate by check mark\nwhether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See\nthe definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in\nRule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n¨\nAccelerated filer\n¨\n\n \n \n \n \n\nNon-accelerated filer\n¨\nEmerging growth company\nx\n\n \n\nIf\nan emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant\nhas elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided\npursuant to Section 13(a) of the Exchange Act. ¨\n\n \n\nIndicate\nby check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of\nits internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered\npublic accounting firm that prepared or issued its audit report. ¨\n\n \n\nIf\nsecurities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the\nregistrant included in the filing reflect the correction of an error to previously issued financial statements. ¨\n\n \n\nIndicate by check mark\nwhether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by\nany of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ¨\n\n \n\nIndicate by check mark\nwhich basis of accounting the registrant has used to prepare the financial statements included in this filing:\n\n \n\nU.S. GAAP x\nInternational Financial Reporting Standards as issued by the International Accounting Standards Board ¨\nOther ¨\n\n \n\nIf\n“Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant\nhas elected to follow. Item 17 ¨ Item\n18 ¨\n\n \n\nIf\nthis is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange\nAct). Yes ¨ No x\n\n \n\n \n\n \n\n \n\n \n\n \n\n**TABLE OF CONTENTS**\n\n \n\n**Page**\n\n[EXPLANATORY NOTE](#fr12b_001)\n[ii](#fr12b_001)\n\n[CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS](#fr12b_002)\n[iii](#fr12b_002)\n\n[PART I](#fr12b_003)\n[1](#fr12b_003)\n\n[ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#fr12b_004)\n[1](#fr12b_004)\n\n[ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE](#fr12b_005)\n[1](#fr12b_005)\n\n[ITEM 3. KEY INFORMATION](#fr12b_006)\n[1](#fr12b_006)\n\n[ITEM 4. INFORMATION ON THE COMPANY](#fr12b_007)\n[2](#fr12b_007)\n\n[ITEM 4A. UNRESOLVED STAFF COMMENTS](#fr12b_008)\n[3](#fr12b_008)\n\n[ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#fr12b_009)\n[3](#fr12b_009)\n\n[ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#fr12b_010)\n[4](#fr12b_010)\n\n[ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#fr12b_011)\n[5](#fr12b_011)\n\n[ITEM 8. FINANCIAL INFORMATION](#fr12b_012)\n[10](#fr12b_012)\n\n[ITEM 9. THE OFFER AND LISTING](#fr12b_013)\n[11](#fr12b_013)\n\n[ITEM 10. ADDITIONAL INFORMATION](#fr12b_014)\n[11](#fr12b_014)\n\n[ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS](#fr12b_015)\n[13](#fr12b_015)\n\n[ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#fr12b_016)\n[13](#fr12b_016)\n\n[PART II](#fr12b_017)\n[14](#fr12b_017)\n\n[PART III](#fr12b_018)\n[14](#fr12b_018)\n\n[ITEM 17. FINANCIAL STATEMENTS](#fr12b_019)\n[14](#fr12b_019)\n\n[ITEM 18. FINANCIAL STATEMENTS](#fr12b_020)\n[14](#fr12b_020)\n\n[ITEM 19. EXHIBITS](#fr12b_021)\n[15](#fr12b_021)\n\n \n\ni \n\n \n\n \n\n**EXPLANATORY NOTE**\n\n \n\nOn July 10, 2026 (the “Closing Date”),\nGeneral Fusion Group Ltd., a British Columbia limited company (the “Company”), consummated its previously announced business\ncombination pursuant to a Business Combination Agreement (the “Business Combination Agreement”), dated as of January 21,\n2026 (as amended on May 12, 2026 and on June 3, 2026), by and among Spring Valley Acquisition Corp. III, a Cayman Islands exempted company\n(“Spring Valley”), General Fusion Inc., a British Columbia limited company (“General Fusion”), and 1573562 B.C.\nLtd., a British Columbia limited company and a wholly-owned direct subsidiary of Spring Valley (“NewCo”), which provided for,\namong other things and subject to the terms and conditions contained in the Business Combination Agreement: (i) the transfer of Spring\nValley by way of continuation and deregistration from the Cayman Islands to the Province of British Columbia, Canada (the “Continuation”);\n(ii) the change of Spring Valley’s corporate name to “General Fusion Group Ltd.”; (iii) the adoption of new articles\nof incorporation by Spring Valley as a result of which all outstanding Spring Valley Class A Shares were redesignated as Common Shares\n(the “New GF Subordinate Voting Shares”); (iv) the amalgamation of NewCo with General Fusion (the “Amalgamation”)\nto form one corporate entity, with NewCo surviving the Amalgamation as “General Fusion Inc.”; and (v) the listing of\nNew GF Subordinate Voting Shares for trading on The Nasdaq Stock Market LLC (“Nasdaq”) (collectively, with the other transactions\ncontemplated in the Business Combination Agreement, and the documents contemplated therein, the “Business Combination”). Capitalized\nterms used and not otherwise defined in this Shell Company Report on Form 20-F (this “Report”) have the respective meanings\ngiven to those terms in the Proxy Statement/Prospectus, as supplemented (the “Proxy Statement/Prospectus”), forming part of\nthe Registration Statement on Form F-4 of the Company, as amended (File No. 333-293688) (the “Registration Statement”).\n\n \n\nOn or immediately prior to the Amalgamation and\nafter the Continuation, among other things, (i) all of the then issued and outstanding General Fusion Preferred Shares were automatically\nconverted into General Fusion Class A Common Shares; (ii) all of the then issued and outstanding SAFEs of General Fusion were\nconverted into General Fusion Class A Common Shares pursuant to the terms of the SAFEs; (iii) the PIPE Financing was consummated\npursuant to the PIPE Subscription Agreements; (iv) each then issued and outstanding Spring Valley Class B Share was automatically\nconverted, on a one-for-one basis, into a Spring Valley Class A Share; and (v) each then issued and outstanding Spring Valley\nWarrant was exchanged for a warrant to acquire that number of New GF Subordinate Voting Shares equal to the number of Spring Valley Class A\nShares subject to the applicable Spring Valley Warrant, at a per share exercise price equal to the per share exercise price for the Spring\nValley Warrants.\n\n \n\nOn the Closing Date, pursuant to the Amalgamation\n(i) each then issued and outstanding General Fusion Class A Common Share (other than General Fusion Class A Common Shares\nin respect of which Dissent Rights were duly exercised) was exchanged for that number of New GF Subordinate Voting Shares equal to the\nExchange Ratio for New GF Subordinate Voting Shares, and that number of New GF Class A Earnout Shares, New GF Class B Earnout\nShares, and New GF Class C Earnout Shares equal to the applicable Exchange Ratio for New GF Earnout Shares; (ii) each then issued\nand outstanding General Fusion Class B Common Share (other than General Fusion Class B Common Shares in respect of which Dissent\nRights have been duly exercised) was exchanged for one New GF Subordinate Voting Share, (iii) each then issued and outstanding General\nFusion Convertible Preferred Share was exchanged for one New GF Multiple Voting Share, (iv) each then issued and outstanding General\nFusion Warrant (other than General Fusion PIPE Warrants) was exchanged for a warrant to acquire a number of New GF Subordinate Voting\nShares equal to the number of General Fusion Shares subject to the applicable General Fusion Warrant multiplied by the Exchange Ratio\nfor New GF Subordinate Voting Shares and three warrants to acquire such number of New GF Class A Earnout Shares, New GF Class B\nEarnout Shares or New GF Class C Earnout Shares, as applicable, equal to the number of General Fusion Shares subject to the applicable\nGeneral Fusion Warrant multiplied by the Exchange Ratio for New GF Earnout Shares (the “New GF Exchange Warrants”); (v) each\nthen issued and outstanding General Fusion PIPE Warrant was exchanged for one New GF PIPE Warrant to acquire one New GF Subordinate Voting\nShare at a per share exercise price equal to $12.00, subject to adjustment; and (vi) each then issued and outstanding General Fusion\nOption was exchanged for an option to acquire New GF Subordinate Voting Shares equal to the number of General Fusion Class A Common\nShares subject to the applicable General Fusion Option multiplied by the Exchange Ratio for New GF Subordinate Voting Shares and three\noptions to acquire such number of New GF Class A Earnout Shares, New GF Class B Earnout Shares or New GF Class C Earnout\nShares, as applicable, equal to the number of General Fusion Shares subject to the applicable General Fusion Option multiplied by the\nExchange Ratio for New GF Earnout Shares (the “New GF Exchange Options”).\n\n \n\nThe New GF Subordinate Voting Shares and New GF\nPublic Warrants are traded on Nasdaq under the symbols “GFUZ” and “GFUZW,” respectively.\n\n \n\nii \n\n \n\n \n\nExcept as otherwise indicated or required by context,\nreferences in this Report to “we,” “us,” or “our” refer to General Fusion Group Ltd., a company continued\nunder the Business Corporations Act (British Columbia).\n\n \n\n**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**\n\n \n\nThis Report and the documents incorporated by reference\nherein contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities\nExchange Act of 1934, as amended (the “Exchange Act”), including statements that are made pursuant to the safe harbor provisions\nof the Private Securities Litigation Reform Act of 1995, and forward-looking information within the meaning of applicable Canadian securities\nlaws (collectively, “forward-looking statements”). Forward-looking statements relate to expectations, beliefs, projections,\nfuture plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Forward-looking\nstatements reflect our current views with respect to, among other things, the Business Combination, our capital resources, business strategy,\ntechnology development plans, performance and results of operations. In some cases, you can identify these forward-looking statements\nby the use of terminology such as “outlook,” “believes,” “expects,” “expected,” “potential,”\n“continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,”\n“predicts,” “intends,” “plans,” “estimates,” “anticipates,” “anticipated,”\n“projected,” “future” or the negative version of these words or other comparable words or phrases.\n\n \n\nThe forward-looking statements contained in\nthis Report and the documents incorporated by reference herein reflect our current views about future events and are subject to\nnumerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ\nsignificantly from those expressed in any forward-looking statement. In particular, this Report contains forward-looking statements\npertaining to our consolidated capitalization; the issuance and ownership of New GF Subordinate Voting Shares, New GF Public\nWarrants and other securities of the Company following the Business Combination; the expected benefits of the Business Combination;\nthe development, demonstration and commercialization of our magnetized target fusion (“MTF”) technology, including the\nobjectives and expected timeline of the Lawson Machine 26 (“LM26”) program; our ability to achieve technology\ndevelopment milestones; the potential market opportunity for fusion energy and clean energy technology; our ability to obtain and\nmaintain government funding, contracts, awards and other strategic relationships; our future capital requirements and sources and\nuses of cash; our ability to obtain additional financing for our operations and growth; our expectations regarding applicable\nenergy, nuclear, environmental and other regulatory frameworks; our ability to attract and retain qualified scientists, engineers,\nemployees and management; our ability to obtain and maintain intellectual property protection and avoid infringing the rights of\nothers; expectations regarding the period during which we will qualify as an emerging growth company under the JOBS Act; and the\noutcome of any known and unknown litigation and regulatory proceedings.\n\n \n\nWe do not guarantee that the events described will\nhappen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events\nto differ materially from those set forth or contemplated in the forward-looking statements:\n\n \n\n●general economic, financial market and geopolitical conditions, including\nconditions affecting capital markets and the clean energy sector;\n\n●our status as a development-stage company with a history of losses, no revenue\nfrom commercial fusion energy operations and no assurance of achieving profitability;\n\n●our ability to develop, demonstrate and commercialize MTF technology on the\nexpected timeline or at all, including any failure to achieve the technical objectives of the LM26 program;\n\n●the scientific, engineering and technical challenges inherent in developing\nfusion energy technology and the possibility that our technology may not be technically or commercially viable;\n\n●the significant capital requirements of our research and development activities\nand our ability to obtain financing on favorable terms, or at all;\n\n●our ability to maintain and enter into new contracts, grants, awards and\nother relationships with governments, government entities, strategic partners, suppliers and other third parties;\n\n●the impact of and changes in laws and regulations governing fusion energy\nresearch, development, demonstration and commercialization, including nuclear energy, environmental, export control and other regulatory\nframeworks;\n\n \n\niii \n\n \n\n \n\n●our ability to attract and retain qualified scientists, engineers, employees\nand management;\n\n●our ability to maintain the listing of the New GF Subordinate Voting\nShares and New GF Public Warrants on Nasdaq;\n\n●the volatility of the market price and liquidity of the New GF Subordinate Voting Shares\nand the New GF Public Warrants;\n\n●competition from other fusion energy companies and from other clean energy,\nconventional energy and energy storage technologies;\n\n●our ability to obtain, maintain, protect and enforce intellectual property\nrights in our technology and to avoid infringing, misappropriating or otherwise violating the intellectual property rights of others;\n\n●limited supply of specialized materials, components and equipment, dependence\non key suppliers and potential supply chain disruptions;\n\n●the effects of climate change, extreme weather events, water scarcity, seismic\nevents and other physical risks on our operations, facilities and supply chain;\n\n●fluctuations in foreign currency exchange rates, particularly fluctuations\nin the Canadian dollar relative to the U.S. dollar;\n\n●the effectiveness of our internal controls and disclosure controls and procedures\nas a newly public company;\n\n●the limited experience of certain members of our management team in operating\na public company listed in the United States;\n\n●any reduction in the period during which we will qualify as an emerging growth\ncompany under the JOBS Act;\n\n●potential litigation, governmental or regulatory proceedings, investigations\nor inquiries involving us, including in relation to the Business Combination, our technology or our operations;\n\n●failure to realize the anticipated benefits of the Business Combination,\nrisks relating to any unforeseen liabilities of the Company or General Fusion and the risk that capital needed by the Company may not\nbe raised on favorable terms, or at all; and\n\n●our expansion plans and opportunities, including risks related to the development,\ndemonstration, commercialization and scale-up of our technology and the need to obtain required approvals from regulatory authorities.\n\n \n\nThe forward-looking statements contained herein\nmay prove incorrect and are expressly qualified by the cautionary statements contained or incorporated by reference in this Report. These\nforward-looking statements speak only as of the date of this Report and are subject to risks, uncertainties and other factors, many of\nwhich are outside our control, that could cause actual results to differ materially from future results expressed, projected or implied\nby the forward-looking statements. For a further discussion of the risks and other factors that could cause our future results, performance,\nbusiness, financial condition, prospects, development milestones or transactions to differ significantly from those expressed in any forward-looking\nstatements, including risks relating to our status as a development-stage fusion energy technology company, our ability to develop and\ncommercialize MTF technology, the LM26 program, our capital requirements and financing needs, regulatory developments, government funding\nand strategic relationships, please see the section entitled “*Risk Factors*” in the Proxy Statement/Prospectus, which\nsection is incorporated herein by reference, and our filings with the U.S. Securities and Exchange Commission (www.sec.gov) and Canadian\nSecurities Administrators (www.sedarplus.com). There may be additional risks that we do not presently know or that we currently believe\nare immaterial that could also cause actual results to differ from those contained in the forward-looking statements.\n\n \n\nSuch forward-looking statements are based on a\nnumber of estimates and assumptions that we believe are reasonable when made including, but not limited to, assumptions regarding the\nperceived benefits of the Business Combination; the effects of the Business Combination on General Fusion and the Company; our ability\nto execute our business plan and technology milestones; our ability to achieve the expected objectives and timing of the LM26 program;\nthe availability of capital and other financing on acceptable terms; the availability of government funding, contracts, grants, awards\nand strategic relationships; the continued availability of key personnel, suppliers, specialized materials and equipment; the development\nof applicable fusion energy, nuclear, environmental, export control and other regulatory frameworks; assumptions that none of the risks\nidentified above and/or in the Proxy Statement/Prospectus materialize; that there are no unforeseen changes to economic, market, regulatory,\ntechnological or competitive conditions; and that no significant events occur outside the ordinary course of business. Such estimates\nand assumptions are made in light of the experience of management and its perception of historical trends, current conditions and expected\nfuture developments, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no\nassurance that such estimates and assumptions will prove to be correct.\n\n \n\niv \n\n \n\n \n\nShould one or more of these risks or uncertainties\nmaterialize, or should any of the assumptions made in connection with these forward-looking statements prove incorrect, actual results\nmay vary in material respects from those projected in the forward-looking statements. In addition, statements that “we believe”\nand similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available\nto us as of the date of this Report, including information regarding the Business Combination, General Fusion’s business and technology\ndevelopment plans, and the regulatory and market environment in which we operate. While we believe such information forms a reasonable\nbasis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have\nconducted an exhaustive inquiry into, or review of, all potentially available relevant information. Because forward-looking statements\nare inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control,\nthese forward-looking statements should not be relied upon as guarantees of future events. The events and circumstances reflected in\nour forward-looking statements may not be achieved or occur and actual future results, levels of activity, performance, development milestones,\ntechnology readiness, regulatory outcomes, financing availability and other events and circumstances could differ materially from those\nprojected in the forward-looking statements. Moreover, we operate in an evolving and highly technical industry, and new risks and uncertainties\nmay emerge from time to time. Management cannot predict all risks and uncertainties. Except as required by applicable law, we do not\nundertake to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future\nevents, changed circumstances or otherwise.\n\n \n\nv \n\n \n\n \n\n**PART I**"}