Klein’s AltC Acquisition Prices Upsized $450M IPO

AltC Acquisition priced its upsized IPO of 45 million shares at $10 each.

Shares begin trading on the NYSE today under ALCC.

While the offering was 5 million units more than the 40 million shares the SPAC said it would offer in an amended S-1 filing in May, that amended offering was 60 percent less than the 100 million shares AltC originally registered in March.

The new SPAC said it will focus on a target in an industry where the management team’s expertise in technology companies will provide a competitive advantage.

AltC Acquisition Corp. was co-founded by Sam Altman and Michael Klein, who is also the founder and managing partner of M. Klein and Company. He is is also the CEO and chairman of Churchill Capital Corp.

Citigroup is acting as joint bookrunner and representative of the underwriters, and each of J.P. Morgan, Goldman Sachs and BofA is acting as joint bookrunner. The company has granted the underwriters a 45-day option to purchase up to 5 million additional shares to cover over-allotments, if any. Read more.

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