AltC Acquisition and Oklo announced the filing of a registration statement with the SEC outlining their proposed business combination.
The target is an advanced fission power and nuclear fuel recycling company based in Santa Clara, CA.
The transaction is expected to deliver up to $500 million in gross proceeds from the cash held in AltC’s trust account, subject to redemptions.
AltC was co-founded by Sam Altman and Churchill Capital in July 2021. Altman serves as CEO of AltC and has been chairman of Oklo since 2015.
Oklo shareholders will not receive cash as part of the transaction, as all existing Oklo shareholders will roll all of their equity into the combined company. AltC’s sponsor has agreed to subject all of its founder equity to performance hurdles. Additionally, the Oklo founders and AltC’s sponsor have committed to long duration lock-ups.
The deal was announced in July at a pre-money equity value of $850 million. Read more.
