Investors have piled into the blank-check firm backed by Sam Altman and Michael Klein that’s taking a developer of advanced nuclear systems public, making it the top performing SPAC on the market, Bloomberg reports today.
The 22% rally over the past two weeks has pushed AltC Acquisition to trade at the largest premium to its underlying value of SPACs with deals lined up, SPAC Research data compiled by Bloomberg show. The blank-check firm is working to take Oklo public in a deal that values the company at $850 million.
Oklo is an advanced fission power and nuclear fuel recycling company based in Santa Clara, CA. Oklo executives are cuyrrently making appearances at conferences and on a podcast to promote the deal.
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. Read more.
