Sam Altman’s AltC Acquisition filed an amended proxy and prospectus on its proposed $850 million merger with Oklo, an advanced fission power and nuclear fuel recycling company based in Santa Clara, CA.
Terms call for the issuance of nearly 94 million shares to Oklo. Additionally 15 million earnout shares would be issued in three tranches over five years if the combined company hits certain price targets.
AltC was co-founded by 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.
