A developer of advanced nuclear systems backed by Sam Altman won investor approval to go public via a blank-check deal with AltC Acquisition.
Oklo, which counts the OpenAI CEO as its chairman, will likely debut on the New York Stock Exchange in the coming days under the ticker symbol OKLO after clearing the final hurdle, Bloomberg reports.
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.
The merger is expected to provide up to $500 million in capital for Oklo to accelerate its business plan and fund the first deployment of the Aurora powerhouse. The deal was announced last July at a pre-money equity value of $850 million.
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. Read more.
