Oklo, a fast-fission clean power technology and nuclear fuel recycling company, began trading on the New York Stock Exchange today under the new ticker symbol OKLO. This folows completion yesterday of the company’s merger with AltC Acquisition.
Oklo, which counts OpenAI CEO Sam Altman as its chairman, was expected to receive nearly 94 million shares. Additionally 15 million earnout shares would be issued in three tranches over five years if the 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.
