Shares of Oklo, a developer of advanced nuclear systems backed by Sam Altman, plunged Friday in its debut after merging with a blank-check company sponsored by the OpenAI chief executive and SPAC veteran Michael Klein.
Oklo tumbled 54% to $8.45 in its debut on the New York Stock Exchange after completing a deal with AltC Acquisition, which delivered more than $306 million in proceeds to the combined firm, Bloomberg reports. The rough debut came as more than 25 million shares changed hands, more than 13 times what’s been typical over the past month, with trading being halted for volatility at least three times in the first hour.
The merger with the SPAC was announced in July at a valuation of about $850 million. Retail investors then flocked to the stock, fueling a rough 75% rally in the lead up to Friday’s debut, with shares holding above the $10 the SPAC was offered at. The stock’s drop cut the company’s valuation to roughly $718 million, and took it out of the running to join the year’s best-performing de-SPACs, a group that includes Donald Trump’s social media startup. Read more.
