Sam Altman’s AltC Acquisition called a May 7 meeting for shareholders to vote on the proposed merger with Oklo, a fast fission clean power technology and nuclear fuel recycling company.
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.
Since announcing the transaction in July, Oklo has signed non-binding letters of intent with Equinix, a digital infrastructure company, and Diamondback Energy, an independent producer headquartered in the shale-oil region. Oklo also formed a partnership with Centrus Energy, focusing on collaborative activities for the development and operation of Oklo’s Aurora powerhouses, and in particular related to fuel supply. In addition, the U.S. Department of Energy approved the Safety Design Strategy for the Oklo Aurora Fuel Fabrication Facility, an important step in the DOE approval process. Read more.
