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AltC was co-founded by Sam Altman and Churchill Capital in July 2021. Altman serves as CEO of AltC and has been chairman of Oklo since 2015.

Sempter Paratus raised $345 million in a November 2021 IPO. The SPAC last month sold its sponsor equity to SSVK Associates.

The entire transaction consideration will be paid with $500 million in Bannix securities by issuing 50 million new shares, according to an LOI the parties signed in April. No cash consideration would be paid.

The enterprise value assumes 50% redemptions by ExcelFin shareholders.

The deal has a minimum $75 million cash condition to close.

Verde is engaged in sustainable product innovation and full-service bioplastics production with its bioresins, known as PolyEarthylene.

Global Star currently has approximately $92 million in trust, which will be available to the combined company upon completion of the merger, assuming no redemptions. Deal completion is expected late in the fourth quarter.

Deal financing details were scant in the press release announcing the transaction. Canna-Global disclosed in March that redemptions ahead of its November 2022 extension vote removed approximately $212 million from trust, leaving about $24.3 million.

The transaction is expected to provide LeddarTech with up to $66 million in gross cash proceeds.

The deal announcement comes just hours ahead of Blue Ocena's shareholder meeting this afternoon to consider a deadline extension. The SPAC's termination date is tomorrow unless the extension is approved.