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AltC Acquisition Corp. Stockholders Approve Business Combination with Oklo
ALCCAltC Acquisition (ALCC) Prnewswire·2024-05-07 20:34

Core Points - AltC Acquisition Corp. has received nearly unanimous approval from its stockholders for the business combination with Oklo Inc., with approximately 72.7% of outstanding shares voting in favor [1] - The transaction is expected to close on May 9, 2024, and Oklo will receive over 306millioningrossproceeds,whichwillsignificantlystrengthenitsfinancialposition[1][2]−Anewboardofdirectorshasbeenappointed,withSamAltmanservingaschairman,alongsideotherindustryleaderswithextensiveexperience[1]CompanyOverview−OkloInc.isfocusedondevelopingfastfissionpowerplantsaimedatprovidingclean,reliable,andaffordableenergyatscale[4]−ThecompanyhasreceivedregulatoryapprovalsandiscollaboratingwiththeU.S.DepartmentofEnergyonadvancedfuelrecyclingtechnologies[4]−Oklo′sAurorapowerhouseofferinghasgarneredstrongcustomerinterest,targetingsectorssuchasartificialintelligence,datacenters,anddefense[2]TransactionDetails−ThebusinesscombinationwillresultinOkloInc.beinglistedontheNewYorkStockExchangeunderthetickersymbol"OKLO"startingMay10,2024[2]−Thetransactionincludesarecent306 million in gross proceeds, which will significantly strengthen its financial position [1][2] - A new board of directors has been appointed, with Sam Altman serving as chairman, alongside other industry leaders with extensive experience [1] Company Overview - Oklo Inc. is focused on developing fast fission power plants aimed at providing clean, reliable, and affordable energy at scale [4] - The company has received regulatory approvals and is collaborating with the U.S. Department of Energy on advanced fuel recycling technologies [4] - Oklo's Aurora powerhouse offering has garnered strong customer interest, targeting sectors such as artificial intelligence, data centers, and defense [2] Transaction Details - The business combination will result in Oklo Inc. being listed on the New York Stock Exchange under the ticker symbol "OKLO" starting May 10, 2024 [2] - The transaction includes a recent 25 million customer prepayment, further enhancing Oklo's balance sheet [2]