Sam Altman to
serve as chairman of newly appointed board of directors for
Oklo
AltC to deliver $306
million of gross proceeds to accelerate Oklo's business
plan
Business combination expected to close
May 9, 2024
NEW
YORK, May 7, 2024 /PRNewswire/ -- AltC
Acquisition Corp. ("AltC") (NYSE: ALCC), a special purpose
acquisition company, is pleased to announce that in a special
meeting held today, AltC stockholders voted to approve the business
combination between AltC and Oklo Inc. ("Oklo"), a fast fission
clean power technology and nuclear fuel recycling company. Almost
100% of the votes cast at the meeting, representing approximately
72.7% of AltC's outstanding shares, voted to approve the business
combination (the "Transaction").
AltC stockholders also voted to elect seven directors to the
post-closing board of directors, comprised of proven industry
leaders with deep operational, technical, and financial expertise,
as well as strong networks across important end-markets to
Oklo:
- Sam Altman (chairman) – current
chairman of Oklo and chief executive officer of AltC
- Michael Klein – current chairman
of AltC
- Jacob DeWitte – co-founder and
chief executive officer of Oklo
- Caroline Cochran – co-founder
and chief operating officer of Oklo
- Lieutenant General (Ret.) John
Jansen – United States
Marine Corps
- Richard Kinzley – retired chief
financial officer of Black Hills Corporation (NYSE: BKH)
- Chris Wright – current chief
executive officer of Liberty Energy Inc. (NYSE: LBRT)
The strong support from AltC's stockholders will result in Oklo
receiving over $306 million of gross
proceeds (the "AltC proceeds") upon closing of the Transaction,
representing almost 100% of the AltC cash in trust prior to the
redemption deadline.
Upon closing of the Transaction, Oklo will have a strong balance
sheet through the combination of the AltC proceeds and a recent
$25 million customer prepayment. Oklo
stands well positioned to execute its mission to provide clean,
reliable, affordable energy on a global scale through the design
and deployment of next-generation fast reactor technology. Oklo has
received strong customer interest in its Aurora powerhouse offering
and has been purpose-built to meet the rapidly expanding electric
power needs of the artificial intelligence, data center, energy,
defense, and industrial markets, among others.
The completion of the Transaction is expected to occur on
May 9, 2024, subject to the
satisfaction of applicable closing conditions. Upon closing of the
Transaction, the combined company will be named Oklo Inc., and it
is anticipated that shares of its class A common stock will begin
trading on the New York Stock Exchange ("NYSE") with the ticker
"OKLO" on May 10, 2024.
About AltC Acquisition Corp.
AltC was formed for the purpose of effecting a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination with one or more businesses.
About Oklo Inc.
Oklo is developing fast fission power plants to provide clean,
reliable, and affordable energy at scale. Oklo received a site use
permit from the U.S. Department of Energy, was awarded fuel
material from Idaho National Laboratory, submitted the first
advanced fission custom combined license application to the Nuclear
Regulatory Commission, and is developing advanced fuel recycling
technologies in collaboration with the U.S. Department of Energy
and U.S. national laboratories.
On July 11, 2023, Oklo and AltC
announced that they have entered into a definitive business
combination agreement that upon closing would result in the
combined company to be listed on NYSE under the ticker symbol
"OKLO."
Forward Looking Statements
This communication includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "goal," "plan," "project," "forecast," "intend,"
"will," "expect," "anticipate," "believe," "seek," "target,"
"continue," "could," "may," "might," "possible," "potential,"
"predict" or other similar expressions that predict or indicate
future events or trends or that are not statements of historical
matters. These forward-looking statements include, but are not
limited to, statements regarding a recent $25 million customer prepayment, expectations and
timing related to execution of Oklo's mission to provide clean,
reliable, affordable energy on a global scale through the design
and deployment of next-generation fast reactor technology the
consummation of the Transaction, the expectations related to the
terms and timing of the Transaction, and Oklo and AltC's
ability to complete the Transaction on the terms and timeline set
forth in this release or at all. These forward-looking statements
are based on information available to us as of the date of this
communication and represent management's current views and
assumptions. Forward-looking statements are not guarantees of
future performance, events or results and involve known and unknown
risks, uncertainties and other factors, which may be beyond our
control.
These statements are based on various assumptions, whether or
not identified in this communication, and on the current
expectations of AltC's and Oklo's management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as and must not be relied on by any investor as, a guarantee,
an assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of AltC and Oklo.
These forward-looking statements are subject to known and unknown
risks, uncertainties and assumptions about Oklo that may cause our
actual results, levels of activity, performance or achievements to
be materially different from any future results, levels of
activity, performance or achievements expressed or implied by such
forward-looking statements. Such risks and uncertainties, include
risks related to the deployment of Oklo's powerhouses; the risk
that Oklo is pursuing an emerging market, with no commercial
project operating; regulatory uncertainties; the potential need for
financing to construct plants; market, financial, political and
legal conditions; the inability of the parties to successfully or
timely consummate the Transaction; the effects of competition;
changes in applicable laws or regulations; and the outcome of any
government and regulatory proceedings, investigations and
inquiries. If any of these risks materialize or our assumptions
prove incorrect, actual results could differ materially from the
results implied by the forward-looking statements. There may be
additional risks that we do not presently know or that we currently
believes are immaterial that could also cause actual results to
differ from those contained in the forward-looking statements. In
addition, forward-looking statements reflect our expectations,
plans or forecasts of future events and views as of the date of
this communication. We anticipate that subsequent events and
developments will cause our assessments to change. However, while
we may elect to update these forward-looking statements at some
point in the future, AltC and Oklo specifically disclaim any
obligation to do so. These forward-looking statements should not be
relied upon as representing AltC's and Oklo's assessments as of any
date subsequent to the date of this communication. Accordingly,
undue reliance should not be placed upon the forward-looking
statements. Additional information concerning certain of these risk
factors is contained in AltC's most recent filings with the U.S.
Securities and Exchange Commission, including under the section
entitled "Risk Factors" in the definitive proxy
statement/prospectus/consent solicitation statement filed in
connection with the Transaction.
Media Contacts
Felipe Ucrós / Michael Landau
Gladstone Place Partners
(212) 230-5930
Bonita Chester
Oklo Inc.
Director of Communications and Media
media@oklo.com
Investor Contacts
Sam Doane
Oklo Inc.
Director of Investor Relations
investors@oklo.com
Caldwell Bailey / Eduardo
Royes
ICR, Inc.
OkloIR@icrinc.com
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SOURCE AltC Acquisition Corp.