- Oklo begins trading today under the new ticker symbol “OKLO”
after completing its business combination with AltC Acquisition
Corp.
- Oklo received approximately $306 million of gross transaction
proceeds to support its business plan.
- Oklo plans to supply provide clean, reliable, affordable energy
to customers across the artificial intelligence, data center,
energy, defense, and industrial markets, among others.
- Oklo announces its newly appointed board of directors comprised
of proven industry leaders with Sam Altman serving as chairman of
the board.
Oklo Inc. (NYSE: OKLO) (“Oklo” or the “Company”), a fast fission
clean power technology and nuclear fuel recycling company, will
begin trading on the New York Stock Exchange (NYSE) under the new
ticker symbol “OKLO,” effective at market open today, following the
completion of its business combination with AltC Acquisition Corp.
(“AltC”) (the “transaction”) on May 9, 2024.
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the full release here:
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Oklo's Aurora powerhouse (Image:
Gensler)
“We are excited to complete our business combination with AltC
and we look forward to advancing our mission to provide clean,
reliable, and affordable energy through the design and deployment
of advanced reactor technology. I’m proud of what our team has
accomplished to date and I am eager to continue this journey
alongside our customers, partners and shareholders,” said Jacob
DeWitte, Co-Founder and Chief Executive Officer of Oklo.
Sam Altman, Chairman of Oklo since 2015 and former Chief
Executive Officer of AltC, said, “Today is a milestone for the
entire Oklo team. As one of the initial investors in the company,
I’ve seen first-hand how Oklo has proven itself to be a clean
energy leader and innovator, developing a cost-competitive
go-to-market strategy, and solidifying important relationships with
regulators, customers, and suppliers. There are huge growth
opportunities ahead. With Jake, Caroline, and the rest of the
management team at the helm, I am confident they will continue
pioneering advanced fission energy solutions as a public
company.”
The Company has received $306 million in gross proceeds from the
transaction before taking into account expenses associated with the
transaction, which is expected to be used to execute Oklo’s
business plan and fund the initial deployment of the Company’s
Aurora powerhouse. Oklo stands well-positioned to drive successful
long-term growth and shareholder value creation through the
combination of the funding received from the transaction coupled
with its unique set of strategic agreements. Key agreements include
partnerships with Diamondback Energy, Inc., one of the largest
independent shale-oil producers, and Centrus Energy Corp. Moreover,
the recent approval of the Safety Design Strategy for the Oklo
Aurora Fuel Fabrication Facility marks an important step in the
U.S. Department of Energy’s approval process.
Oklo's owner-operator model aligns with customer preferences and
has generated interest across established and growing markets,
including artificial intelligence, data center, energy, defense,
and industrials. The Company will focus on selling power directly
to customers under long-term contracts, which aims to provide
consistent, recurring revenue and cash flow streams.
The composition of Oklo’s Board of Directors brings together an
array of industry leaders with significant expertise and
experience. Members include Sam Altman (Chairman), former CEO of
AltC, and CEO of OpenAI; Michael Klein, former Chairman of AltC;
Jacob DeWitte, Co-Founder and CEO of Oklo; Caroline Cochran,
Co-Founder and COO of Oklo; Lieutenant General (Ret.) John Jansen
of the United States Marine Corps.; Richard Kinzley, retired Chief
Financial Officer of Black Hills Corporation (NYSE: BKH); and Chris
Wright, CEO of Liberty Energy Inc. (NYSE: LBRT).
Oklo will be ringing the opening bell at the NYSE in New York
City on May 24, 2024, to celebrate the Company's public listing.
Watch the bell-ringing ceremony here:
https://www.youtube.com/@NYSEofficial/streams.
About Oklo Inc.: Oklo Inc. 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.
Forward-Looking Statements
This press release includes statements that express Oklo’s
opinions, expectations, objectives, beliefs, plans, intentions,
strategies, assumptions, forecasts or projections regarding future
events or future results and therefore are, or may be deemed to be,
“forward-looking statements.” The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intends,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “would” or, in each case, their negative or other
variations or comparable terminology, and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. These
forward-looking statements include all matters that are not
historical facts. They appear in a number of places throughout this
press release and include statements regarding our intentions,
beliefs or current expectations concerning, among other things, the
transaction and the benefits of the transaction, including results
of operations, financial condition, liquidity, prospects, growth,
strategies and the markets in which Oklo operates. Such
forward-looking statements are based on information available as of
the date of this press release, and current expectations, forecasts
and assumptions, and involve a number of judgments, risks and
uncertainties.
As a result of a number of known and unknown risks and
uncertainties, the actual results or performance of Oklo may be
materially different from those expressed or implied by these
forward-looking statements. The following important risk factors
could affect Oklo’s future results and cause those results or other
outcomes to differ materially from those expressed or implied in
the forward-looking statements: 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 Oklo to recognize the benefits of the transaction; the
effects of competition; changes in applicable laws or regulations;
the outcome of any government and regulatory proceedings and
investigations and inquiries.
The foregoing list of factors is not exhaustive. You should
carefully consider the foregoing factors and the other risks and
uncertainties of the other documents filed by Oklo from time to
time with the U.S. Securities and Exchange Commission. The
forward-looking statements contained in this press release and in
any document incorporated by reference are based on current
expectations and beliefs concerning future developments and their
potential effects on Oklo. There can be no assurance that future
developments affecting Oklo will be those that Oklo has
anticipated. Oklo undertakes no obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20240510464172/en/
Media and Investor Contact for Oklo: Bonita Chester,
Director of Communications and Media at media@oklo.com and
investors@oklo.com