AltC Acquisition in a proxy filing seeks to move its completion deadline from Oct. 12 to July 12, 2024. The SPAC has an $850 million deal in hand with Oklo, an advanced fission technology and nuclear fuel recycling company.
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.
The transaction is expected to deliver up to $500 million in gross proceeds from the cash held in AltC's trust account, subject to redemptions.
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.
The deal was announced in July. Read more.
Source: AltC Acquisition Wants 9 More Months to Close Oklo Deal