On Tuesday, May 7th local time, shareholders of American Special Purpose Acquisition Company (SPAC) AltC Acquisition Corp. (stock code: ALCC) approved the business merger agreement between the company and American nuclear fission technology company Oklo.
This means that Oklo has cleared the last obstacle to a backdoor listing, and this nuclear technology company is likely to start trading on the New York Stock Exchange in the coming days. The reason why this transaction has attracted external attention is because Sam Altman, the father of ChatGPT, is the chairman of Oklo Corporation.
According to the document, Ultraman has been serving as the chairman of Oklo since 2015, and in February of this year, this "number one influencer" in the field of artificial intelligence also attended Company Investor Day. It is worth mentioning that Altman also had another identity at the meeting, which was the co-founder and CEO of ALCC.
Oklo file
Last July, the two companies reached a merger agreement, which was supported by Ultraman and Michael Klein, another co-founder of ALCC, and is expected to raise over $500 million for Oklo, valued at $850 million. Klein is a renowned trading matchmaker in the SPAC field and currently serves as the Chairman of ALCC.
Ultraman once mentioned that he met two founders of Oklo at the beginning of its establishment in 2013 and included Oklo in the famous American entrepreneurship incubator Y Combinator. In 2015, Ultraman made a new investment in the company because he firmly believed that Oklo was the best participant in commercializing advanced fission energy solutions.
It is understood that Oklo was founded in 2013 and headquartered in California, USA. The company's goal is to design and deploy the next generation of fast reactor technology, which utilizes natural physical phenomena for operation and self-regulation, uses high abundance low enriched uranium fuel, and strives to operate the reactor without refueling for decades.
According to the plan, Oklo will form two types of business models: electricity sales and fuel recycling, with a target audience including data centers, industry, communities, factories, public affairs, and other fields. Last month, Oklo signed a letter of intent with US shale oil giant Diamondback to explore providing the latter with 50 megawatts of power generation capacity.
According to Oklo's documents, after the completion of the SPAC listing transaction, Ultraman will continue to serve as the chairman of the new entity. With the support of the CEO of OpenAI, Oklo's future trend is likely to receive significant attention from Wall Street.
Another analysis suggests that the merger between Oklo and ALCC is a rare positive signal for the long dormant SPAC market in the US stock market.
Although SPAC experienced a period of prosperity in 2020 and 2021, over the long term, more than one-fifth of the nearly 500 SPAC transactions completed since 2019 have seen company stock prices below $1.
