Oklo Inc. Begins Trading on the New York Stock Exchange

Rhea-AI Summary

Oklo Inc. starts trading on the New York Stock Exchange with the ticker symbol 'OKLO' after completing a merger with AltC Acquisition Corp. The company received $306 million in gross transaction proceeds to support its business plan of providing clean, reliable, affordable energy to various markets. Oklo's newly appointed board of directors comprises industry leaders with Sam Altman as chairman. The company aims to drive growth through strategic partnerships and its unique owner-operator model.

Positive

• Oklo received $306 million in gross transaction proceeds to support its business plan of providing clean, reliable energy.

• Strategic agreements with Diamondback Energy, Inc. and Centrus Energy Corp provide growth opportunities.

• Oklo's focus on selling power directly to customers under long-term contracts aims to generate consistent revenue streams.

• The approval of the Safety Design Strategy for the Oklo Aurora Fuel Fabrication Facility marks progress in the U.S. Department of Energy’s approval process.

Negative

• Expenses associated with the transaction are not accounted for in the $306 million gross proceeds, potentially impacting the actual funds available for business execution.

• While Oklo has generated interest across various markets, the long-term success of its owner-operator model is subject to customer preferences and market dynamics.

• 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.

SANTA CLARA, Calif.--(BUSINESS WIRE)-- 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.

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.

View source 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

Source: Oklo Inc.

FAQ

What is Oklo's new ticker symbol on the New York Stock Exchange?

Oklo's new ticker symbol on the New York Stock Exchange is 'OKLO.'

Who is the chairman of the board at Oklo?

Sam Altman serves as the chairman of the board at Oklo.

How much did Oklo receive in gross transaction proceeds?

Oklo received approximately $306 million in gross transaction proceeds to support its business plan.

What strategic agreements has Oklo made for future growth?

Oklo has made strategic agreements with Diamondback Energy, Inc. and Centrus Energy Corp for future growth opportunities.

What milestone did Oklo recently achieve in the U.S. Department of Energy's approval process?

Oklo recently achieved the approval of the Safety Design Strategy for the Oklo Aurora Fuel Fabrication Facility in the U.S. Department of Energy's approval process.