Oklo falls in first day of trading on New York Stock Exchange

Oklo (OKLO), which identifies itself as “a fast fission clean power technology and nuclear fuel recycling company,” began trading on the New York Stock Exchange under the new ticker symbol “OKLO,” effective at market open today, following the completion of its business combination with AltC Acquisition Corp. (ALCC). In Friday afternoon trading, Oklo shares have fallen $8.65, or 47%, to $9.58. 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.” Oklo added: “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.”