AltC Acquisition Corp. is a blank check company, also known as a special purpose acquisition company (SPAC), formed in February 2021. Its primary objective is to merge with, acquire, or reorganize one or more businesses. The company successfully completed its initial public offering (IPO) by issuing 50 million shares at $10 per share, raising $500 million in gross proceeds.
AltC Acquisition Corp. does not have any operational activities and has not generated any revenue to date. Its main activity is to identify and complete a business combination within a specified timeframe. The company has a trust account holding the IPO proceeds, which are intended to be used for its initial acquisition or business combination. If it fails to complete a business combination within the prescribed period, the company will dissolve and liquidate, returning the funds to its shareholders.
On July 11, 2023, AltC Acquisition Corp. announced a business combination with Oklo Inc., an agreement valued at $850 million. This transaction is expected to close following the necessary approvals and conditions. The company’s amended and restated certificate of incorporation requires the approval of the majority of the board of directors to finalize the initial business combination. Continue reading...
The company’s management team includes co-founders Sam Altman and Michael Klein, who bring extensive experience in startup acceleration, investing, and corporate advisory. The company's Sponsor, AltC Sponsor LLC, contributed $25,000 to its formation and holds specific lock-up and management rights.
As an emerging growth company, AltC Acquisition Corp. is eligible for certain exemptions from reporting requirements and is not subject to the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. The company has limited diversification and faces risks associated with economic, competitive, and regulatory developments. Additionally, the company’s ability to evaluate and integrate the target's management team poses further challenges.
If the company does not complete its initial business combination by the extended deadline of July 12, 2024, it will redeem the public shares and dissolve, distributing the trust account funds to the public shareholders. The company’s Sponsor and initial stockholders have waived their rights to liquidating distributions from the trust account regarding any founder shares they hold.
AltC Acquisition Corp. operates from its executive offices at 640 Fifth Avenue, 12th Floor, New York, NY 10019, provided by an affiliate of its Sponsor. The company’s current office space is deemed adequate for its ongoing activities.