BUZZ-Sam Altman's SPAC falls after deal with Oklo

Reuters
2023.07.11 14:48
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** Shares of AltC Acquisition Corp, a special purpose acquisition company (SPAC) led by Sam Altman, down nearly 2% at $10.34

** Shares of AltC Acquisition Corp (ALCC.N) , a special purpose acquisition company (SPAC) led by Sam Altman, down nearly 2% at $10.34

** Co agrees to merge with Oklo, also backed by Altman, in a deal that gives the nuclear energy startup a pre-money valuation of $850 mln

** Deal to fetch up to $516 mln of proceeds for Oklo if no ALCC stockholders redeem their shares, companies say

** Merger expected to close in late 2023 or early 2024, companies say

** SPACs use proceeds from their initial public offering to take private companies public via a merger

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