What happened: Nuclear fission startup Okla is set to go public via a SPAC merger with AltC Acquisition, a blank check company established by OpenAI CEO Sam Altman and former Citigroup banker Michael Klein. The transaction gives Okla a valuation of $850M. Altman invested in Okla in 2015 and has been its board chairman since. Relevance: Okla is set to gain nearly $500M cash that AltC currently holds. The capital injection will fuel Okla's business expansion plans as it sets out to establish its first reactors in Idaho and Ohio.
Why it matters: Okla's listing announcement arrives when investor interest in SPAC transactions is dwindling, and several SPAC startups are filing for bankruptcy. Many SPACs are also on the verge of running out of their initial two-year timeline for liquidation, after which they have to return the capital to sponsors. Likewise, AltC is also approaching its deadline, raising questions over the Okla deal's timing. |
