Altman-Backed Oklo’s Shares Spiral in Debut After SPAC Deal
- Oklo shares slide 54% to erase blank check’s 2024 rally
- SPAC merger unveiled in July valued it at $850 million
Sam Altman
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
Shares of Oklo Inc., a developer of advanced nuclear systems backed by Sam Altman, plunged Friday in its debut after merging with a blank-check company sponsored by the OpenAI chief executive and serial dealmaker Michael Klein.
Oklo tumbled 54% to $8.45 apiece in its debut on the New York Stock Exchange after completing a deal with AltC Acquisition Corp., which delivered more than $306 million in proceeds to the combined firm, according to a statement. The rough debut came as more than 25 million shares changed hands, more than 13 times what’s been typical over the past month, with trading being halted for volatility at least three times in the first hour.