A nuclear fission start-up backed by Sam Altman is to go public through a merger with a special purpose acquisition company set up by the OpenAI chief executive in a deal that values the business at $850mn.
Oklo, where Altman serves as board chair, has agreed a transaction with AltC Acquisition Corporation, a blank-cheque company set up by Altman and former Citigroup executive Michael Klein.
The transaction between Oklo and AltC is unusual because Altman is involved with both companies. Under the terms of the agreement, the Spac sponsors have agreed to performance hurdles tied to the founder equity and lock-up periods running from one to three years.
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