ALCC merger with Oklo Inc.
Oklo Inc. — Oklo intends to revolutionize the energy landscape by developing affordable, reliable, clean energy solutions at scale.
Structure & dilution
SEC-primary termsThe headline number ignores the shares that did not pay $10 — the founder promote, PIPE stock and warrants. This is the same deal with all equity claims counted.
- Min-cash condition
- $250M
An effective (post-dilution) figure needs either a stated pro-forma share count or the headline value plus the promote terms; the filings we hold do not yet state enough, and we will not print an estimate built on inventions.
Why headline and effective values differ is covered in headline vs effective deal value, in plain English.
The target: Oklo Inc.
The business actually being bought — described from SEC primary filings, with projections labelled as projections.
Oklo intends to revolutionize the energy landscape by developing affordable, reliable, clean energy solutions at scale. Global demand for reliable, emission-free energy is growing rapidly with 38% of Fortune 500 companies publicly committing to decarbonization and an expected global $2 trillion annual spend on new power generation. Oklo is pursuing two complementary tracks to address this demand: providing reliable, commercial-scale energy to customers; and selling used nuclear fuel recycling services to the U.S. market. The Company plans to commercialize its liquid metal fast reactor technology with the Aurora powerhouse, which is designed to produce up to 15 megawatts of electricity (“MWe”) on both recycled nuclear fuel and fresh fuel. Oklo’s advanced fission technology has a history of successful operation, first demonstrated by the Experimental Breeder Reactor-II, which sold and supplied power to the grid and showed effective waste recycling capabilities for over 30 years of operation. Furthermore, the Company has achieved several significant deployment and regulatory milestones, including securing a site use permit from the U.S. Department of Energy (DOE) and a fuel award from the Idaho National Laboratory (INL) for a commercial-scale advanced fission power plant in Idaho, which is targeted to go online in 2026 or 2027. Oklo is playing a leading role in catalyzing the commercialization of advanced fission technologies and has attracted strong customer interest. The Company has a robust pipeline of potential customer engagements across a number of industries and signed non-binding indications of interest that it believes could result in sales of over 700 MWe. The early demand for Oklo’s solutions exemplifies the market interest in its scalable size range and differe
Oklo Inc. — every SPAC that has bid for it, and its listed peers
In plain English
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.