AltC Acquisition (NYSE:ALCC) Reports Triggering Event III and Achievement of Fourth Vesting Price

AltC Acquisition (NYSE:ALCC) filed a Form 8-K with the Securities and Exchange Commission on November 13, 2024, announcing significant developments following Triggering Event III as defined in the Merger Agreement with Oklo Technologies, Inc.

Triggering Event III occurs when the closing price of AltC Acquisition’s Class A common stock, par value $0.0001 per share, matches or exceeds the stipulated threshold for 20 trading days within a 60-day period. This event was confirmed on November 13, 2024, prompting AltC Acquisition to issue approximately 2,500,000 Earn Out Shares to Eligible Holders as outlined in the Merger Agreement.

Moreover, AltC Acquisition revealed that in accordance with the Sponsor Agreement, the Fourth Vesting Price was met on the same day. This event entails the closing price of the Common Stock reaching or surpassing the designated threshold for 20 trading days within a 60-day span. Consequently, 12.5% of the Vesting Founder Shares vested, and the 36 Month Lock-Up Period specified in the Sponsor Agreement concluded, leading to the expiration of lock-up restrictions on Founder Shares and Private Placement Shares.

Under the Amended and Restated Registration Rights Agreement, AltC Acquisition disclosed that the Insider Lock-up Period termination took effect concerning 30% of the Lock-Up Shares held by Insiders on the Determination Date, mirroring the same criteria met for the other agreements.

These events mark key milestones for AltC Acquisition, demonstrating compliance with pre-defined financial and stock price thresholds, thereby triggering the release of allotted shares and vesting of Founder Shares.

Date: November 13, 2024

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read AltC Acquisition’s 8K filing here.

AltC Acquisition Company Profile

AltC Acquisition Corp. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other business combination with one or more businesses. The company was formerly known as Churchill Capital Corp VIII and changed its name to AltC Acquisition Corp.