Business context and reporting period
Issuer mismatch: This is AltC Acquisition Corp.’s Form 10-Q for the quarter ended June 30, 2021, not an Oklo Inc. filing. AltC was a newly formed blank-check company; it had not begun operations by quarter-end. The filing describes a search for a business-combination target but does not identify Oklo as a target.
Financial results and position
| Metric | Reported amount or status |
|---|---|
| Revenue | None; no operating revenue generated |
| Net loss | $0 for the three months ended June 30, 2021; $1,000 from inception through June 30, 2021 |
| Cash and total assets at June 30 | $205,935 cash; $922,000 total assets, including $716,065 deferred offering costs |
| Liabilities and equity at June 30 | $898,000 total current liabilities, including a $500,000 related-party note; $24,000 stockholders’ equity |
| Cash flow from inception through June 30 | Operating cash flow: $0; financing cash flow: $205,935; ending cash: $205,935 |
| Margins, operating profit, and debt | Not meaningful for this pre-operating SPAC; no long-term debt reported |
The filing reports no revenue or profit-generating operations. No margin measure is provided.
Material changes and subsequent events
After quarter-end, on July 12, 2021, AltC completed an IPO of 50 million public shares at $10 per share, raising $500 million gross, and sold 1.45 million private-placement shares for $14.5 million. It placed $500 million in a trust account and reported $5,285,860 outside the trust for working capital. Total transaction costs were $26,652,125, including $17.5 million of deferred underwriting fees. The $500,000 related-party note outstanding at June 30 was repaid at the IPO closing. These are post-quarter events, not June 30 balances.
Outlook, risks, and unusual items
- Management expected to use funds outside the trust to evaluate and pursue a business combination; completion was not assured. AltC reported no target-specific guidance or financial forecast in the supplied filing text.
- The company had until July 12, 2023 to complete a business combination, extendable to October 12, 2023 if it had an executed letter of intent, agreement in principle, or definitive agreement by the initial deadline; otherwise, it must wind up and redeem public shares, subject to the filing’s terms.
- Management stated that the completed IPO alleviated substantial doubt about the company’s ability to fund operations for at least one year from issuance of the statements. It cautioned that actual search and due-diligence costs could exceed available working capital and additional financing might be needed.
- COVID-19 could negatively affect the company’s financial position, results, or target search, but the specific impact was not determinable. The filing reported no legal proceedings and no material changes to the IPO prospectus risk factors.
- Other commitments included a $30,000 monthly administrative-services fee beginning July 8, 2021, and a $17.5 million deferred underwriting fee payable only if a business combination is completed.
Important facts for investors to verify
- Confirm the intended filing: this report is for AltC Acquisition Corp., not Oklo Inc.
- Check subsequent filings for any announced target or business combination and its status; none is identified in this report’s supplied text.
- Reconcile IPO proceeds, trust funding, transaction costs, and cash available outside the trust using the IPO closing filings.
- Review redemption, liquidation deadline, sponsor indemnity, and potential additional-financing terms before assessing cash available to a future transaction.