AltC Acquisition (ALCC) - 2023 Q4 - Annual Report

Merger and Business Combination - The company entered into a merger agreement with Oklo on July 11, 2023, with an aggregate consideration of $850,000,000 plus additional net proceeds from Oklo's equity financing prior to closing [256][257]. - The merger is expected to be completed by July 12, 2024, following stockholder approval and satisfaction of other conditions [263]. - The company has extended the deadline for completing a business combination from October 12, 2023, to July 12, 2024 [263]. - The company has until July 12, 2024, to complete its initial business combination, or it will face mandatory liquidation [277]. Financial Performance - For the year ended December 31, 2023, the company reported a net income of$11,868,205, driven by interest income of $22,231,067 from marketable securities [265]. - Cash used in operating activities for the year ended December 31, 2023, was$10,844,603, reflecting the company's operational costs [269]. - The company had cash held in the trust account of $303,560,538 as of December 31, 2023, including$12,055,328 of interest income [271]. - As of December 31, 2023, the company had cash of $1,628,692 available for identifying and evaluating target businesses [274]. - The company may need to raise additional capital through loans or investments, with substantial doubt about its ability to continue as a going concern if a business combination is not completed by July 12, 2024 [276]. Initial Public Offering - The company completed its Initial Public Offering on July 12, 2021, raising gross proceeds of$500,000,000 from the sale of 50,000,000 Public Shares [267]. - The company has incurred $26,652,125 in transaction costs related to the Initial Public Offering, including$8,580,000 in underwriting fees [268]. - In October and November 2023, underwriting fees waived by BofA Securities, Goldman Sachs, and J.P. Morgan totaled approximately $10.5 million, with a remaining$7.0 million deferred fee contingent on the completion of a business combination [281]. Accounting and Financial Reporting - The company has not identified any critical accounting estimates that could materially differ from actual results [282]. - The company is reviewing the impact of ASU No. 2023-09, which will require additional disclosures in income tax reconciliations starting after December 15, 2024 [285]. - The company does not believe that any recently issued accounting standards will have a material effect on its financial statements [286]. - The company has no off-balance sheet financing arrangements as of December 31, 2023, and does not participate in transactions with unconsolidated entities [278]. - The company has not entered into any off-balance sheet financing arrangements or established special purpose entities [278]. - Class A common stock subject to possible redemption is classified as temporary equity and presented at redemption value outside of stockholders' deficit [283]. Administrative Expenses - The company has agreed to pay an affiliate of the Sponsor a total of $30,000 per month for office space and administrative services [280].