UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 8.01. Other Events.
Pursuant to the Agreement and Plan of Merger and Reorganization, dated July 11, 2023 (the “Merger Agreement”), by and among Oklo Inc. (the “Company”) (formerly known as AltC Acquisition Corp.), AltC Merger Sub, Inc. and Oklo Technologies, Inc. (formerly known as Oklo Inc., “Legacy Oklo”), Triggering Event III (as defined in the Merger Agreement) occurred as of market close on November 13, 2024 (the “Determination Date”), and the Company has agreed to issue approximately 2,500,000 shares (“Earn Out Shares”) of the Company’s Class A common stock, par value $0.0001 per share (the “Common Stock”), less applicable withholding, to Eligible Holders (as defined in the Merger Agreement) within five business days of the Determination Date. Triggering Event III occurred by virtue of the closing price of the Common Stock equaling or exceeding the applicable threshold set forth in the Merger Agreement for 20 trading days within a period of 60 consecutive trading days ending on the Determination Date. As a result of the satisfaction of Triggering Event III, the Eligible Holders will receive their pro rata portion of the Earn Out Shares.
Pursuant to the Letter Agreement, dated July 11, 2023 (the “Sponsor Agreement”), by and among the Company, Legacy Oklo, AltC Sponsor LLC (the “Sponsor”) and the Insiders (as defined in the Sponsor Agreement), the Fourth Vesting Price (as defined in the Sponsor Agreement) was achieved on the Determination Date, by virtue of the closing price of the Common Stock equaling or exceeding the applicable threshold set forth in the Sponsor Agreement for 20 trading days within a period of 60 consecutive trading days ending on the Determination Date. As a result of the satisfaction of the Fourth Vesting Price, 12.5% of the Vesting Founder Shares (as described in the Sponsor Agreement) vested on the Determination Date. Furthermore, pursuant to the Sponsor Agreement, the 36 Month Lock-Up Period (as defined in the Sponsor Agreement) was achieved on the Determination Date, by virtue of the closing price of the Common Stock equaling or exceeding the applicable threshold set forth in the Sponsor Agreement for 20 trading days within a period of 60 consecutive trading days ending on the Determination Date. As a result of the satisfaction of the 36 Month Lock-Up Period, the lock-up restrictions on 30% of the Founder Shares (as defined in the Sponsor Agreement) and 30% of the Private Placement Shares (as defined in the Sponsor Agreement) expired on the Determination Date.
Additionally, pursuant to the Amended and Restated Registration Rights Agreement, dated May 9, 2024 (the “Registration Rights Agreement”), by and among the Company, the Sponsor and the Company Shareholders (as defined in the Registration Rights Agreement), the Insider Lock-up Period (as defined in the Registration Rights Agreement) expired with respect to 30% of the Lock-Up Shares (as defined in the Registration Rights Agreement) held by Insiders (as defined in the Registration Rights Agreement) on the Determination Date, by virtue of the closing price of the Common Stock equaling or exceeding the applicable threshold set forth in the Registration Rights Agreement for 20 trading days within a period of 60 consecutive trading days ending on the Determination Date.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Oklo Inc. | ||
| Date: November 13, 2024 | By: | /s/ R. Craig Bealmear |
| Name: | R. Craig Bealmear | |
| Title: | Chief Financial Officer | |