AltC Acquisition, a blank check company formed by Michael Klein and OpenAI co-founder Sam Altman, filed on Monday with the SEC to raise up to $1.0 billion in an initial public offering.
The New York, NY-based company plans to raise $1.0 billion by offering 100 million units at $10. Each unit consists of one share of common stock and one-sixth of a warrant, exercisable at $11.50. At the proposed deal size, AltC Acquisition would command a market value of $1.3 billion.
The company is led by CEO and Chairman Michael Klein, the founder and Managing Partner of strategic advisory firm M. Klein and Company, and Executive Officer Sam Altman, the co-founder and CEO of OpenAI and Chairman and former President of Y Combinator. The SPAC plans to target businesses that generate stable free cash flow, are sourced through its proprietary channels, and has a committed and capable management team, among other characteristics.
Klein is active in the SPAC space, and his most recent SPACs include Churchill Capital Corp VI (CCVI.U) and Churchill Capital Corp VII (CVII.U), both of which went public last month.
AltC Acquisition was founded in 2021 and plans to list on the NYSE under the symbol ALCC.U. Citi, J.P. Morgan, Goldman Sachs and BofA Securities are the joint bookrunners on the deal.
