AltC Acquisition, a blank check company formed by Michael Klein and OpenAI co-founder Sam Altman, lowered the proposed deal size for its upcoming IPO on Friday.
The New York, NY-based company now plans to raise $400 million by offering 40 million shares at $10. The company had previously filed to offer 100 million units at the same price. The company is now offering shares only. It previously planned to offer units containing one share of common stock and one-sixth of a warrant, exercisable at $11.50. At the revised deal size, AltC Acquisition will raise -60% less in proceeds than previously anticipated.
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.
AltC Acquisition was founded in 2021 and plans to list on the NYSE under the symbol ALCC. Citi, J.P. Morgan, Goldman Sachs, and BofA Securities are the joint bookrunners on the deal.
