Klein and Altman's SPAC AltC Acquisition prices upsized $450 million IPO

AltC Acquisition, a blank check company formed by Michael Klein and OpenAI co-founder Sam Altman, raised $450 million by offering 45 million shares at $10. The company had previously filed to offer 40 million shares at the same price. The offering did not contain units with warrants attached. The upsized deal raised 13% more 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 plans to list on the NYSE under the symbol ALCC. Citi, J.P. Morgan, Goldman Sachs, and BofA Securities acted as lead managers on the deal.