Oklo Struggling in NYSE Friday Debut; Sinks Over 20% From Open

Oklo (OKLO) was sinking early in its debut day of trading, recently dropping more than 20% from its open, after the "fast-fission" nuclear fuel recycling company earlier Friday completed its business combination with AltC Acquisition Corp.

Oklo's shares opened Friday at $15.50 each on the New York Stock Exchange, or almost 15% under Thursday's closing price for the blank-check company's shares. The stock quickly lost ground, dropping to around $12 a share before trying to stabilize and forming a trading floor near $12.30, down more than 20%.

Oklo is working to market smaller nuclear reactors to supply individual enterprises with electric power. Sam Altman, the chief executive of the generative artificial intelligence company OpenAI, is a co-founder of Oklo with Michael Klein, a longtime strategic advisor and investor in special purpose acquisition companies through his M. Klein & Co, according to their biographies in the company's annual report published in late March.

Altman is CEO and a board member at Oklo while Klein is its board chairman.