Oklo Inc. (NYSE:OKLO) shares are falling Friday after the company announced a new at-the-market equity offering program that could raise up to $1 billion through the sale of additional stock. Here’s what you should know.
Oklo stock is feeling bearish pressure. What’s pressuring OKLO stock?
Oklo Sets Up $1 Billion At-The-Market Stock Offering
Oklo entered into an equity distribution agreement on September 11 with a group of 10 banks, including Goldman Sachs, BofA Securities, Citigroup, J.P. Morgan, Morgan Stanley, Barclays, Cantor Fitzgerald, Guggenheim Securities, Canaccord Genuity and B. Riley Securities, giving the company the ability to sell up to $1 billion worth of Class A common stock over time through those banks acting as sales agents.
Under the arrangement, Oklo can choose when and how much stock to sell, using methods ranging from ordinary brokerage transactions and trades through market makers on the New York Stock Exchange to privately negotiated deals and block trades. Pricing on any shares sold would track wherever the market happens to be at the time, whether that’s the going rate, something derived from it or a figure both sides hash out directly.
