AltC Acquisition (NYSE:ALCC) Reports Events Leading to Unlocking of Shareholder Lock-up Period and Achievement of First Sponsor Lock-up Trigger

AltC Acquisition (NYSE:ALCC) has recently filed an 8-K report with the Securities and Exchange Commission detailing important events related to the expiration of the Company Shareholder Lock-up Period and the achievement of the First Sponsor Lock-up Trigger. The report highlighted key milestones that have transpired and their implications for the company and its stakeholders.

Effective as of November 5, 2024, AltC Acquisition’s Company Shareholder Lock-up Period, which commenced on the Closing Date per the Amended and Restated Registration Rights Agreement of May 9, 2024, expired at 11:59 p.m. Eastern Time. Simultaneously, the Letter Agreement dated July 11, 2023, among AltC Acquisition, the Sponsor, and the Insiders, saw the successful achievement of the First Vesting Price, labeled as the “First Sponsor Lock-up Trigger.”

The First Sponsor Lock-up Trigger was officially met as of the market close on November 5, 2024, indicating that the closing price of the Shares equaled or surpassed the applicable threshold for 20 trading days within any 60 consecutive trading days leading up to the mentioned date. As a direct result of this achievement, 50% of the Vesting Founder Shares held by the Sponsor vested on the said date.

These developments signify significant milestones for AltC Acquisition and its stakeholders. The expiration of the Company Shareholder Lock-up Period marks the end of a critical phase post-closing, allowing certain shareholders the freedom to transact their shares. Conversely, the successful attainment of the First Sponsor Lock-up Trigger demonstrates confidence in the company’s performance and could potentially bolster investor trust and support moving forward.

AltC Acquisition’s adherence to these predefined contractual obligations and the satisfaction of the lock-up triggers are key indicators of stability and progress within the organization. As AltC Acquisition navigates through these developments, investors and analysts await further insights into the company’s strategic roadmap and future growth initiatives following these significant events.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read AltC Acquisition’s 8K filing here.

About AltC Acquisition

AltC Acquisition Corp. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other business combination with one or more businesses. The company was formerly known as Churchill Capital Corp VIII and changed its name to AltC Acquisition Corp.