At around 3:40 p.m. , the stock was down 53.9 percent to $8.40.Founded in 2013 by graduates of the Massachusetts Institute of Technology, Oklo went public by merging with AltC Acquisition Corp., a listed company.The latter is a SPAC , a company whose sole purpose is to enable another firm to enter Wall Street through a merger.Since the deal with Oklo was announced in July last year, AltC's share price has soared, gaining over 72 percent.
Oklo plans to build small modular reactors , which are theoretically quicker to build than conventional power plants and less complicated to construct in remote areas. Oklo also wants to offer nuclear fuel recycling.Conventional nuclear reactors are hugely expensive and take a long time to construct, with major projects having become notorious for their budget and schedule overruns.