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SANTA CLARA, Calif. - Oklo Inc. (NYSE: OKLO), a $2.99 billion market cap company focusing on advanced nuclear technology, announced today that Sam Altman has resigned as Chairman of the Board. The news comes as Oklo’s stock trades at $21.53, having delivered a strong 62% return over the past year despite recent volatility. Altman has been a key figure in the company’s development since its inception, helping to steer the company toward its mission.
The company’s CEO and co-founder, Jacob DeWitte, will take over the role of Chairman in addition to his current duties. DeWitte and Caroline Cochran, Oklo’s Co-Founder and COO, both expressed their gratitude for Altman’s leadership and contributions to the company’s mission. According to InvestingPro data, Oklo maintains a strong financial position with more cash than debt and a robust current ratio of 43.47, indicating excellent liquidity.
Altman’s departure comes as Oklo continues to explore strategic partnerships with leading AI companies, potentially including OpenAI, to deliver scalable clean energy solutions. Altman noted that the availability and cost of energy, along with computational limitations, have historically been barriers to technological progress. He believes that Oklo is well-positioned to overcome these challenges under the leadership of DeWitte and Cochran.
Oklo Inc. has been at the forefront of developing fast fission power plants aimed at providing clean, reliable, and affordable energy at scale. It has achieved several milestones, including being the first to receive a site use permit from the U.S. Department of Energy for a commercial advanced fission plant, securing fuel from Idaho National Laboratory, and submitting the first custom combined license application for an advanced reactor to the U.S. Nuclear Regulatory Commission. Additionally, Oklo is advancing nuclear fuel recycling technologies in collaboration with the U.S. Department of Energy and national laboratories.
The company’s forward-looking statements in the press release reflect its ambitions and plans for future operations and market strategies. Trading at a price-to-book ratio of 11.9, Oklo’s current market valuation suggests high growth expectations. However, Oklo acknowledges that these statements involve risks and uncertainties that could cause actual results to differ materially from those projected. For deeper insights into Oklo’s valuation and growth prospects, InvestingPro subscribers can access comprehensive analysis and 12 additional ProTips in the detailed Pro Research Report.
This news article is based on the press release statement from Oklo Inc. and does not include any additional speculation or analysis.
In other recent news, Nuscale Power received a positive outlook from BTIG analysts, who initiated coverage with a Buy rating and set a price target of $20. The analysts highlighted the potential role of small modular reactors (SMRs) in the global energy transition, noting their ability to meet power demands and contribute to the energy mix. Meanwhile, Oklo Inc. was added to Herb Greenberg’s Red Flag Focus List following its fourth quarter results, which revealed increased losses and a lack of firm purchase agreements. The company’s earnings call was criticized for not providing concrete financial progress, raising concerns among investors. Additionally, Oklo was named eligible to supply microreactor power systems to the U.S. Department of Defense as part of the Advanced Nuclear Power for Installations program. BTIG initiated coverage on Oklo with a Neutral rating, reflecting a cautious approach to the company’s progress in the nuclear sector. Citi analyst Vikram Bagri also adjusted Oklo’s price target to $30, maintaining a Neutral rating, and noted the introduction of a new 75MW reactor design. Despite these developments, the analyst expressed concerns over Oklo’s near-term cash requirements and potential need for external capital.
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