Oklo slides after launching $1.5 billion at-the-market equity offering program
Oklo announced a $1.5 billion at-the-market equity offering program, causing its shares to drop by 5.5%. This marks Oklo's third equity offering this year. The company had seen a 30% rise in stock price over the previous three sessions due to increased options market activity.
Oklo has no revenues and an extremely high valuation.
Put the two together and this happens:
After the close on Thursday, a filing showed the nuclear energy company entered into a pact with various financial institutions to sell up to $1.5 billion worth of its stock in an at-the-market equity offering program.
Shares are down about 5.5% as of 7:20 a.m. ET.
This is Oklo’s third equity offering of the year, per Bloomberg data.
The comany had been on a tear recently ahead of this announcement, rising nearly 30% over the prior three sessions amid elevated options market activity.
