Does anyone have any insight into OpenAI CEO Sam Altman's SPAC, $ALCC?
Here is an excerpt from their 10K:
"Our amended and restated certificate of incorporation provides that we have until July 12, 2023, the date that is 24 months from the closing of the Initial Public Offering (or until October 12, 2023 if we have executed a letter of intent, agreement in principle or definitive agreement for an initial business combination by July 12, 2023) to complete our initial business combination. If we are unable to complete our initial business combination within such period, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (net of permitted withdrawals and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law; and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law."
So they have until July 12 to find an acquisition target.
Anyone hear any rumors about which company might be acquired?
I think if they pick any AI company the stock will pump pretty hard.
Here is an excerpt from their 10K:
"Our amended and restated certificate of incorporation provides that we have until July 12, 2023, the date that is 24 months from the closing of the Initial Public Offering (or until October 12, 2023 if we have executed a letter of intent, agreement in principle or definitive agreement for an initial business combination by July 12, 2023) to complete our initial business combination. If we are unable to complete our initial business combination within such period, we will: (1) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest (net of permitted withdrawals and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any), subject to applicable law; and (3) as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable law."
So they have until July 12 to find an acquisition target. Anyone hear any rumors about which company might be acquired? I think if they pick any AI company the stock will pump pretty hard.
Thanks