I responded above, but basically the floor is right around the NAV protection price point anyways because of the hard tangible assets on the balance sheet of both ALCC and OKLO and given the amount of outstanding shares between the two. The merger vote is really a formality because the only people voting are the people who have shares in the company.

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Good question. NAV protection gives shareholders the opportunity to redeem their shares at the guaranteed share price, after which time those shareholders do not have a seat at the table to vote on the merger, since the vote is for existing shareholders. So, the only people who will vote as to whether the merger goes through are people who are invested in the company, like Sam Altman and many other founders. Essentially the merger vote is a formality since the people at the table are people who would lose a lot of money if the vote fails. Everyone else sold their shares. In addition to this, ALCC has hard tangible cash assets that it is providing Oklo with to get its business up and running, in addition to what Oklo already has on its balance sheet. Given the amount of outstanding shares and the amount of current assets Oklo will have, the worst case scenario, before intangible assets get calculated in, puts the share price fairly close to what it is with NAV protection anyways. The owners and founders are subject to a lockout period that we do not experience, their investment must remain with the company for specified periods of time. https://preview.redd.it/ljdceckjdgxc1.png?width=920&format=png&auto=webp&s=17db5ca723374869929c11993b56623f3b9dd9c8

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If you wanted to redeem, you'd need to redeem 2 days or more before the vote, but given that it already trades at a 20% premium to NAV, no one will be redeeming. This is probably the hottest SPAC since Donald Trumps DWAC

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The NAV protection ends this week anyway. A few days before any SPAC merger is the usual end. Meaning this can dip to $0.01 if possible, after May 2nd or 3rd.

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I’m with you on this. 7000 shares it is. Also sold 5/17 $30ccs on those shares since the premium is insane on those right now. I really don’t care if I get assigned on them at that price as I can just buy back in after merger. I don’t see the benefit of holding at about $20 above NAV anyways and I’d rather lock in gains.

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I saw a guy here say NAV goes away May 2. Can you clear that up? 

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I’ll add that interestingly there’s no warrants here (dilutive) or any shady things in the filings that crush a lot of other spacs post merger like FPAs or SEPAs. There’s a backstop agreement for the max purchase of 5m shares but that only comes into play if there’s redemptions (which there shouldn’t be bc it’s above NAV) to keep the public float at 25m.

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Wasn’t SOFI a SPAC with a $10 NAV?

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FSK. BDC with floating rate investments. Sitting at a 14.5% dividend yield and a ~20% discount to NAV. Haters will says they are taking losses on some of their book, but that was due to the legacy FS manager, not the new KKR manager who has a much better track record. It pays my rent every month (no joke).

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Yes, should be the 2nd as per twitter; some say it can dump or rip afterwards. NAV floor removal is always 3 to 4 days before merger.

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