Magnetar Financial Holds 1.65M Shares in AltC Acquisition Corp.
Ticker: OKLO · Form: SC 13G/A · Filed: Jan 31, 2024 · CIK: 1849056
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, spac, amendment, passive-investing
TL;DR
**Magnetar Financial holds 1.65 million shares of AltC Acquisition Corp., signaling institutional interest.**
AI Summary
Magnetar Financial LLC, a Delaware-based investment firm, filed an amended SC 13G/A on January 31, 2024, disclosing its ownership in AltC Acquisition Corp. As of December 31, 2023, Magnetar reported shared voting and dispositive power over 1,654,623 shares of AltC's Class A Common Stock. This filing indicates a significant institutional holding, which can influence the stock's stability and investor confidence, especially for a SPAC like AltC.
Why It Matters
This filing shows a major institutional investor's stake in AltC Acquisition Corp., which can signal confidence or potential influence over the company's future direction, particularly as a SPAC navigates its business combination.
Risk Assessment
Risk Level: medium — While institutional ownership can be a positive sign, the 'medium' risk reflects the inherent volatility and uncertainty associated with SPACs like AltC Acquisition Corp. before a definitive business combination.
Analyst Insight
Investors should note Magnetar Financial LLC's substantial holding of 1,654,623 shares in AltC Acquisition Corp. as of December 31, 2023. This indicates institutional interest, but given AltC is a SPAC, investors should monitor any upcoming business combination announcements and Magnetar's subsequent actions, as large institutional holdings can influence future stock performance and corporate governance.
Key Numbers
- 1,654,623 — Shares Beneficially Owned (Represents the number of Class A Common Stock shares of AltC Acquisition Corp. over which Magnetar Financial LLC has shared voting and dispositive power as of December 31, 2023.)
- December 31, 2023 — Date of Event (The date as of which the ownership stake was calculated for this filing.)
- January 31, 2024 — Filing Date (The date this amended Schedule 13G/A was filed with the SEC.)
Key Players & Entities
- Magnetar Financial LLC (company) — the reporting person and institutional investor
- AltC Acquisition Corp. (company) — the subject company whose shares are being reported
- David J. Snyderman (person) — a group member associated with the filing
- Magnetar Capital Partners LP (company) — a group member associated with the filing
- Supernova Management LLC (company) — a group member associated with the filing
Forward-Looking Statements
- Magnetar Financial LLC will maintain a significant stake in AltC Acquisition Corp. through its business combination. (Magnetar Financial LLC) — medium confidence, target: Q3 2024
- The continued institutional ownership by Magnetar could provide a degree of stability to AltC's stock price. (AltC Acquisition Corp.) — medium confidence, target: Q2 2024
FAQ
Who is the reporting person in this SC 13G/A filing?
The reporting person is Magnetar Financial LLC, as stated on the cover page and in Item 1 of the filing.
What is the CUSIP number for the securities reported in this filing?
The CUSIP number for AltC Acquisition Corp.'s Class A Common Stock is 02156V109, as listed on the cover page of the filing.
How many shares of AltC Acquisition Corp. does Magnetar Financial LLC beneficially own with shared voting power?
Magnetar Financial LLC has shared voting power over 1,654,623 shares, as reported in Item 6 of the cover page.
What was the date of the event that required this filing?
The date of the event which required the filing of this statement was December 31, 2023, as indicated on the cover page.
Under which rule was this Schedule 13G filed?
This Schedule 13G was filed under Rule 13d-1(b), as indicated by the checked box on the cover page.
Filing Stats: 1,653 words · 7 min read · ~6 pages · Grade level 12.5 · Accepted 2024-01-31 08:14:07
Filing Documents
- tm243910d21_sc13ga.htm (SC 13G/A) — 118KB
- tm243910d21_ex99-1.htm (EX-99.1) — 9KB
- tm243910d21_ex99-2.htm (EX-99.2) — 5KB
- 0001104659-24-008559.txt ( ) — 133KB
(a) Name of Issuer
Item 1(a) Name of Issuer. AltC Acquisition Corp. (the "Issuer")
(b) Address of Issuer's Principal Executive Offices
Item 1(b) Address of Issuer's Principal Executive Offices. 640 Fifth Avenue, 12th Floor New York, NY 10019
(a) Name of Person Filing
Item 2(a) Name of Person Filing. This statement is filed on behalf of each of the following person (collectively, the "Reporting Persons"): i) Magnetar Financial LLC ("Magnetar Financial"); ii) Magnetar Capital Partners LP (Magnetar Capital Partners"); iii) Supernova Management LLC ("Supernova Management"); and iv) David J. Snyderman ("Mr. Snyderman"). This statement relates to the Shares (as defined herein) held for Magnetar Constellation Master Fund, Ltd (“Constellation Master Fund”), Magnetar Xing He Master Fund Ltd (“Xing He Master Fund”), Purpose Alternative Credit Fund Ltd ("Purpose Fund"), Magnetar SC Fund Ltd (“SC Fund”), all Cayman Islands exempted companies; Magnetar Structured Credit Fund, LP (“Structured Credit Fund”), a Delaware limited partnership; Magnetar Lake Credit Fund LLC ("Lake Credit Fund"), Purpose Alternative Credit Fund - T LLC ("Purpose Fund - T"), Delaware limited liability companies; collectively (the “Magnetar Funds”). Magnetar Financial serves as the investment adviser to the Magnetar Funds, and as such, Magnetar Financial exercises voting and investment power over the Common Stock held for the Magnetar Funds’ accounts. Magnetar Capital Partners serves as the sole member and parent holding company of Magnetar Financial. Supernova Management is the general partner of Magnetar Capital Partners. The manager of Supernova Management is Mr. Snyderman.
(b) Address of Principal Business Office
Item 2(b) Address of Principal Business Office. The address of the principal business office of each of Magnetar Financial, Magnetar Capital Partners, Supernova Management, and Mr. Snyderman is 1603 Orrington Avenue, 13 th Floor, Evanston, Illinois 60201.
(c) Place of Organization
Item 2(c) Place of Organization. i) Magnetar Financial is a Delaware limited liability company; ii) Magnetar Capital Partners is a Delaware limited partnership; iii) Supernova Management is a Delaware limited liability company; and iv) Mr. Snyderman is a citizen of the United States of America.
(d) Title of Class of Securities
Item 2(d) Title of Class of Securities. Common Stock
(e) CUSIP Number
Item 2(e) CUSIP Number. 02156V109
Reporting Person
Item 3 Reporting Person. (e) An investment adviser in accordance with §240.13d–1(b)(1)(ii)(E) (g) A parent holding company or control person in accordance with §240.13d–1(b)(1)(ii)(G)
(a) Amount Beneficially Owned
Item 4(a) Amount Beneficially Owned: As of December 31, 2023, each of Magnetar Financial, Magnetar Capital Partners, Supernova Management and Mr. Snyderman held 1,654,623 Shares. The amount consists of (A) 648,857 Shares held for the account of Constellation Fund; (B) 250,986 Shares held for the account of Xing He Master Fund; (C) 115,250 Shares held for the account of Purpose Fund; (D) 161,744 Shares held for the account of SC Fund; (E) 234,258 Shares held for the account of Structured Credit Fund; (F) 202,635 Shares held for the account of Lake Credit Fund; and (I) 40,893 Shares held for the account of Purpose Fund - T. The Shares held by the Magnetar Funds represent approximately5.41% of the total number of Shares outstanding (calculated pursuant to Rule 13d-3(d)(1)(i)) of the outstanding shares of the Issuer).
(b) Percent of Class
Item 4(b) Percent of Class: (i) As of December 31, 2023, each of Reporting Persons were deemed to be the beneficial owner constituting approximately5.41% of the total number of Shares outstanding (based upon the information provided by the Issuer in its Form 10-Q filed with the SEC on November 15, 2023, there were approximately 30,600,521 Shares outstanding as of November 15, 2023).
(c) Number of Shares of which such person has
Item 4(c) Number of Shares of which such person has: Magnetar Financial, Magnetar Capital Partners, Supernova Management, and Mr. Snyderman: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote : 1,654,623 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 1,654,623
Ownership of Five Percent or Less of a Class
Item 5 Ownership of Five Percent or Less of a Class. If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following .
Ownership of More Than Five Percent on Behalf of Another Person
Item 6 Ownership of More Than Five Percent on Behalf of Another Person. This Item 6 is not applicable. Item 7 Identification and Classification of the Subsidiary which Acquired the Security Being Reported On by the Parent Holding Company. This Item 7 is not applicable.
Identification and Classification of Members of the Group
Item 8 Identification and Classification of Members of the Group. This Item 8 is not applicable.
Notice of Dissolution of Group
Item 9 Notice of Dissolution of Group. This Item 9 is not applicable.
Certification
Item 10 Certification. By signing below the Reporting Persons certifies that, to the best of their knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: January 31, 2024 magnetar financial llc By: Magnetar Capital Partners LP, its Sole Member By: Supernova Management LLC, its General Partner By: /s/ Hayley A. Stein Name: Hayley A. Stein Title: Attorney-in-fact for David J. Snyderman, Manager of Supernova Management LLC Date: January 31, 2024 magnetar capital partners LP By: Supernova Management LLC, its General Partner By: /s/ Hayley A. Stein Name: Hayley A. Stein Title:Attorney-in-fact for David J. Snyderman, Manager of Supernova Management LLC Date: January 31, 2024 supernova management llc By: /s/ Hayley A. Stein Name: Hayley A. Stein Title:Attorney-in-fact for David J. Snyderman, Manager Date: January 31, 2024 DAVID J. SNYDERMAN By: /s/ Hayley A. Stein Name: Hayley A. Stein Title:Attorney-in-fact for David J. Snyderman EXHIBIT INDEX Exhibit No. Description 99.1 Joint Filing Agreement, dated as of January 31, 2024, among the Reporting Persons. 99.2 Power of Attorney, dated as of December 22, 2022 (incorporated by reference to Exhibit 99.2 to the Schedule 13G filed by the Reporting Persons on January 31, 2024)