Oklo Inc. (NYSE:OKLO), a company specializing in electric services with a market capitalization of $2.79 billion, has announced changes to the compensation of its top executives.
The company's stock has shown remarkable performance, surging over 127% year-to-date, though InvestingPro analysis indicates the stock is currently trading above its Fair Value. On Friday, the Compensation Committee of Oklo's Board of Directors approved salary increases for two of its highest-ranking officers, effective January 1, 2025.
The company's CEO, Jacob DeWitte, will see his annual base salary rise from $500,000 to $625,000, while CFO R. Craig Bealmear's salary will increase from $400,000 to $440,000. Additionally, the annual target bonus opportunities for both DeWitte and Bealmear, as well as for COO Caroline Cochran, will be adjusted from 50% to 65% of their respective base salaries. According to InvestingPro data, analysts expect challenging conditions ahead, with net income projected to decline this year.
This decision comes amid Oklo's continued development within the energy sector. The increase in compensation reflects the company's confidence in its leadership team and its commitment to aligning executive rewards with corporate performance and growth objectives.
Oklo, formerly known as AltC Acquisition Corp., is a Delaware corporation with its principal executive offices located in Santa Clara, California. As an emerging growth company, Oklo is subject to certain reporting requirements and has elected not to use the extended transition period for complying with new or revised financial accounting standards.
The information disclosed is based on a press release statement filed with the Securities and Exchange Commission on December 27, 2024. The company's stock is listed on the New York Stock Exchange under the ticker symbol OKLO.
In other recent news, Oklo Inc. has been the subject of several significant developments.
The company has been given an Outperform rating by Wedbush, reflecting optimism about its unique business model. Oklo's partnership with Switch (NYSE:SWCH), a leader in AI, cloud, and enterprise data center services, has been highlighted as a major step in corporate clean power arrangements, with the agreement outlining the provision of 12 gigawatts of power from Oklo's Aurora powerhouses through 2044.
In addition, Oklo has announced plans to acquire Atomic Alchemy Inc., which recently signed a Memorandum of Understanding with Zeno Power Systems, Inc., a developer of Radioisotope Power Systems. This partnership aims to enhance the supply chain for critical isotopes, essential for clean energy production in remote and off-grid environments.
Citi has reiterated its Neutral stance on shares of Oklo, following the company's recent operational results report, which showed an increase in its customer pipeline to 2.10 gigawatts. The company also issued 2.5 million shares following a price milestone, a decision linked to a merger agreement with AltC Acquisition Corp. and Oklo Technologies, Inc.
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