Oklo Inc (NYSE:OKLO) shares fell more than 7% on Friday after the company launched a new $1 billion at-the-market stock offering program.
The move follows the full utilization of Oklo's previous $1 billion ATM program, which was launched in May and exhausted within four months. Under that program, the company sold 17.97 million shares at an average price of $55.64.
Should Oklo raise the full $1 billion under the new ATM near $40 per share, the company would issue roughly 25 million shares, diluting existing shareholders by approximately 11.5%.
At-the-market offerings tend to pressure share prices because they increase the total number of shares outstanding, diluting existing shareholders' ownership stakes and earnings per share.
The stock is down more than 48% year to date.
