Oklo Inc ( OKLO ) shares are moving lower after the market close on Wednesday after the company announced a public offering.

What Happened: After the market close, nuclear startup Oklo ( OKLO ) announced it commenced of an underwritten public offering of $400 million of its common stock. The company expects to grant the underwriters a 30-day window to purchase up to an additional $60 million of common stock.

Oklo ( OKLO ) intends to use the net proceeds for general corporate purposes, working capital and capital expenditures, as well as potential future investments.

Oklo ( OKLO ) said in May that it used $12.2 million of cash in operations during the first quarter and ended the period with $90.08 million in cash, cash equivalents and marketable securities.

The offering comes after Oklo ( OKLO ) shares soared to new all-time highs during regular trading hours Wednesday after the company announced its selection as an intended awardee to provide power at an Air Force base in Alaska.

Oklo ( OKLO ) said it was issued a Notice of Intent to Award on behalf of the Department of the Air Force and the Department of Defense to deploy one of its planned Aurora powerhouses at the Eielson Air Force Base. If officially awarded the deal, Oklo ( OKLO ) would provide electricity and heat to the base under a long-term power purchase agreement.

Oklo ( OKLO ) expects to be able to deploy its first nuclear powerhouse in late 2027 or early 2028.

OKLO Price Action: Oklo ( OKLO ) shares closed Wednesday up 29.48%. The stock was down 5.04% in after-hours, trading at $64.61 at the time of publication, according to Benzinga Pro.

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