Kerrisdale short Oklo, says ‘unsustainable energy’ in stock will fizzle out

In a recently published report, Kerrisdale Capital says it is short shares of Oklo (OKLO), “a $3B nuclear energy company that went public via SPAC six months ago — with no regulator-approved design, no revenue for years, and no proven commercial viability for its planned 15-50 MWe microreactors.” Further, the short seller says that “Oklo faces massive technical and financial challenges” in its quest to become the owner-operator of hundreds of nuclear “powerhouses.” “In classic SPAC fashion, Oklo has sold the market on inflated unit economics while grossly underestimating the time and capital it will take to commercialize its product… Virtually every aspect of Oklo’s investment case warrants skepticism… As setbacks to overpromised timelines and costs give way to the all-too predictable need to raise dilutive capital, the unsustainable energy in Oklo’s stock will fizzle out,” the report states.