News & Events zu Ares Acquisition Corporation II (AACT)AACTAres Acquisition Corporation II

Ares Acquisition II delays Kodiak deal vote and secures $275 million in funding.

Kodiak Robotics and Ares Acquisition Corporation II announced that, following redemptions, they have raised over $275M to support the proposed business combination between AACT and Kodiak. This includes approximately $212.5M financing to Kodiak and AACT invested or committed by institutional investors in connection with the proposed business combination and approximately $62.9less than remaining in the trust account following redemptions, before expenses, the companies said in a statement. The general meeting of shareholders to approve the proposed business combination was originally scheduled to be held today at 9 AM ET but has been postponed to 2 PM ET "to allow additional time for AACT to engage with its shareholders." Shares Ares Acquisition II are down 10% to $10.30 in early trading.

Kodiak to go public via merger with Ares Acquisition II

Kodiak Robotics and Ares Acquisition Corporation II (AACT) announced they have entered into a definitive business combination agreement through which Kodiak will become a publicly-listed company. AACT is an affiliate of Ares Management Corporation (ARES). The proposed business combination ascribes a pre-money equity value of $2.5B to Kodiak. The combined company is expected to receive approximately $551M of cash held in AACT's trust account at closing, assuming no redemptions of existing AACT shares and based on trust value per share as of December 31, 2024. Additionally, certain institutional investors, including affiliates of Soros Fund Management, ARK Investments and Ares, have invested or committed over $110M to support the transaction. Additionally, existing Kodiak investor ARK Investments has expressed its continued support of the company. The boards of directors of both Kodiak and AACT have unanimously approved the proposed business combination, which is expected to close in the second half of 2025, subject to approval by AACT and Kodiak stockholders and the satisfaction or waiver of customary closing conditions. Upon the closing of the proposed business combination, the combined company will be named Kodiak AI, Inc., and its common stock and public warrants are expected to be listed on a national stock exchange and trade under the ticker symbols KDK and KDK WS, respectively, subject to approval by the relevant exchange.