logo
Ares Acquisition Corporation II Announces Monthly Contribution to Trust Account in Connection With Proposed Extension

Ares Acquisition Corporation II Announces Monthly Contribution to Trust Account in Connection With Proposed Extension

NEW YORK--(BUSINESS WIRE)--Apr 16, 2025--
Ares Acquisition Corporation II (NYSE: 'AACT.U', 'AACT', 'AACT WS') (' AACT ' or the ' Company ') announced today that the Company's sponsor, Ares Acquisition Holdings II LP (the ' Sponsor '), agreed to make monthly deposits directly to the Company's trust account of $0.02 for each outstanding Class A ordinary share, par value $0.0001 per share (the ' Class A Ordinary Shares '), of the Company, other than Class A Ordinary Shares held by the Sponsor upon any conversion of Class B ordinary shares, par value $0.0001 per share (the ' Class B Ordinary Shares '), of the Company (each deposit, a ' Contribution ' and collectively, the ' Contributions ') on the terms described below. In exchange for the Contributions, the Company shall issue the Sponsor a non-interest bearing, unsecured promissory note (the ' Promissory Note ') on the terms described below. This announcement is being made in anticipation of the Company's extraordinary general meeting to be held at 4:00 p.m., Eastern Time, on April 22, 2025, at which shareholders will be asked to vote on a proposal to amend the Company's amended and restated memorandum and articles of association (the ' Articles ') to extend the date by which the Company has to consummate a business combination from April 25, 2025 to January 26, 2026 (the ' Extension Amendment Proposal ').
If the Extension Amendment Proposal is approved, the Promissory Note will be issued and the first Contribution will be made on April 25, 2025. Additional Contributions will be made on the 25th day of each month following April 25, 2025 (or if such day is not a business day, on the business day immediately preceding such day) until the earlier of (i) the consummation of a business combination, and (ii) the last day the Company has to complete a business combination in accordance with its Articles as then in effect. In exchange for such Contributions, the Sponsor shall receive the Promissory Note from the Company in the amount of the total Contributions. The Promissory Note is expected to be settled in cash at the earlier of (i) the closing of the Company's business combination and (ii) the last day the Company has to complete a business combination in accordance with the Articles.
Additionally, the Sponsor has announced its intention to convert its 12,500,000 Class B Ordinary Shares into 12,500,000 Class A Ordinary Shares prior to or concurrently with the approval of the Extension Amendment Proposal. Notwithstanding the conversions, the Sponsor will not be entitled to receive any monies held in the Company's trust account as a result of its ownership of any Class A Ordinary Shares to be issued upon conversion of the Class B Ordinary Shares. Additionally, the Class A Ordinary Shares to be issued in the conversion will be subject to the same restrictions as applied to the Class B Ordinary Shares before the conversion, including, among other things, certain transfer restrictions, waiver of redemption rights and the obligation to vote in favor of the Company's initial business combination.
If shareholders have any questions or need assistance please call the Company's proxy solicitor, Sodali & Co, by calling (800) 662-5200 (toll free) or banks and brokers can call (203) 658-9400, or by e-mailing [email protected].
About Ares Acquisition Corporation II
Ares Acquisition Corporation II (NYSE: AACT) is a special purpose acquisition company affiliated with Ares Management Corporation, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination.
Forward Looking Statements
This press release includes 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended (the ' Securities Act ') and Section 21E of the Securities Exchange Act of 1934, each as amended. These include AACT's or its management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Forward-looking statements may be identified by the use of words such as 'estimate,' 'plan,' 'project,' 'forecast,' 'intend,' 'expect,' 'anticipate,' 'believe,' 'seek,' 'potential,' 'budget,' 'may,' 'will,' 'could,' 'should,' 'continue' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the timing of the proposed business combination between AACT and Kodiak Robotics, Inc. (' Kodiak ') (the ' proposed business combination '), the Contribution, the Conversion, the success of the Extension Amendment Proposal, the capitalization of AACT after giving effect to the proposed business combination and expectations with respect to the future performance and the success of the combined company following the consummation of the proposed business combination (the ' combined company '). These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of AACT's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied upon by any investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of AACT. These forward-looking statements are subject to a number of risks and uncertainties, including changes in business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including as a result of redemptions or the failure by shareholders to adopt the Extension Amendment Proposal, the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the equity holders of Kodiak or AACT is not obtained; failure to realize the anticipated benefits of the proposed business combination; the amount of redemption requests made by AACT's public equity holders; and the ability of AACT or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Kodiak, AACT or the combined company resulting from the proposed business combination with the U.S. Securities and Exchange Commission (the ' SEC '), including under the heading 'Risk Factors.' If any of these risks materialize or any assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that AACT presently does not know or that AACT currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by investors as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
In addition, forward-looking statements reflect AACT's expectations, plans or forecasts of future events and views as of the date they are made. AACT anticipates that subsequent events and developments will cause AACT's assessments to change. However, while AACT may elect to update these forward-looking statements at some point in the future, AACT specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing AACT's assessments as of any date subsequent to the date they are made. Accordingly, undue reliance should not be placed upon the forward-looking statements. Neither AACT nor any of its affiliates have any obligation to update these forward-looking statements other than as required by law. Certain information set forth in this press release includes estimates and targets and involves significant elements of subjective judgment and analysis. No representations are made as to the accuracy of such estimates or targets or that all assumptions relating to such estimates or targets have been considered or stated or that such estimates or targets will be realized.
Additional Information and Where to Find It
In connection with the proposed business combination, AACT and Kodiak plan to file a registration statement on Form S-4 relating to the transaction (the ' Registration Statement ') with the SEC, which will include a prospectus with respect to the combined company's securities to be issued in connection with the proposed business combination and a preliminary proxy statement with respect to the shareholder meeting of AACT to vote on the proposed business combination. AACT and Kodiak also plan to file other documents and relevant materials with the SEC regarding the proposed business combination. After the Registration Statement is declared effective by the SEC, the definitive proxy statement/prospectus included in the Registration Statement will be mailed to the shareholders of AACT as of the record date to be established for voting on the proposed business combination. SECURITY HOLDERS OF KODIAK AND AACT ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS AND RELEVANT MATERIALS RELATING TO THE PROPOSED BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING DECISION WITH RESPECT TO THE PROPOSED BUSINESS COMBINATION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND THE PARTIES TO THE PROPOSED BUSINESS COMBINATION. Shareholders are able to obtain free copies of the proxy statement/prospectus and other documents containing important information about Kodiak and AACT once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. In addition, the documents filed by AACT may be obtained free of charge from AACT at www.aresacquisitioncorporationii.com. Alternatively, these documents, when available, can be obtained free of charge from AACT upon written request to Ares Acquisition Corporation II, 245 Park Avenue, 44th Floor, New York, NY 10167, Attn: Secretary, or by calling (888) 818-5298. The information contained on, or that may be accessed through the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.
Participants in the Solicitation
AACT, Kodiak and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of AACT in connection with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of AACT's executive officers and directors in the solicitation by reading AACT's final prospectus related to its initial public offering filed with the SEC on April 24, 2023, the definitive proxy statement/prospectus, which will become available after the Registration Statement has been declared effective by the SEC, and other relevant materials filed with the SEC in connection with the proposed business combination when they become available. Information concerning the interests of AACT's participants in the solicitation, which may, in some cases, be different from those of AACT's shareholders generally, will be set forth in the preliminary proxy statement/prospectus included in the Registration Statement.
No Offer or Solicitation
This press release shall not constitute a solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with the proposed business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of AACT, Kodiak or the combined company resulting from the proposed business combination, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. This press release is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction in where such distribution or use would be contrary to local law or regulation.
View source version on businesswire.com:https://www.businesswire.com/news/home/20250416568874/en/
CONTACT: Investors
Greg Mason
+1 888-818-5298
[email protected]
Jacob Silber
[email protected]
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE
SOURCE: Ares Acquisition Corporation II
Copyright Business Wire 2025.
PUB: 04/16/2025 08:45 AM/DISC: 04/16/2025 08:46 AM
http://www.businesswire.com/news/home/20250416568874/en

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

DigitalOcean and AMD Collaborate to Advance AI Using Cloud-Based GPUs
DigitalOcean and AMD Collaborate to Advance AI Using Cloud-Based GPUs

Business Wire

timean hour ago

  • Business Wire

DigitalOcean and AMD Collaborate to Advance AI Using Cloud-Based GPUs

NEW YORK--(BUSINESS WIRE)-- DigitalOcean Holdings, Inc. (NYSE: DOCN), the simplest scalable cloud for digital native enterprises, today announced a collaboration with AMD that provides DigitalOcean customers with access to AMD Instinct™ GPUs as DigitalOcean GPU Droplets to power their AI workloads starting with the AMD MI300X GPUs. Later this year, DigitalOcean will offer AMD Instinct™ MI325X GPUs, further expanding access to powerful and affordable GPU models. AMD Instinct™ MI325X GPU accelerators set new AI performance standards, delivering incredible performance and efficiency for training and inference. AMD Instinct MI300X GPUs deliver leadership performance for accelerated high-performance computing (HPC) applications and the newly exploding demands of generative AI. With the AMD ROCm™ software platform, customers can develop powerful HPC and AI production-ready systems faster than ever before. Its large memory capacity allows it to hold models with hundreds of billions of parameters entirely in memory, reducing the need for model splitting across multiple GPUs. By combining powerful AMD AI compute engines and DigitalOcean's cloud technologies, the collaboration aims to empower the massive community of digital native enterprises to integrate AI into their applications and support the most demanding AI workloads at scale. These next-generation GPUs have already been available in bare metal configurations for customers seeking increased control and computing power. These GPUs are now also available as GPU Droplets or as DigitalOcean Kubernetes worker nodes. The GPU Droplets are available both as single and eight GPU configurations, allowing customers to optimize costs for their specific use cases. Accessing these GPU Droplets through DigitalOcean offers several key benefits, including competitive pricing at $1.99/GPU per hour, a simple setup process, and enterprise-grade SLAs. While other cloud providers require multiple steps and deep technical knowledge to configure security, storage, and network requirements, DigitalOcean's GPU Droplets can be set up with just a few clicks. In addition to these new GPUs, customers will also have access to AMD Developer Cloud, a new platform powered by DigitalOcean that is purpose-built for rapid, high-performance AI development. Customers will have access to a fully managed environment that provides instant access to AMD Instinct MI300X GPUs—with zero hardware investment or local setup required. Whether fine-tuning LLMs, benchmarking inference performance, or building a scalable inference stack, the AMD Developer Cloud provides the tools and flexibility to get started instantly—and grow without limits. 'DigitalOcean's collaboration with AMD is another proof point to make AI easily accessible to our customers,' said Bratin Saha, Chief Product & Technology Officer at DigitalOcean. 'With access to AMD GPUs, DigitalOcean customers have an extensive portfolio of GPUs with the flexibility of the computing configuration that best suits their requirements.' "At AMD, we are proud to work with DigitalOcean to provide developers with cutting-edge solutions for developer enablement and demanding workloads that require large amounts of memory,' said Negin Oliver, corporate vice president of business development, Data Center GPU Business, at AMD. 'Together, AMD and DigitalOcean are committed to providing the critical innovative technologies required to support the evolving needs of growing tech businesses.' To access AMD Instinct GPUs with DigitalOcean, visit the DigitalOcean website. DigitalOcean is the simplest scalable cloud platform that democratizes cloud and AI for digital native enterprises around the world. Our mission is to simplify cloud computing and AI to allow builders to spend more time creating software that changes the world. More than 600,000 customers trust DigitalOcean to deliver the cloud, AI, and ML infrastructure they need to build and scale their organizations. To learn more about DigitalOcean, visit

Rosen Law Firm Encourages GeneDx Holdings Corp. Investors to Inquire About Securities Class Action Investigation
Rosen Law Firm Encourages GeneDx Holdings Corp. Investors to Inquire About Securities Class Action Investigation

Business Wire

timean hour ago

  • Business Wire

Rosen Law Firm Encourages GeneDx Holdings Corp. Investors to Inquire About Securities Class Action Investigation

NEW YORK--(BUSINESS WIRE)--Why: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of GeneDx Holdings Corp. (NASDAQ: WGS) resulting from allegations that GeneDx may have issued materially misleading business information to the investing public. So What: If you purchased GeneDx securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses. What to do next: To join the prospective class action, go to or call Phillip Kim, Esq. toll-free at 866-767-3653 or email case@ for information on the class action. What is this about: On February 5, 2025, Grizzly Research published a report entitled 'Insiders Attest that GeneDx (Nasdaq: WGS) Is Actively Committing Widespread Fraud.' This report stated that Grizzly believed that GeneDx's 'growth is largely an illusion, driven by fraudulent schemes and illegal tactics deliberately aimed at exploiting Medicaid and Medicare systems to artificially inflate revenue.' On this news, GeneDx stock fell 6.7% on February 5, 2025. Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. At the time, Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone, the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by Law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome.

InPlay Unveils 2nd-Gen NanoBeacon IN120 SoC: Unlocking Game-Changing Efficiency for Smart Label Makers with Integrated Temperature Sensor!
InPlay Unveils 2nd-Gen NanoBeacon IN120 SoC: Unlocking Game-Changing Efficiency for Smart Label Makers with Integrated Temperature Sensor!

Business Wire

timean hour ago

  • Business Wire

InPlay Unveils 2nd-Gen NanoBeacon IN120 SoC: Unlocking Game-Changing Efficiency for Smart Label Makers with Integrated Temperature Sensor!

IRVINE, Calif.--(BUSINESS WIRE)--InPlay Inc., a leader in ultra-low-power wireless SoC technologies, announces the upcoming release of its revolutionary second-generation NanoBeacon System-on-Chip (SoC), the IN120. Specifically engineered for high-volume smart label applications, the IN120 delivers unprecedented simplicity, cost savings, and manufacturing efficiency. "By reducing external components to just one, we've enabled manufacturers to produce smart labels more efficiently and economically—opening the door to broader deployment in logistics, pharmaceuticals, and disposable asset tracking." Share The IN120 features an ultra-minimalist design, requiring only one external component—a 26MHz crystal. This design innovation dramatically reduces complexity, enabling significant savings in assembly time, manufacturing costs, and supply chain logistics. Delivered in a bumped wafer Known Good Die (KGD) format, the IN120 integrates effortlessly into existing roll-to-roll RFID inlay manufacturing processes, minimizing the need for new capital investments. A key highlight of the IN120 is its integrated precision temperature sensor (±1°C accuracy), eliminating the need for an external temperature sensing component typically required in cold chain monitoring and logistics applications. This integrated approach not only lowers component costs but also enhances reliability and simplifies production processes. "Our new IN120 SoC sets a benchmark for smart label technology," said Jason Wu, Cofounder and CEO of InPlay Inc. "By reducing external components to just one, we have enabled manufacturers to produce smart labels more efficiently and economically, opening the door to broader deployment in logistics, pharmaceuticals, and disposable asset tracking." Further elevating its practicality, the IN120 supports a broad voltage range from 1.1V to 3.6V, compatible with virtually all battery types, including cost-effective printable batteries (1.5V per cell). This flexibility significantly reduces the cost and footprint of smart labels, making disposable, thin-form-factor solutions economically feasible at high volumes. InPlay also offers preprogramming services for the IN120, streamlining the manufacturing workflow and dramatically cutting production setup times, further amplifying operational efficiency for manufacturers. The IN120 is poised to transform smart label applications by significantly lowering barriers related to cost, complexity, and production speed, making active smart labels as economically viable as passive RFID labels, but with vastly superior functionality. The IN120 SoC will be available for sampling starting Q1'2026, with mass production planned shortly thereafter. InPlay Inc. is a pioneering technology company specializing in the development of advanced wireless communication solutions for the IIoT market. Our products are designed to deliver high performance, ultra-low power consumption, and robust security, addressing the most demanding requirements of industrial and consumer applications.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store