Latest news with #Burnette
Yahoo
15-04-2025
- Automotive
- Yahoo
Kodiak Robotics to go public through merger with AACT
Kodiak Robotics, a developer of autonomous vehicle technology, has signed a definitive business combination agreement with Ares Acquisition Corporation II (AACT), a special purpose acquisition company affiliated with Ares Management Corporation. Upon completion of the transaction, Kodiak will become a publicly listed company in the US under the name Kodiak AI. Founded in 2018, Kodiak focuses on AI-powered autonomous driving systems for the commercial trucking industry. Its core product, the Kodiak Driver, is a single-platform solution combining AI software and modular hardware designed to integrate with customers' existing logistics operations. The boards of Kodiak and AACT have unanimously approved the proposed merger. The business combination values Kodiak at a pre-money equity valuation of $2.5bn. The transaction is expected to provide the combined company with approximately $551m in cash from AACT's trust account, assuming no redemptions. Institutional investors, including affiliates of Soros Fund Management, ARK Investments, and Ares, have committed over $110m in support of the transaction. Existing investor ARK Investments has reaffirmed its support for Kodiak. Kodiak founder and CEO Burnette said: 'We believe entering the public markets will accelerate our strategy to expand our existing partner relationships, provide our technology to a broader customer base, and deliver enhanced solutions across the commercial trucking and public sector industries.' Subject to shareholder approval and other customary closing conditions, the transaction is expected to close in the second half of 2025. AACT CEO and co-chairman of the board of directors and co-founder of Ares David Kaplan said: 'As an early-mover in autonomous trucking and first to deliver a commercial driverless product to a customer, Kodiak has quickly set itself apart as an industry leader in a significant addressable market.' "Kodiak Robotics to go public through merger with AACT" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
15-04-2025
- Automotive
- Yahoo
Kodiak Robotics going public via SPAC
The rumors were true and the SPAC is back. Kodiak Robotics announced Monday it has entered into an agreement with Ares Acquisition Corp. II (AACT), a publicly traded special purpose acquisition company that will make Kodiak a publicly listed company valued at around $2.5 billion. The combined company will be named Kodiak AI Inc. New and existing institutional investors for Kodiak include Soros Fund Management, ARK Investments and Ares. They have funded or committed to over $110 million in financing in addition to approximately $551 million in cash, held in trust. Rumblings about the deal were announced last month by Bloomberg, with the blank check firm AACT led by David Kaplin having raised $450 million in April 2023. Prior to founding Kodiak Robotics in 2018, Don Burnette had previously worked for Google's self-driving car project before it became Waymo. Burnette left Google after five years to found Otto, a self-driving truck startup later acquired by Uber. 'This is a remarkable milestone for the Kodiak team and reinforces our confidence in the significant value proposition we see in our differentiated driverless technology,' said Burnette, founder and CEO of Kodiak in a news release. 'We believe entering the public markets will accelerate our strategy to expand our existing partner relationships, provide our technology to a broader customer base, and deliver enhanced solutions across the commercial trucking and public sector industries.' Kodiak boasts a first-to-market fully active driverless truck operation from its partnership with Atlas Energy Solutions operating in the Permian Basin. Kodiak announced in January it had completed the delivery of 100 loads of proppant with two RoboTrucks equipped with Kodiak Driver, Kodiak's self-driving system. The Kodiak-powered Atlas trucks have over 750 hours of commercial driverless operations with further support inbound via a firm commitment by Atlas for an initial order of 100 trucks. 'As an early-mover in autonomous trucking and first to deliver a commercial driverless product to a customer, Kodiak has quickly set itself apart as an industry leader in a significant addressable market,' said David Kaplan, CEO and co-chairman of the board of directors of AACT and co-founder of Ares. 'We are excited to partner with Don and the Kodiak team as they seek to further capitalize on significant industry tailwinds and deliver value for their stakeholders.' Kodiak's business model works via a Driver-as-a-Service business model. Customers use Kodiak-equipped RoboTrucks and are charged either a per-truck or per-mile recurring license fee. In the case of Atlas, Kodiak owns and operates autonomous trucks, and Atlas pays as a fee per delivery by the trucks. The release notes that in addition to Atlas, Kodiak has collaborated with companies including Bridgestone, C.R. England, J.B. Hunt, Martin Brower and Werner Enterprises. Besides truckload operations, Kodiak has a Department of Defense contract for approximately $30 million to adapt its autonomous technology for U.S. Army vehicles. The autonomous freight space is projected to be lucrative. While Kodiak primarily operates in the Sunbelt, the company estimates that there is 'a roughly $1 trillion market opportunity in the U.S. alone, with the potential for a total global addressable market of over $4 trillion.' The post Kodiak Robotics going public via SPAC appeared first on FreightWaves.
CBS News
08-04-2025
- Business
- CBS News
Can a tax attorney help with the IRS?
It's tax filing time, and for many Americans, that means extra financial stress. Some may be unable to pay their tax bills or could find themselves adding onto already existing tax debt — putting them further in deep with the Internal Revenue Service (IRS). If you're dealing with these problems, a tax attorney may be able to help. "A tax attorney is a lawyer specializing in tax law who helps clients manage complex tax issues, disputes with the IRS, audits, and legal tax strategies," says Stewart Willis, president of Asset Preservation Wealth and Tax. "Unlike other tax professionals, they offer attorney-client privilege, ensuring confidentiality." Still, a tax attorney isn't right for every scenario, and this type of legal help can get expensive. Here's when pros say you might want one — and when you can use a traditional tax pro or handle an issue yourself. Need help with your IRS tax debt? Get it here . As Willis noted, tax attorneys can be helpful if your situation requires discretion, as they're required to keep anything discussed confidential, per legal code. They can also assist with IRS audits , tax liens and levies, and wage garnishments , according to Willis, and can be particularly helpful if you're dealing with very large tax debts — even negotiating with the IRS on your behalf. When you'll really want one, though, is if you find yourself in a dispute with the IRS and are facing down tax court. "Tax attorneys are authorized to practice before the IRS and tax court," says Rob Burnette, CEO of Outlook Financial Center. "If you feel your case is headed for tax court, a tax attorney is your only choice. Others — like an IRS enrolled agent — can represent you in front of the IRS but not tax court." Find out more about resolving your IRS tax debt today . Technically, a tax attorney can help you with anything, from filing your tax return to doling out general tax advice, "but they will be the most expensive choice," Burnette says. For this reason, they're best used for serious and significant tax issues. Filing your returns or getting a tax extension , for example, are probably not things you'd use a tax attorney for. "Simpler matters — like minor tax errors, straightforward payment plans, or basic filings — can usually be handled directly or with a CPA," Willis says. If you find yourself being audited, your tax preparer can help with the initial phases, as long as they have the Annual Filing Season Program (AFSP) designation . "If the process is escalated beyond the initial discovery and review stage, an IRS enrolled agent will be needed to represent the taxpayer before the IRS," Burnette says. This will typically cost much less than using a tax attorney. "A tax attorney would need to take over any case that gets appealed to tax court," Burnette says. There are many types of tax professionals, including tax preparers, CPAs, IRS enrolled agents and tax attorneys. If you're facing tax debts, a tax relief company may be able to help, too. If you're not sure which is needed in your case, talk to a financial advisor or the professional who helps with your annual tax returns. They should be able to point you in the right direction.
Yahoo
23-03-2025
- Climate
- Yahoo
How geography leads to severe weather in the Mid-South
MEMPHIS, Tenn. — It's a sound all too familiar to Mid-Southerners – tornado sirens blaring across the region over the weekend as multiple twisters touched down. This scenario is unfortunately not uncommon and the reason why has everything to do with geography. 'The Mid-South is in this unique position in the United States thanks to its proximity to the gulf,' said NWS Memphis Science and Operations Officer Mike Johnson. 'So we're allowed this abundance of moisture that streams into the area ahead of these strong storm systems.' Along with moisture, the Mid-South gets clashing air masses. 'You can get the arctic air that descends from Canada, you can have the dry air that comes out of the desert southwest and even that dry air can make it into the Mid-South,' said Dorian Burnette, the associate professor of meteorology at the University of Memphis. MFD, American Red Cross distribute over 250 free smoke detectors When the gulf moisture clashes with these air masses from out west, storms start to form. 'Usually when it makes it this far east, no good comes of that,' Burnette said. Warmer temperatures in the gulf and the fact that we're in a La Nina year is leading to an increasing number of tornadoes in the region. 'The scientific literature has shown that when they're anomalously warm it can be easier for that moisture to advect northward and increase the count of those severe thunderstorms,' Burnette said. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
20-03-2025
- Yahoo
Gwinnett prosecutor charged with DUI, going nearly twice the speed limit on I-85
A Gwinnett County prosecutor is now facing charges of his own, according to an incident report obtained by Channel 2 Action News. The report from the Georgia State Patrol says that James Burnette, 29, was pulled over on Interstate 85 near Lenox Road earlier this month for speeding. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] The trooper says he clocked Burnette driving 90 miles per hour in a 55 miles per hour zone just before 1:30 a.m. When he pulled him over, Burnette told the trooper he was an assistant district attorney in Gwinnett County. Burnette told the trooper he had just one drink, an Old Fashioned, several hours earlier and was almost completely sober. TRENDING STORIES: 18-year-old killed in metro Atlanta park while celebrating Senior Skip Day, deputies say UGA student's smiling mugshot breaks the internet State Senate pushes tax rebate forward, getting closer to approving $250 for Georgians After being arrested and placed into the back of the patrol vehicle, the report says Burnette kept saying he knew he made a mistake and asked if there was anything he could do to not be arrested. He was charged with driving under the influence, speeding and HOV lane violation. [SIGN UP: WSB-TV Daily Headlines Newsletter]
