Institutional Investors Have Funded or Committed Over $212 Million in Financing in Total Over $62 million to Remain in Trust Account Following Redemptions
Extraordinary General Meeting of Shareholders Postponed to 2:00 p.m. September 23, 2025
Kodiak Robotics, Inc. (“Kodiak” or the “Company”), a leading provider of AI-powered autonomous vehicle technology, and Ares Acquisition Corporation II (NYSE: AACT) (“AACT”), a publicly traded special purpose acquisition company, today announced that, following redemptions, they have raised over $275 million to support the proposed business combination (the “proposed business combination”) between AACT and Kodiak. This includes approximately $212.5 million financing to Kodiak and AACT invested or committed by institutional investors in connection with the proposed business combination and approximately $62.9 million remaining in the Trust Account following redemptions, before expenses.
“We are pleased by the support from our investors and believe the capital we’ve secured well-positions us as we move forward towards completing this transaction and becoming a public company,” said Don Burnette, Founder and CEO of Kodiak. “We originally targeted a $100 million PIPE and successfully raised more than $212 million, which we believe demonstrates our investors’ confidence in Kodiak, and positions us for long-term financial success. With this strong foundation, we are focused on executing our strategy and solving some of the toughest challenges in the trucking industry.”
The extraordinary general meeting of shareholders (the “Extraordinary General Meeting”) to approve the proposed business combination was originally scheduled to be held at 9:00 a.m. Eastern Time on September 23, 2025. The board of directors of AACT has decided to postpone the Extraordinary General Meeting to allow additional time for AACT to engage with its shareholders. The postponed meeting will be held on September 23, 2025, at 2:00 p.m., Eastern Time. The Extraordinary General Meeting will be held in person at the offices Kirkland & Ellis LLP located at 601 Lexington Avenue, New York, New York 10022 and virtually via live webcast at https://www.cstproxy.com/aresacquisitioncorporationii/egm2025.
If you do not have access to the internet, you can listen only to the meeting by dialing 1 800-450-7155 (toll-free) (or +1 857-999-9155 if you are located outside the United States and Canada (standard rates apply)) and when prompted enter the pin number 8489057#. Please note that you will not be able to vote or ask questions at the Extraordinary General Meeting if you choose to participate telephonically.
Holders of AACT’s ordinary shares at the close of business on the record date of August 20, 2025, are entitled to notice of the Extraordinary General Meeting and to vote at the Extraordinary General Meeting. AACT and Kodiak filed the definitive proxy statement/prospectus relating to the proposed business combination and AACT began mailing it to shareholders as of the record date on or about Friday August 29, 2025. More details about the proposed business combination and the resolutions to be voted upon at the Extraordinary General Meeting can be found in the definitive proxy statement/prospectus filed by AACT, available at: http://www.sec.gov.
Assuming satisfaction of the conditions to the closing of the proposed business combination, including approval of the proposed business combination by AACT’s shareholders, the post-proposed business combination company intends to list its common stock and public warrants on The Nasdaq Stock Market (“Nasdaq”) under the proposed symbols “KDK” and “KDKRW,” respectively. The Nasdaq listing is subject to the closing of the proposed business combination and fulfillment of all Nasdaq listing requirements.
Every vote is important and AACT encourages all shareholders to make their voices heard by authorizing their proxy online or by mail as soon as possible, regardless of the number of shares held. AACT shareholders who need assistance in completing the proxy card, need additional copies of the proxy statement/prospectus, or have questions regarding the Extraordinary General Meeting may contact AACT’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 AACT.info@investor.sodali.com.
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