Ares Acquisition II postpones vote on Kodiak deal, raises $275M

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 (AACT) are down 10% to $10.30 in early trading.