Ares Acquisition Corporation (AAC) Pushes Extension Vote to Feb. 2
by Nicholas Alan Clayton on 2023-01-18 at 7:57am

Ares Acquisition Corporation (NYSE:AAC) announced this morning that it has decided to reschedule its January 24 shareholder meeting to 9:30 am ET February 2.

Shareholders will now have until January 31 to make redemption decisions. The move puts Ares closer to the wire of its February 4 transaction deadline, which would be extended to August 4 by the vote.

The SPAC has a fresh deal in its hands, having announced a $2.2 billion deal with modular nuclear reactor developer X-Energy on December 6. The extra time may give it the opportunity to give additional news to investors.

X-Energy announced yesterday that it secured $25 million in private financing separate from the deal from its strategic partners DL E&C (KRX:375500) and Doosan Enerbility (KRX:034020) to support the rollout of its unique small modular nuclear reactor designs.

It noted that it continues to negotiate terms for additional incremental investment, adding to the $148 million in committed financing tied to its combination with Ares. This is already more than enough to cover the deal’s $120 million minimum cash condition regardless of the outcome of upcoming votes.


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