Ares Acquisition Corporation II priced its upsized $450 million IPO and its units are expected to begin trading on the NYSE under the symbol “AACT.U” Friday, April 21, 2023.
The SPAC intends to focus its search on an established target in North America, Europe or Asia that has a differentiated and sustainable business model with a defensible market position and a strong management team. Ares Acquisition Corporation II is led by CEO and Co-Chairman David B. Kaplan, Co-Chairman Michael J Aroughet, CFO Jarrod Phillips, COO Allyson Satin and Executive Vice President of Strategy Peter Ogilvie.
Total SPAC deal count for 2023 year-to-date is now 12. This offering is expected to close on Tuesday, April 25, 2023.
Citigroup and UBS Investment Bank are acting as joint book-runners and representatives of the underwriters for this offering, and CastleOak is acting as co-manager. Kirkland & Ellis LLP is serving as Issuer’s Counsel with Ropes & Gray LLP serving as Underwriter’s Counsel. WithumSmith+Brown, PC serves as auditor. Continental Stock Transfer & Trust Company is acting as trustee.
Rice II (NYSE: RONI) announced in an 8-K today that its shareholders have approved its combination with energy technology company NET Power with relatively low redemptions. In the end, 21,195,224 shares were redeemed in connection vote, removing 61% of Rice II’s trust. This is the second best result among the 32 deals that have come...
Trajectory Alpha (NYSE:TCOA) announced in an 8-K this morning that it has opted to postpone its June 8 extension vote to June 12 at 10 am ET. The SPAC will use this extra time to engage with shareholders at work to reverse redemption decisions. Trajectory Alpha’s team may still be getting acquainted with some major...
Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan. Naturally, this can be challenging to manage. More importantly, it can very...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...
Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...