Kodiak Robotics and Ares Acquisition Raise $275M for Merger

Kodiak Robotics and Ares Acquisition Corporation II have raised over $275 million in funding to support their proposed business combination. The amount includes approximately $212.5 million from institutional investors and around $62.9 million remaining in the trust account. The funding will support Kodiak's autonomous trucking business and its expansion into new markets.

Kodiak Robotics and Ares Acquisition Corporation II (AACT) have raised over $275 million to support their proposed business combination. The funding includes approximately $212.5 million from institutional investors and around $62.9 million remaining in the trust account. This substantial investment positions Kodiak well as it moves toward becoming a public company through this combination with AACT.

The funding was secured to support Kodiak's autonomous trucking business and its expansion into new markets. "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," said Don Burnette, Founder and CEO of Kodiak.

Ares Acquisition Holdings II LP, the sponsor of AACT, has agreed to make monthly deposits directly to the trust account of $0.02 for each outstanding Class A ordinary share. This arrangement is part of the proposed extension of the date by which AACT has to consummate a business combination, from April 25, 2025, to January 26, 2026. The extension is subject to shareholder approval at an extraordinary general meeting on April 22, 2025.

The proposed business combination is expected to provide significant opportunities for growth and innovation in the trucking industry. Kodiak's autonomous trucking technology and AACT's financial backing are poised to create a powerful combination that could disrupt the traditional trucking landscape.