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Ares Acquisition Corporation (NYSE: AAC) has announced a definitive business combination agreement with X-energy, a leader in small modular nuclear reactor development. This partnership aims to establish X-energy as a publicly traded entity, enhancing its capabilities in providing clean, affordable energy through advanced nuclear technologies. With an estimated pre-money equity value of $2 billion, the transaction is bolstered by $1.2 billion in funding from the U.S. Department of Energy. This merger positions X-energy to capitalize on a serviceable addressable market projected to reach $500 billion by 2040.
Ares Acquisition Corporation (AAC) has successfully closed its initial public offering, raising $1 billion by selling 87 million Class A ordinary shares at $10 each, followed by an additional 13 million shares due to underwriters’ exercise of an over-allotment option. The offering, executed by UBS and Citigroup among others, allows AAC to pursue strategic business combinations. As of September 30, 2020, its sponsor, Ares Management Corporation (ARES), managed approximately $179 billion in assets. AAC's shares are trading on NYSE since February 2, 2021.
Ares Acquisition Corporation announced the pricing of its initial public offering (IPO) of 87,000,000 units at $10.00 each, expected to be listed on the New York Stock Exchange under the ticker symbol “AAC” starting February 2, 2021. Each unit includes one Class A ordinary share and one-fifth of a redeemable warrant. The IPO will close on February 4, 2021, subject to customary conditions. The company does not have a specific industry focus for acquisitions, excluding fossil fuel energy. UBS Investment Bank and Citigroup are the main underwriters, with an additional over-allotment option of 13,050,000 units.
Virtual Investor Conferences announced that presentations from the Innovation Virtual Investor Conference are now available for on-demand viewing for 90 days. Investors can register or log in to access these materials 24/7, and shareholder materials can be downloaded for the next three weeks. Participating companies include AAC Clyde Space (AAC), Medexus Pharmaceuticals Inc., and others. The conference aims to facilitate direct engagement between publicly traded companies and investors.