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Kodiak Robotics, an AI-powered autonomous vehicle technology company, has appointed two new board members ahead of its public listing through a business combination with Ares Acquisition Corporation II (NYSE: AACT). The new appointees are:
Ken Goldman, a veteran financial executive with over 40 years of leadership experience, former CFO of Yahoo!, Fortinet, and other public companies, who has served on more than 40 corporate boards and helped three companies go public.
Kristin Sverchek, former President of Lyft and its first General Counsel, brings expertise in taking high-growth tech companies public and technology-enabled transportation.
The business combination is expected to close in H2 2025, after which the company will be renamed to Kodiak AI, Inc. and trade under the ticker symbols KDK and KDK WS.
Ares Acquisition II (NYSE: AACT) has reported that approximately 1.3% of public shareholders have exercised their redemption rights ahead of the extraordinary general meeting. Only 640,288 Class A ordinary shares were submitted for redemption, leaving an estimated $550 million in the company's trust account.
Following the Meeting and pending Extension approval, the company projects 61,859,712 Class A Ordinary Shares will be outstanding, including the Sponsor's conversion of 12,500,000 Class B shares. The Sponsor has committed to monthly trust account deposits of $0.02 per outstanding public share starting April 25, 2025, continuing until either a business combination is completed or the deadline expires.
The company's proposed merger with Kodiak Robotics, Inc. is anticipated to close in the second half of 2025, subject to shareholder approval and other closing conditions.
Ares Acquisition II (NYSE: AACT) has announced that its sponsor, Ares Acquisition Holdings II LP, will make monthly contributions of $0.02 per outstanding Class A ordinary share to the company's trust account. This arrangement will be formalized through a non-interest bearing, unsecured promissory note.
The announcement comes ahead of an extraordinary general meeting scheduled for April 22, 2025, where shareholders will vote on extending the business combination deadline from April 25, 2025, to January 26, 2026. If approved, the first contribution will begin on April 25, 2025, with subsequent monthly deposits on the 25th of each month until either a business combination is completed or the deadline expires.
Additionally, the Sponsor plans to convert its 12,500,000 Class B Ordinary Shares into Class A Ordinary Shares, maintaining existing restrictions including transfer limitations and waiver of redemption rights.
Kodiak Robotics, a leading AI-powered autonomous vehicle technology provider, has announced a merger with Ares Acquisition II (NYSE: AACT) to become publicly listed. The deal values Kodiak at a $2.5 billion pre-money equity valuation.
The company has achieved significant milestones, including over 2.6 million autonomous miles in real-world conditions and the first publicly-announced driverless trucks in commercial operations. Kodiak generates recurring revenue through its Driver-as-a-Service model, particularly in the Permian Basin, and has secured a firm commitment from Atlas Energy Solutions for 100 trucks.
The transaction includes approximately $551 million cash held in trust and over $110 million in additional funding from investors including Soros Fund Management, ARK Investments, and Ares. The merger is expected to close in the second half of 2025, with the combined company to be named Kodiak AI, Inc. and trade under ticker symbols KDK and KDK WS.
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