Kodiak Appoints Two New Board Members in Preparation for Public Listing via Business Combination with Ares Acquisition Corporation II
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.
Kodiak Robotics, azienda specializzata in tecnologie per veicoli autonomi basate sull'intelligenza artificiale, ha nominato due nuovi membri del consiglio di amministrazione in vista della sua quotazione pubblica tramite una fusione con Ares Acquisition Corporation II (NYSE: AACT). I nuovi membri sono:
Ken Goldman, un veterano nel settore finanziario con oltre 40 anni di esperienza in ruoli dirigenziali, ex CFO di Yahoo!, Fortinet e altre società quotate, che ha fatto parte di oltre 40 consigli di amministrazione e ha contribuito alla quotazione di tre aziende.
Kristin Sverchek, ex Presidente di Lyft e prima General Counsel dell'azienda, porta con sé competenze nell'avviare la quotazione di società tecnologiche in rapida crescita e nella mobilità abilitata dalla tecnologia.
La fusione è prevista per la seconda metà del 2025, dopo la quale la società sarà rinominata Kodiak AI, Inc. e sarà quotata con i simboli KDK e KDK WS.
Kodiak Robotics, una empresa de tecnología para vehículos autónomos impulsada por IA, ha nombrado a dos nuevos miembros de la junta directiva antes de su salida a bolsa mediante una combinación empresarial con Ares Acquisition Corporation II (NYSE: AACT). Los nuevos nombramientos son:
Ken Goldman, un veterano ejecutivo financiero con más de 40 años de experiencia en liderazgo, ex CFO de Yahoo!, Fortinet y otras empresas públicas, que ha formado parte de más de 40 juntas corporativas y ayudó a tres compañías a salir a bolsa.
Kristin Sverchek, ex presidenta de Lyft y su primera asesora legal general, aporta experiencia en la salida a bolsa de empresas tecnológicas de rápido crecimiento y en transporte habilitado por tecnología.
Se espera que la combinación empresarial se cierre en la segunda mitad de 2025, tras lo cual la empresa cambiará su nombre a Kodiak AI, Inc. y cotizará bajo los símbolos KDK y KDK WS.
Kodiak Robotics는 AI 기반 자율주행차 기술 회사로, Ares Acquisition Corporation II (NYSE: AACT)와의 기업 결합을 통한 상장을 앞두고 두 명의 신규 이사회를 임명했습니다. 새로 임명된 인사는 다음과 같습니다:
Ken Goldman은 40년 이상의 리더십 경험을 가진 금융 전문가로, Yahoo!, Fortinet 등 여러 상장사의 전 CFO이며 40개 이상의 이사회에서 활동했고 세 개 회사의 상장을 도왔습니다.
Kristin Sverchek는 Lyft의 전 사장이자 최초의 법률고문으로, 고성장 기술 기업의 상장 및 기술 기반 교통 분야에 전문성을 갖추고 있습니다.
기업 결합은 2025년 하반기에 완료될 예정이며, 이후 회사명은 Kodiak AI, Inc.로 변경되고 KDK 및 KDK WS라는 티커 심볼로 거래될 것입니다.
Kodiak Robotics, une entreprise spécialisée dans la technologie des véhicules autonomes propulsée par l'IA, a nommé deux nouveaux membres au conseil d'administration avant son introduction en bourse via une fusion avec Ares Acquisition Corporation II (NYSE: AACT). Les nouveaux membres sont :
Ken Goldman, un cadre financier chevronné avec plus de 40 ans d'expérience en leadership, ancien CFO de Yahoo!, Fortinet et d'autres sociétés cotées, ayant siégé à plus de 40 conseils d'administration et aidé trois entreprises à entrer en bourse.
Kristin Sverchek, ancienne présidente de Lyft et première conseillère juridique générale de l'entreprise, apporte une expertise dans l'introduction en bourse de sociétés technologiques à forte croissance et dans le transport assisté par la technologie.
La fusion devrait être finalisée au second semestre 2025, après quoi la société sera renommée Kodiak AI, Inc. et cotée sous les symboles KDK et KDK WS.
Kodiak Robotics, ein Unternehmen für KI-gestützte autonome Fahrzeugtechnologie, hat vor seinem Börsengang durch eine Unternehmenszusammenführung mit Ares Acquisition Corporation II (NYSE: AACT) zwei neue Vorstandsmitglieder berufen. Die neuen Mitglieder sind:
Ken Goldman, ein erfahrener Finanzvorstand mit über 40 Jahren Führungserfahrung, ehemaliger CFO von Yahoo!, Fortinet und weiteren börsennotierten Unternehmen, der in mehr als 40 Aufsichtsräten tätig war und drei Unternehmen beim Börsengang unterstützte.
Kristin Sverchek, ehemalige Präsidentin von Lyft und dessen erste General Counsel, bringt Expertise im Börsengang schnell wachsender Technologieunternehmen und im technologiegestützten Transport mit.
Die Unternehmenszusammenführung soll im zweiten Halbjahr 2025 abgeschlossen werden, danach wird das Unternehmen in Kodiak AI, Inc. umbenannt und unter den Börsensymbolen KDK und KDK WS gehandelt.
- None.
- Business combination subject to stockholder approval and closing conditions
- Transition to public company status may pose operational challenges
Insights
Kodiak's board appointments of Ken Goldman and Kristin Sverchek signal standard pre-IPO governance enhancement but offer no material new business information.
Kodiak Robotics is strategically fortifying its board with two seasoned executives as it prepares for its public market debut via SPAC merger with Ares Acquisition Corporation II. These appointments represent a classic pre-public governance enhancement rather than a material business development.
Ken Goldman brings substantial public company financial leadership with his background as CFO at Yahoo!, Fortinet, Siebel Systems, and Sybase. His experience helping three companies successfully go public and serving on over 40 corporate boards (with more than 10 companies going public during his tenure) signals Kodiak's commitment to establishing robust financial controls and governance standards. His PCAOB involvement adds further credibility to Kodiak's financial oversight strategy.
Kristin Sverchek complements with her 12-year Lyft tenure, where she rose from first General Counsel to President while helping navigate the company's IPO. Her experience with technology-enabled transportation and scaling operations provides valuable industry-specific expertise.
The planned business combination, expected to close in H2 2025, will rename the company to Kodiak AI, Inc. (planned ticker: KDK) - reflecting strategic positioning to capitalize on AI investment interest in the autonomous vehicle space.
These appointments represent standard preparation that any company would undertake before entering public markets. While the caliber of these additions suggests appropriate governance maturation, the announcement contains no financial metrics, operational data, or business combination terms that would materially impact valuation considerations.
Ken Goldman served as CFO for a range of public companies, including Yahoo! and Fortinet, and has served on dozens of boards of directors, in many cases as audit committee chair
Former Lyft President Kristin Sverchek brings broad business and corporate governance experience, including scaling Lyft's business, and taking the transportation platform public
- Ken Goldman: Goldman is a seasoned financial executive with over four decades of leadership experience in public and private companies. He most recently served as President of Hillspire, former Google CEO Eric Schmidt's integrated family office. In that role, Goldman managed Hillspire's business and philanthropic activities. Goldman formerly served as Chief Financial Officer for a range of high-profile public companies including Yahoo!, Siebel Systems (acquired by Oracle), Fortinet, and Sybase (acquired by SAP), among others. Over his career as CFO, Goldman has helped three companies successfully go public. He has served on more than 40 corporate boards as a director, audit committee chair, or financial advisor. Of these, more than 10 companies went public during his tenure. He currently serves on the boards of multiple companies including RingCentral and Fortinet. Further, Mr. Goldman serves on the PCAOB, Investor Advisory Group and previously served as a member of the PCAOB, Standing Advisory Group and on the Financial Accounting Standards Board's primary advisory group.
- Kristin Sverchek: Sverchek was an early employee at rideshare platform company Lyft, joining as the company's first General Counsel in 2012. Over her 12-year tenure, she held multiple leadership roles, including President of Business Affairs, before being named President of Lyft in 2023. During her time at Lyft, Sverchek played a pivotal role in guiding the company through its IPO while overseeing key business functions. Prior to Lyft, Sverchek served as outside counsel to emerging technology companies, entrepreneurs, venture capital firms, and angel investors. She brings valuable experience to the Kodiak board of directors in taking high-growth tech companies public, extensive knowledge in technology-enabled transportation, and deep expertise in corporate governance.
"Ken and Kristin bring significant financial and corporate leadership to Kodiak's board of directors, along with firsthand experience not only in taking technology companies public, but in operating them to maximize shareholder value," said Don Burnette, Founder and CEO of Kodiak. "Their insight will strengthen our leadership bench as we transition to being a public company and continue scaling the deployment of our driverless trucks."
In April, Kodiak announced a definitive business combination agreement with AACT. The proposed business combination is expected to close in the second half of 2025, subject to approval by AACT and Kodiak stockholders and the satisfaction or waiver of customary closing conditions. Upon the closing of the proposed business combination, the combined company will be named Kodiak AI, Inc., and its common stock and public warrants are expected to be listed on a national stock exchange and trade under the ticker symbols KDK and KDK WS, respectively, subject to approval by the relevant exchange.
About Kodiak Robotics, Inc.
Kodiak Robotics, Inc. was founded in 2018 and has become a leader in autonomous ground transportation committed to a safer and more efficient future for all. The company has developed an artificial intelligence (AI) powered technology stack purpose-built for commercial trucking and the public sector. The company delivers freight daily for its customers across the southern
About Ares Acquisition Corporation II
Ares Acquisition Corporation II (NYSE: AACT) is a special purpose acquisition company affiliated with Ares Management Corporation, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination.
Forward Looking Statements[1]
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, each as amended. These include AACT's or Kodiak's or their management teams' expectations, hopes, beliefs, intentions or strategies regarding the future. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "expect," "anticipate," "believe," "seek," "potential," "budget," "may," "will," "could," "should," "continue" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the expected impact to from the appointment of the new directors on Kodiak and the combined company (the "combined company") after giving effect to the proposed business combination between AACT and Kodiak (the "proposed business combination") . These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Kodiak's and AACT's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied upon by any investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Kodiak and AACT. These forward-looking statements are subject to a number of risks and uncertainties, including changes in business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the equity holders of Kodiak or AACT is not obtained; failure to realize the anticipated benefits of the proposed business combination; risks related to the rollout of Kodiak's business and the timing of expected business milestones; the effects of competition on Kodiak's business; supply shortages in the materials necessary for the production of Kodiak's products; risks related to working with third-party manufacturers for key components of Kodiak's products; risks related to the retrofitting of Kodiak's vehicles by third parties; the termination or suspension of any of Kodiak's contracts or the reduction in counterparty spending; delays in Kodiak's operational roadmap with key partners and customers; the amount of redemption requests made by AACT's public equity holders; and the ability of AACT or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future. Additional information concerning these and other factors that may impact such forward-looking statements can be found in filings and potential filings by Kodiak, AACT or the combined company resulting from the proposed business combination with the SEC, including under the heading "Risk Factors." If any of these risks materialize or any assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither Kodiak nor AACT presently know or that Kodiak and AACT currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by investors as a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
In addition, forward-looking statements reflect Kodiak's and AACT's expectations, plans or forecasts of future events and views as of the date they are made. Kodiak and AACT anticipate that subsequent events and developments will cause Kodiak's and AACT's assessments to change. However, while Kodiak and AACT may elect to update these forward-looking statements at some point in the future, Kodiak and AACT specifically disclaim any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing Kodiak's or AACT's assessments as of any date subsequent to the date they are made. Accordingly, undue reliance should not be placed upon the forward-looking statements. Neither Kodiak, AACT, nor any of their respective affiliates have any obligation to update these forward-looking statements other than as required by law. In addition, this press release contains certain information about the historical performance of Kodiak. You should not view information related to the past performance of Kodiak as indicative of future results. Certain information set forth in this press release includes estimates and targets and involves significant elements of subjective judgment and analysis. No representations are made as to the accuracy of such estimates or targets or that all assumptions relating to such estimates or targets have been considered or stated or that such estimates or targets will be realized.
Additional Information and Where to Find It
In connection with the proposed business combination, AACT and Kodiak plan to file the Registration Statement with the SEC, which will include a prospectus with respect to the combined company's securities to be issued in connection with the proposed business combination and a preliminary proxy statement with respect to the shareholder meeting of AACT to vote on the proposed business combination. AACT and Kodiak also plan to file other documents and relevant materials with the SEC regarding the proposed business combination. After the Registration Statement is declared effective by the SEC, the definitive proxy statement/prospectus included in the Registration Statement will be mailed to the shareholders of AACT as of the record date to be established for voting on the proposed business combination. SECURITY HOLDERS OF KODIAK AND AACT ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER DOCUMENTS AND RELEVANT MATERIALS RELATING TO THE PROPOSED BUSINESS COMBINATION THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING DECISION WITH RESPECT TO THE PROPOSED BUSINESS COMBINATION BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND THE PARTIES TO THE PROPOSED BUSINESS COMBINATION. Shareholders are able to obtain free copies of the proxy statement/prospectus and other documents containing important information about Kodiak and AACT once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. In addition, the documents filed by AACT may be obtained free of charge from AACT at www.aresacquisitioncorporationii.com. Alternatively, these documents, when available, can be obtained free of charge from AACT upon written request to Ares Acquisition Corporation II, 245 Park Avenue, 44th Floor,
Participants in the Solicitation
AACT, Kodiak and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of AACT in connection with the proposed business combination. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of AACT's executive officers and directors in the solicitation by reading AACT's final prospectus related to its initial public offering filed with the SEC on April 24, 2023, the definitive proxy statement/prospectus, which will become available after the Registration Statement has been declared effective by the SEC, and other relevant materials filed with the SEC in connection with the proposed business combination when they become available. Information concerning the interests of AACT's participants in the solicitation, which may, in some cases, be different from those of AACT's shareholders generally, will be set forth in the preliminary proxy statement/prospectus included in the Registration Statement.
No Offer or Solicitation
This press release shall not constitute a solicitation of any proxy, vote, consent or approval in any jurisdiction in connection with the proposed business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of AACT, Kodiak or the combined company resulting from the proposed business combination, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act. This press release is restricted by law; it is not intended for distribution to, or use by any person in, any jurisdiction in where such distribution or use would be contrary to local law or regulation.
[1] NTD: Disclaimers will need to be updated if this is released after the S-4 is filed.
View original content to download multimedia:https://www.prnewswire.com/news-releases/kodiak-appoints-two-new-board-members-in-preparation-for-public-listing-via-business-combination-with-ares-acquisition-corporation-ii-302448139.html
SOURCE Kodiak Robotics
FAQ
Who are the new board members appointed to Kodiak Robotics (AACT)?
When will Kodiak Robotics complete its business combination with AACT?
What will be Kodiak's new ticker symbol after the SPAC merger?
What experience does Ken Goldman bring to Kodiak's board?
What is Kristin Sverchek's background and experience?
