Kodiak Robotics, Inc. (“Kodiak” or the “Company”), a leading provider of AI-powered autonomous vehicle technology, and Ares Acquisition Corporation II (“AACT”), a publicly traded special purpose acquisition company, today announced that, following redemptions, they have raised over $275 million to support the proposed business combination (the “proposed business combination”) between AACT and Kodiak. This includes approximately $212.5 million financing to Kodiak and AACT invested or committed by institutional investors in connection with the proposed business combination and approximately $62.9 million remaining in the Trust Account following redemptions, before expenses.
“We are pleased by the support from our investors and believe the capital we’ve secured well-positions us as we move forward towards completing this transaction and becoming a public company,” said Don Burnette, Founder and CEO of Kodiak. “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. With this strong foundation, we are focused on executing our strategy and solving some of the toughest challenges in the trucking industry.”
SOURCE: Ares Acquisition Corporation II
