Ares Acquisition Corporation II (NYSE:AACT) shares saw a 6.42% increase during the after-hours session on Tuesday, reaching $9.45. This surge followed the company's successful fundraising for its planned merger with Kodiak Robotics, a company specializing in autonomous vehicle technology.
Check out the current price of AACT stock here.
Institutional Investors Commit Over $212M in PIPE Financing
The special purpose acquisition company revealed that institutional investors have pledged over $212.5 million in financing for the planned merger, including backing from George Soros‘ Soros Fund Management and Cathie Wood‘s ARK Investments, surpassing the initial $100 million PIPE target. When combined with around $62.9 million remaining in the trust account after redemptions, the total funding package exceeds $275 million, not including expenses.
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Don Burnette, Founder and CEO of Kodiak Robotics, stated, “We originally targeted a $100 million PIPE and successfully raised more than $212 million, which we believe demonstrates our investors’ confidence in Kodiak.”
Post-Merger Company Eyes Nasdaq Listing
Once the merger is finalized, the newly formed company plans to be listed on NASDAQ. It will trade under the ticker symbols “KDK” for its common stock and “KDKRW” for its warrants, provided all listing criteria and closing conditions are met.
Stock Performance
Over the past year, the asset has lost 17.78%, with its price peaking at 11.54 on June 2, and the loss over the last six months is 20.57%.
The New York-based company has ranged from $8.64 to $11.62. The company’s market cap is $549.31 million, with an average trading volume of 464,430 shares. The price-to-earnings ratio stands at 33.99.
Price Action: According to the Benzinga Pro data, AACT closed regular trading at $8.88, down 22.11% from the previous session, before recovering in after-hours trading.
Benzinga's Edge Stock Rankings indicates AACT has a positive price trend across all time frames. Here is how the stock fares on other parameters.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
