AACT Secures $275 Million for Kodiak Deal, Signaling Strong Institutional Support Ahead of Nasdaq Listing

Institutional Investors Commit Over $212 Million—More Than Double the Initial PIPE Target

Ares Acquisition Corporation II (NYSE: AACT) and Kodiak Robotics, a frontrunner in AI-driven autonomous vehicle technology, have together secured over $275 million to support their upcoming business combination. This total comprises approximately $212.5 million invested or committed by institutional investors, far surpassing the initially targeted $100 million PIPE, along with $62.9 million left in trust after shareholder redemptions.

Significant Vote of Confidence in Autonomous Trucking Sector

This capital raise highlights robust institutional confidence in Kodiak's strategy and future prospects as it moves toward becoming a public company. Don Burnette, Kodiak's Founder and CEO, stated, "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 a funding foundation now in place, Kodiak aims to accelerate the development and commercialization of its autonomous trucking platform—a market currently experiencing surging demand for supply chain solutions.

Key Shareholder Meeting Rescheduled for September 23, 2025

AACT's extraordinary general meeting of shareholders—required for approving the business combination—has been rescheduled to September 23, 2025, at 2:00 p.m. ET, providing more time for shareholder engagement. Investors will be able to participate both in-person at Kirkland & Ellis LLP's New York office and online via webcast, though voting and questions are not supported for telephone participants.

Proposed Listing to Bring 'KDK' to Nasdaq Pending Shareholder and Regulatory Approvals

Should shareholders approve the deal and closing conditions be met, the merged entity expects to list its common stock and public warrants on Nasdaq under the ticker symbols “KDK” and “KDKRW.” This listing is subject to final closing and Nasdaq’s approval, but positions Kodiak for heightened visibility and potential capital market access as it advances autonomous ground transportation solutions.

Snapshot: Kodiak's Milestones in Autonomous Trucking

• Operational Driverless Trucks: Kodiak Driver is already running on public roads with no human onboard, in commercial service.
• Industry Impact: Claims to be first in customer-owned, operatorless driverless trucks deployed at scale.
• Applications: Serves both commercial trucking customers and national security initiatives.

Shareholder Action and Access to Key Information

AACT encourages all shareholders to participate in the proxy process. Definitive details on the transaction and proxy materials can be found on the SEC website (http://www.sec.gov) or by direct request to AACT.

Bottom Line: Institutional Backing Positions Kodiak for Next Phase

The significant oversubscription of the PIPE and the support reflected in this fundraising round highlight a growing confidence in the role of autonomous technologies in addressing transportation challenges. As Kodiak readies for a public listing, the attention will be on its ability to execute at scale—and on shareholder engagement leading up to the September 2025 vote. For those watching the evolution of driverless trucking, the next several quarters could bring pivotal developments.

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