Ares Acquisition today in a proxy filing disclosed it wants six extra months, from the current Feb. 4, 2023 deadline until Aug. 4 to complete its proposed merger wth X-Energy. The target is a developer of small modular nuclear reactors and fuel technology for clean energy generation.
Shareholders will also be asked to vote on a redemption limitation proposal that the SPAC shall not redeem public shares that would cause net tangible assets to be less than $5 million.
Announced earlier this month, terms call for the combined company to receive approximately $1 billion of cash held in AAC’s trust account, assuming no redemptions.
Institutional and strategic investors have also invested or committed $120 million in financing. This includes an invested private round of financing, which comprises $30 million from Ares and $45 million from OPG and Segra Capital Management, a leading nuclear energy-focused hedge fund, as well as an additional commitment of $45 million from Ares to be invested concurrent with the closing of the transaction. X-energy also received approximately $58 million of interim financing throughout 2022 from existing strategic investors, including Dow and Curtiss-Wright Corporation. Read more.
